CBN Requires Stablecoin Issuers to Secure Approval for Each Token

The Central Bank of Nigeria (CBN) has introduced licensing rules for stablecoin issuers and requires them to obtain written approval for each token before issuing it, News About Nigeria reports.

Stablecoins are digital tokens designed to track the value of a currency or another asset.

Under the CBN’s published regulations, an issuer seeking approval must disclose the currency the token will track, the assets it plans to hold in reserve and the networks on which the token will operate.

Businesses already operating when the rules took effect on 5 November 2026 have 180 days to apply to the CBN for the licence or approval they need.

Issuers of naira-backed stablecoins must keep at least 20 per cent of their reserves in cash at the CBN. They must hold a further 40 per cent in cash or other qualifying liquid assets.

Before creating new tokens, issuers must already hold eligible reserve assets of equivalent value.

Foreign-currency stablecoins face separate rules. Their reserve assets must be held in the currency the token tracks, and the CBN specifies which bank deposits and short-term government securities can qualify.