The Central Bank of Nigeria has introduced a minimum paid-up capital requirement of N15bn for issuers of foreign currency-backed stablecoins seeking to operate in the country, alongside stricter approval and identity verification rules for peer-to-peer (P2P cryptocurrency transactions facilitated by platforms.
The new requirements are contained in the apex bank’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on November 5, 2026.
The framework sets out licensing, capital, governance and operational requirements for stablecoin issuers and other virtual asset service providers covered by the regulations.
Under the new rules, foreign currency-referenced stablecoins, classified as Class 2 stablecoins, may only be issued by entities incorporated in Nigeria and holding a valid CBN licence.
Issuers are also required to maintain a staffed physical office in the country, establish effective local management structures and demonstrate the capacity to meet the regulator’s supervisory requirements.
The regulations further require Class 2 stablecoin issuers to maintain a minimum paid-up capital of ₦15bn, or any higher amount that may be prescribed by the CBN.
The capital requirement must be met before commencing operations and maintained throughout the issuer’s business activities.
The provision introduces significant financial and regulatory obligations for foreign stablecoin companies seeking to enter the Nigerian market, including those operating through international parent companies or affiliated entities.
