The Central Bank of Nigeria (CBN) has introduced tougher rules for cryptocurrency and stablecoin businesses, including minimum capital requirements of up to ₦15 billion.

The new requirements

Under the regulations, reported on Sunday, 8 November 2026, issuers of naira-backed stablecoins must have at least ₦10 billion in paid-up capital, while operators offering tokens backed by foreign currencies, such as dollar-pegged stablecoins, will need ₦15 billion. Other virtual asset service providers, including digital wallet, payment, transfer and custody businesses, must have at least ₦1 billion. The CBN said it may demand more capital from larger or riskier operators.

Licensing and foreign firms

The rules make it illegal for individuals or companies to issue, exchange, distribute or facilitate regulated virtual assets in Nigeria without CBN approval. Foreign operators targeting Nigerian customers must incorporate and obtain licences locally, regardless of approvals elsewhere. Companies already licensed by the Securities and Exchange Commission (SEC) will face extra capital requirements if they offer services under the CBN's oversight, while digital assets classed as securities will remain under SEC supervision. The rules also set standards for reserve management and consumer protection.

Background

Nigeria has one of the world's largest communities of cryptocurrency users. The CBN banned banks from dealing with crypto firms in 2021 before lifting the restriction in 2023, and the SEC has since moved to register and regulate crypto exchanges. Stablecoins, which are designed to keep a steady value linked to a currency such as the dollar, are widely used by Nigerians for savings and payments.

MultiChoice has shut down its GOtv Stream app, which allowed subscribers to watch selected GOtv channels on phones and tablets.

What happened

A notice on the GOtv Stream website, reported on Sunday, 8 November 2026, confirmed the closure and directed customers back to their television decoders. The app has also been removed from the Google Play Store and Apple App Store; app-tracking data showed the Android version was removed on 21 October. Before the closure, it offered live channels, catch-up programmes and offline downloads, depending on the subscription package. MultiChoice has not given a reason for the shutdown or announced a replacement.

Background

GOtv Stream launched in Nigeria on 1 December 2023 as part of MultiChoice's effort to let subscribers watch TV away from their living rooms. The closure is the latest change since French media group Canal+ took control of MultiChoice in a deal valued at about $2 billion, which became unconditional in September 2025. MultiChoice announced in March 2026 that it would close its Showmax streaming service, citing heavy losses, and Showmax shut down in April, with subscribers directed to DStv Stream. The company has also recently dropped the Africa Magic Family channel after 12 years.

Petrol prices at major fuel depots in Lagos rose by as much as ₦60 per litre this week, while diesel prices fell, according to market data reported on Sunday, 8 November 2026.

The figures

Between Monday and Friday, the average petrol price across seven comparable depots in Lagos rose by about ₦41 per litre, while diesel fell by about ₦33. Some of the biggest increases were recorded at African Terminal, Integrated and A.A. Rano, which each raised their prices from ₦1,220 to ₦1,280 per litre. Aiteo raised its price by ₦56 to ₦1,277, Rain Oil by ₦55 to ₦1,280 and Nipco by ₦29 to ₦1,279, while MRS Tincan cut its price by ₦30 to ₦1,280. Similar movements were seen at depots in Warri and Port Harcourt.

Crude prices fell

The increases came even though international crude oil prices fell during the week, with Brent crude reportedly dropping by almost 5 per cent. Domestic supply conditions and marketers' costs also affect local prices.

Background

Depot prices are what marketers pay before selling to motorists, so changes usually feed through to filling-station prices within days. Petrol prices are now set by the market after the removal of the fuel subsidy in 2023, and have fluctuated with competition between the Dangote refinery, NNPC and importers. President Bola Tinubu said in Uyo this week that the government will never return to the subsidy. Cooking gas prices have also reportedly risen to about ₦1,900 per kilogram.

What it means

Motorists may see higher pump prices in the coming days, while businesses that rely on diesel could get some relief.

The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says Pastor Enoch Adeboye, General Overseer of the Redeemed Christian Church of God (RCCG), ordered the return of billions of naira donated to a church project after learning that the money came from crime.

What he said

Speaking to RCCG workers early on Saturday, 7 November 2026, at a meeting held ahead of the church's annual Holy Ghost Congress, Olukoyede said Adeboye directed that the money be refunded within 24 hours of being told where it came from. He praised the pastor for acting quickly. According to reports, he did not name the donor, say which project the money was meant for, or give the exact amount.

Warning to churches

Olukoyede, who is himself an ordained pastor, said Adeboye had invited him to speak to the workers about financial accountability and keeping transparent records. He expressed concern about a growing number of cases involving church leaders in financial crimes and about allegations linked to contract awards for church projects.

Background

The RCCG is one of Nigeria's largest churches, and its Holy Ghost Congress draws huge crowds to the Redemption Camp on the Lagos–Ibadan Expressway every December.