Business News Today, 7 November 2026: CBN stablecoin rules, naira firms, NGX loses N3.5trn in a week
Last updated: 7 November 2026 · By Naijatipsland Editorial Team · Editorial policy
Morning roundup · Saturday 7 November 2026 · By Ade Adeniyi, Founder and Editor
Good morning. The Central Bank has published the country’s first full rulebook for stablecoins and crypto service providers, the naira closed the week slightly firmer, and the stock market had its worst week in a while. Here is the business news that touches your pocket.
Today at a glance
- CBN sets licences and capital of up to ₦15 billion for stablecoin issuers; P2P naira-dollar swaps need approval.
- Naira ends the week at ₦1,346.79 per dollar officially; street rates around ₦1,390 to ₦1,410.
- NGX loses another ₦541 billion on Friday and ₦3.52 trillion over the week.
- Brent ends a volatile week near $98 to $100; tanker drivers cut depot hours over highway crime.
- UK-Nigeria trade reaches £7.3 billion a year.
- Afreximbank plans a $1 billion Pan-African film fund.
1. CBN publishes strict new rules for stablecoins and crypto firms
What happened
The Central Bank of Nigeria released its Regulations for the Operations of Non-Security Virtual Assets, in force from 5 November. Issuers of naira-backed stablecoins (Class 1) need paid-up capital of at least ₦10 billion, issuers of dollar or other foreign-currency tokens (Class 2) need ₦15 billion, and other virtual asset service providers need ₦1 billion. Foreign issuers must set up a Nigerian company and get a CBN licence; overseas approvals no longer count on their own. Peer-to-peer swaps between the naira and dollar tokens now need express CBN approval, with the naira leg settled through or reported to an authorised dealer. Algorithmic stablecoins are banned, reserves must cover at least 100% plus a 2% buffer, and holders must be able to redeem at face value. Unlicensed activity attracts a minimum fine of ₦100 million. Existing operators have 30 days to register and 180 days to apply for a licence.
Why it matters
Millions of Nigerians use dollar stablecoins to save, trade or receive money from abroad. The rules promise more protection, but smaller apps may struggle to meet the capital bar, and P2P dollar trades will face closer checks. If you hold stablecoins, check whether your platform registers with the CBN in the next 30 days.
Source: ThisDay; TheCable; bne IntelliNews.
2. Naira ends the week slightly stronger
What happened
CBN data show the naira gained ₦1.95 on Friday to close at ₦1,346.79 per dollar in the official market, up from ₦1,348.74 on Thursday, after several days of mild weakness. Parallel-market quotes varied between about ₦1,390 and ₦1,410 depending on location. The official window does not trade at weekends, so Friday’s close is the reference until Monday.
Why it matters
A steady rate helps importers and families paying school fees or bills abroad plan ahead. For daily updates, see our dollar to naira exchange rate today page.
Source: Daily Post; WithinNigeria.
3. Stock market: ₦3.52 trillion gone in a week
What happened
The NGX All-Share Index fell 0.33% on Friday to 248,877.22 points, wiping about ₦541 billion off market value, as investors sold MTN Nigeria, Zenith Bank, GTCO, HBM Nigeria and Fidelity Bank. That followed Thursday’s near-2% slide led by Dangote Cement. Over the week, market capitalisation dropped from ₦165.11 trillion to ₦161.59 trillion, a loss of ₦3.52 trillion or 2.13%.
Why it matters
After a strong run this year, investors are locking in profits from bumper third-quarter results. Pension funds and retail investors holding bank and telecom shares will feel the pullback.
Source: Nairametrics; Okay News; Business Post.
4. Oil swings on Iran news; tanker drivers cut depot hours
Brent’s wild week
Brent crude fell more than 8% on Wednesday to about $94.62 a barrel on hopes of a US-Iran deal after the US midterms, bounced on Thursday after new attacks on ships in the Gulf, and was trading near $98 on Friday, well below the $114 seen earlier in the month. NNPC’s latest report puts national oil and gas output at 3.04 million barrels of oil equivalent per day for September.
Depots to close by 6pm
The tanker drivers’ branch of NUPENG told members in Lagos to finish depot operations by 6pm and not to enter depots after 5pm, citing a rise in armed robbery and truck hijacking on highways.
Why it matters
Lower oil prices ease pump-price pressure but cut government revenue, which still depends heavily on oil. Shorter loading hours could slow fuel distribution in Lagos and nearby states, so watch for queues.
Source: OilPrice.com; Nigerian News Direct; Daily Trust via allAfrica.
5. UK-Nigeria trade reaches £7.3 billion
What happened
The British High Commission said trade between the two countries was worth £7.3 billion in the four quarters to the first quarter of 2026. High Commissioner Pete Vowles, speaking at a reception in Abuja, described the strategic partnership as covering trade, investment, education, security and migration.
Why it matters
The UK is a major market for Nigerian exporters and home to a large diaspora. Growing trade can mean more openings for Nigerian goods and services, and more scrutiny of visa and student routes.
Source: Punch; Voice of Nigeria.
6. Afreximbank plans a $1 billion film fund
What happened
At the Creative Africa Nexus (CANEX) summit in Lagos, Afreximbank executive Kanayo Awani said the bank plans to raise up to $1 billion for a Pan-African film fund through its FEDA subsidiary and One Street Studios, to finance content, distribution and studio infrastructure. The bank said its total creative-sector commitment now stands at $2 billion, and it is looking at an African-owned distribution and box-office network.
Why it matters
Nollywood producers often struggle to raise money and to earn fairly from distribution. More long-term funding could mean more jobs and bigger productions at home.
Source: ThisDay; NAN; BizWatch Nigeria.
What to watch next
- Which crypto platforms register with the CBN within the 30-day window.
- Monday’s opening naira rate and any CBN intervention.
- Whether the NGX sell-off continues into a second week.
- Oil prices as US-Iran talks progress or stall, and fuel supply in Lagos after NUPENG’s new hours.
Frequently asked questions
Are stablecoins banned in Nigeria?
No. The CBN now licenses them. Algorithmic stablecoins are banned, and dollar tokens must be issued through a CBN-licensed Nigerian company.
What is the official dollar rate today?
The official market closed Friday at ₦1,346.79 per dollar, which stays the reference until trading resumes on Monday.
Why did Nigerian stocks fall this week?
Mainly profit-taking in big names such as Dangote Cement, MTN Nigeria and the leading banks after strong results.
This roundup summarises reporting by the outlets credited under each story, in our own words. Follow Naijatipsland Updates on WhatsApp for the next edition. Spotted an error? Tell us and we will correct it under our editorial policy.
