The Central Bank of Nigeria (CBN) issued regulations on 5 November requiring existing stablecoin issuers and other virtual asset providers to obtain a licence within 180 days. Issuers of naira-pegged tokens need paid-up capital of 10 billion naira (about $7.4 million) and issuers of dollar or other foreign-currency tokens 15 billion naira; all must hold reserves of at least 102% of tokens in circulation and redeem at face value, while algorithmic stablecoins are banned. The CBN will supervise tokens used for payments, remittances and foreign exchange, and the Securities and Exchange Commission keeps investment activity. The rules give firms a legal route to issue naira and dollar tokens, but the capital threshold favours banks and large fintechs over start-ups.