Checking a stablecoin's reserves against Nigeria's new rules, in 30 lines of JavaScript
The rules in short The Central Bank of Nigeria's regulations for non-security virtual assets took effect on 5 November 2026, according to The Block and Crypto Briefing. Among other things they: split stablecoins into Class 1 (naira-referenced) and Class 2 (referenced to a foreign currency such as the US dollar), set minimum capital at 10 billion naira for Class 1 issuers and 15 billion for Class…
The Central Bank of Nigeria enacted new regulations for non-security virtual assets on November 5, 2026. These rules classify stablecoins into two categories: Class 1, tied to the naira, and Class 2, tied to foreign currencies like the US dollar. Class 1 issuers must hold a minimum capital of 10 billion naira, while Class 2 issuers need 15 billion naira.
Both classes must maintain a full reserve backing plus a 2% buffer and have at least 40% of their reserves in cash or highly liquid assets. Algorithms are not allowed for peg maintenance. Existing operators have 180 days to apply for a license. The CBN's official document outlines these requirements on cbn.gov.ng.
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