Nigeria Bans Algorithmic Stablecoins Under New Licensing Rules

Nigeria's central bank banned algorithmic stablecoins under new licensing rules effective November 5, 2026. The regulations prohibit fiat-referenced tokens primarily backed by cryptocurrencies. Naira stablecoin issuers must hold at least ₦10 billion in paid-up capital, while foreign-currency issuers need ₦15 billion. Full reserve backing is required.