Stablecoins in Nigeria
Stablecoins are legal in Nigeria and sit within the digital asset framework of the Investments and Securities Act 2025, overseen by the Securities and Exchange Commission (SEC). Nigeria has authorised a regulated naira backed stablecoin, cNGN, which launched in early 2025 and is described as the country's first regulated stablecoin. The eNaira, the Central Bank of Nigeria's central bank digital currency, is a separate instrument.
The rules in detail
Stablecoins are treated as digital assets under the Investments and Securities Act 2025, signed in March 2025, which classifies digital assets as securities and places virtual asset service providers under the Securities and Exchange Commission (SEC). As of 2026, issuing or offering a stablecoin to the public in Nigeria is a regulated activity, and the SEC has signalled openness to compliant stablecoin businesses. The Central Bank of Nigeria (CBN) retains oversight of payment systems, so stablecoin activity can touch both the SEC framework for the asset and the CBN framework for payments and foreign exchange.
The clearest example of the regulated approach is cNGN, a naira backed stablecoin designed to track the value of the naira on blockchain networks. cNGN launched in early 2025 within the SEC framework and is described as Nigeria's first regulated stablecoin, with the framework requiring reserve backing, anti money laundering and Know Your Customer compliance, audits, and reporting. It is distinct from the eNaira, which is the CBN's own central bank digital currency rather than a privately issued token. Holding widely used dollar pegged stablecoins is not prohibited, though offering stablecoin services to the public is regulated and foreign exchange rules can be relevant.
A stablecoin aims to hold a steady value against a reference currency, but that peg depends on the issuer's reserves and operations and is not guaranteed. A stablecoin is not a bank deposit and is not covered by deposit protection. This page does not give investment advice, but the strength of the backing and the issuer's compliance are the central facts to check.
Tax
This is general information and not tax advice. Stablecoins are digital assets, so disposing of one, including swapping it for another asset or spending it, can be a taxable event under the 2025 tax reforms, with reporting expected from 2026 and collection by the Federal Inland Revenue Service (FIRS), which is being restructured as the Nigeria Revenue Service. Gains on a stablecoin are usually small because the value is designed to be steady, but they are still within scope, so keep records of the naira value at each transaction and verify with the FIRS or a qualified tax adviser. See the Nigeria tax page.
Availability and how to act
Stablecoins, including cNGN, are bought and sold through platforms that work within the SEC framework, such as the licensed local exchanges Busha and Quidax, with availability varying by platform as of 2026. Compare the exchanges available in Nigeria before choosing one.
Compare available exchanges in Nigeria
See the platforms that are genuinely available to residents, with their registrations and how to sign up compliantly.
Compare available exchangesRegulator and sources
- Securities and Exchange Commission Nigeria (SEC), sec.gov.ng, the Rules on Digital Assets and statements on stablecoin businesses
- Investments and Securities Act 2025, signed in March 2025, classifying digital assets as securities
- Central Bank of Nigeria (CBN), cbn.gov.ng, payment systems oversight and the eNaira
- Public information on cNGN, the naira backed stablecoin authorised under the SEC framework, and the Federal Inland Revenue Service (FIRS), firs.gov.ng
Frequently asked questions
Are stablecoins legal in Nigeria?
Yes. Stablecoins are within the digital asset framework of the Investments and Securities Act 2025 and are overseen by the Securities and Exchange Commission. Nigeria has authorised a regulated naira stablecoin, cNGN. This is general information, not advice.
What is cNGN?
cNGN is a naira backed stablecoin designed to track the value of the naira on blockchain networks. It launched in early 2025 under the SEC framework and is described as Nigeria's first regulated stablecoin. It is distinct from the eNaira.
What is the difference between cNGN and the eNaira?
The eNaira is the Central Bank of Nigeria's central bank digital currency. cNGN is a privately issued, SEC overseen stablecoin pegged to the naira. They are different instruments with different issuers and frameworks.
Can I hold US dollar stablecoins in Nigeria?
Holding stablecoins is not prohibited, and dollar pegged stablecoins are widely used. Offering stablecoin services to the public is regulated under the SEC framework, and foreign exchange rules can be relevant, so confirm the current position before relying on a specific use.
How are stablecoins taxed in Nigeria?
Stablecoins are digital assets, so disposing of them can be a taxable event under the 2025 tax reforms, with reporting from 2026 collected by the FIRS. Keep records of the naira value at each transaction and verify your position with a tax adviser.
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