Nigeria Tightens Stablecoin Rules: $10.5M Minimum for Dollar Tokens

• New regulation mandates high capital and local presence for stablecoin firms in Nigeria
• Move targets surging dollar stablecoin use amid weak native coin adoption

On November 6, 2026, The Whistler reported that Nigeria’s central bank and securities commission imposed tough new requirements on stablecoin issuers, aiming to address the rapid growth in dollar-backed tokens like USDT as the naira faces volatility and Nigeria’s cNGN digital currency struggles to gain traction. The regulations now require all stablecoin companies—both foreign and local—to establish operations within Nigeria and meet significant capital thresholds. Foreign issuers must keep at least ₦15 billion ($10.5 million) in capital on hand, while naira-backed stablecoin operators are subject to a ₦10 billion minimum.

These changes follow an executive order by President Bola Tinubu on July 17, 2026, which formed a Virtual Asset Council led by the central bank. The order came as dollar stablecoins soared in popularity, outpacing adoption of the state-issued cNGN.

According to central bank regulatory documents, the framework introduces strict reserve requirements: dollar-backed stablecoin providers must hold reserves equal to 120% of their outstanding tokens. Naira and commodity-backed tokens are required to back 100% of their liabilities, while crypto-backed stablecoins need 150% reserves.

As reported by Businessday NG in January 2026, the SEC proposal also brings additional capital requirements for digital asset operators and intermediaries, with obligations ranging from ₦200 million to ₦2 billion based on business activities. Foreign companies are obligated to appoint an on-the-ground representative in Nigeria to ensure compliance and oversight.

The rules broadly affect all “Regulated Tokens,” including depositor tokens, with the central bank reserving the power to extend the definition. Some industry critics have cautioned that such tough standards may favor established international players and limit the entry of local startups.

As of November 6, 2026, 15:10 UTC, Tether USDt (USDT) traded at $0.999, down -0.045% in 24-hour volume, while Ethena USDe (USDe) traded at $0.999, down -0.019%, according to market data.