Nigeria Orders Stablecoin Issuers to Keep 40% of Reserves Liquid

Nigeria's Central Bank just made life more expensive for stablecoin issuers. New rules for non-securities virtual-asset operators took effect Nov. 6, and they land with immediate force, according to tokenpost.com. Firms already operating in the country get a 180-day runway to apply for a license or authorization.

The framework isn't narrow. It ropes in stablecoin issuers, crypto payment providers, exchanges and custodians — basically anyone moving digital assets that aren't classified as securities. Everyone in that bucket has to come forward for approval inside the six-month window.

The reserve math is where it bites. Issuers must fully back every token with reserve assets, then stack an extra buffer worth at least 2% of token value on top. Separately, at least 40% of those reserves have to sit in cash or qualifying highly liquid assets. Two distinct thresholds: one governs how much backs the token, the other governs what the reserves are made of.

The clock is already running. The rules are live, not proposed, and filing within the 180-day window is the stated next move for firms already operating in Nigeria.