{
  "id": 18524561,
  "title": "Checking a stablecoin's reserves against Nigeria's new rules, in 30 lines of JavaScript",
  "url": "https://urgent.news/2026/11/06/checking-a-stablecoins-reserves-against-nigerias-new-rules-in-30",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T16:13:26.000Z",
  "source": {
    "name": "Dev.to",
    "slug": "dev-to",
    "url": "https://dev.to/mena_change/checking-a-stablecoins-reserves-against-nigerias-new-rules-in-30-lines-of-javascript-4pdp"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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…",
  "key_points": [
    "Central Bank of Nigeria introduced new stablecoin regulations on November 5, 2026",
    "Stablecoins classified into Class 1 (tied to naira) and Class 2 (tied to foreign currencies)",
    "Class 1 issuers must hold 10 billion naira, Class 2 issuers need 15 billion naira"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Block",
        "title": "Nigeria’s central bank introduces stablecoin licensing rules, bans algorithmic versions",
        "url": "https://urgent.news/2026/11/06/nigerias-central-bank-introduces-stablecoin-licensing-rules-bans",
        "published": "2026-11-06T11:43:44.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}