ARAIB-20: PASS
NGA
🇳🇬[NGA]//NIGERIA STATUTE DESK
Nigeria Stablecoin Issuance & Settlement Regulations (2026 Statutory Guide)
JURISDICTION: Nigeria
SCHEMA: FinancialProduct
STATUS: ENACTED BINDING LAW
AUDIT AS-OF: 2026-10-04
Rules governing fiat-referenced tokens, payment processing, reserve asset custody, and interbank settlement accounts.
Operational Meaning in Practice
Stablecoins cannot be recognized as legal tender. Fiat settlement must route via SEC-registered VASP settlement accounts at commercial banks. Cash withdrawals are prohibited.
Entities Affected
- Stablecoin Issuers
- Payment Gateways
- Settlement Banks
Statutory Evolution
CBN 2023 circular explicitly permits commercial banks to clear designated settlement accounts for licensed VASPs.
Statutory Licensing & Governance Tree
Supervising Regulator(s)
Central Bank of NigeriaCBN
Securities and Exchange Commission NigeriaSEC
Primary Enacted Statute / Gazette
Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)
REF: FPR/DIR/PUB/CIR/002/003
EFFECTIVE: 2023-12-22 / STATUS: enacted_binding
Audited Permission States
Designated Settlement BankingPermitted
Permitted only for SEC-licensed VASPs; direct cash withdrawal prohibited
Verbatim Statutory Evidence (Ground Truth)
FPR/DIR/PUB/CIR/002/003 / Section 6.1(a), Page 6
“No financial institution shall hold, trade or transact in virtual assets on its own account (proprietary trading is strictly prohibited).”
Source: Guidelines on Operations of Bank Accounts for Virtual Asset Service Providers (VASPs)
Evaluate a Specific Use-Case in Nigeria
Test your product architecture against the ADA Evidence Engine for deterministic statutory verdicts.