The Central Bank of Nigeria (CBN) has introduced new capital requirements for stablecoin issuers and other virtual asset service providers, mandating minimum paid-up capital of ₦10 billion and ₦15 billion for two categories of operators.
The requirements are contained in the bank’s new Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued through a circular dated November 5, 2026. Under the framework, Class 1 licensed issuers, which deal in naira-referenced stablecoins, are required to maintain a minimum paid-up capital of ₦10 billion.
Meanwhile, Class 2 issuers, responsible for foreign currency-referenced stablecoins, including dollar-backed tokens, must maintain at least ₦15 billion. The CBN stated that the capital requirements must be maintained upon entry into the market and throughout the period of operation. It also reserved the right to prescribe higher amounts.
The bank further clarified that offshore issuers are not exempt from Nigerian incorporation, licensing or capital requirements.
In addition, providers of other non-security virtual asset services must maintain a minimum paid-up capital of ₦1 billion.The new framework also introduces stricter compliance requirements covering corporate governance, consumer protection, cybersecurity, reserve management and anti-money laundering measures.
On peer-to-peer (P2P) transactions, the CBN directed virtual asset providers to establish criteria for identifying customers who buy, sell or exchange regulated tokens as a business.Such criteria must consider transaction volumes, frequency, number of counterparties and advertisements of exchange rates.
Furthermore, identified customers must undergo enhanced due diligence and comply with transaction limits. The bank warned that being identified as a business operator does not automatically authorise a customer to conduct regulated activities.
The regulations cover naira-referenced stablecoins, foreign currency-referenced stablecoins, Deposit Money Tokens and other designated tokens falling within the CBN’s regulatory mandate.
According to the apex bank, the framework is intended to support responsible innovation while protecting consumers, preserving monetary policy effectiveness and safeguarding the stability of Nigeria’s financial system.
