SHOMEDIANigeria's central bank put its Regulations for the Operations of Non-Security Virtual Assets into effect on November 5. The CBN framework covers stablecoin issuers, crypto-related payment providers, certain platform-facilitated P2P activities and promotional conduct. Its stated scope can extend to services targeting Nigerian users even where the provider has no physical presence in the country.
Under the rulebook, naira-referenced stablecoin issuers must maintain at least 10 billion naira in paid-up capital, while foreign-currency-referenced issuers face a 15 billion naira minimum. Other regulated service providers face a separate 1 billion naira capital requirement. Issuers must also maintain an own-funds reserve buffer of at least 2% of outstanding stablecoin par value. Reserve composition and liquidity obligations differ by licence class.
Marketing teams should pay particular attention to the promotions provisions. Section 2.5 of the CBN rules prohibits promoting regulated activity without the necessary licence or approval, promoting prohibited tokens, or misrepresenting licensing status. Advertising must be fair, clear and not misleading, identify the responsible licensee and communicate relevant risks. Cointelegraph's independent coverage also details the broader tightening of crypto supervision.
For crypto affiliates running Nigerian traffic, compliance checks need to be offer-specific. A partner's foreign registration or general statement that it is regulated does not prove that the advertised service has the approval required for users in Nigeria.
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