The Central Bank of Nigeria has introduced a ₦15 billion minimum paid-up capital requirement for companies seeking to issue foreign currency-backed stablecoins in Nigeria, alongside stricter rules for cryptocurrency peer-to-peer trading.
The requirements are part of the CBN’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on November 5, 2026. The framework introduces licensing, capital and compliance obligations for stablecoin issuers and other virtual asset service providers operating within the bank’s regulatory scope.
The rules could affect how foreign currency-backed stablecoins, such as US dollar-pegged tokens, are made available to Nigerian users. They also place new obligations on platforms that facilitate direct crypto transactions between individuals.
CBN introduces ₦15 billion capital requirement for stablecoin issuers
Under the new framework, companies seeking to issue foreign currency-referenced stablecoins must meet a minimum paid-up capital requirement of ₦15 billion.
They must also be incorporated in Nigeria and obtain a valid licence from the CBN. Foreign regulatory approval alone will not replace the Nigerian licensing requirement.
The rules further require licensed issuers to maintain a physical office in Nigeria, ensure effective local management and meet the bank’s operational and supervisory requirements.
This category covers stablecoins designed to maintain a value linked to currencies other than the naira, including the US dollar.
However, the requirement does not mean that Tether or Circle, the companies behind USDT and USDC respectively, automatically need to pay ₦15 billion simply because their tokens are used in Nigeria. The rules focus on entities seeking to issue and make foreign currency-backed stablecoins available in the Nigerian market under the CBN’s licensing framework.
The regulations also establish a separate category for naira-backed stablecoins, with a minimum paid-up capital requirement of ₦10 billion.
CBN tightens rules for crypto P2P trading
The new framework also introduces stricter requirements for platforms that facilitate peer-to-peer cryptocurrency transactions.
P2P trading allows two individuals to buy or sell crypto directly to each other, often using bank transfers or other payment methods to settle the fiat currency portion of a transaction.
Under the CBN rules, a platform cannot facilitate these transactions solely because it already holds another virtual asset service licence. It must have the relevant licence or authorisation and specific CBN approval to provide P2P services.
Platforms must also identify and verify customers before allowing them to transact. They are required to maintain information linking each transaction to the relevant customer accounts, wallets and payment arrangements.
For naira payments associated with P2P transactions, the rules require platforms to verify that the name and Bank Verification Number associated with the paying or receiving bank account match the verified customer involved in the transaction. The framework also prohibits the use of third-party or improperly attributed accounts to conceal the identity of customers or counterparties.
These requirements could make it more difficult to use P2P platforms without completing identity checks or to transact through accounts that do not belong to the verified user.
What the new rules mean for Nigeria’s crypto market
The regulations establish a more detailed framework for stablecoin issuance and virtual asset services in Nigeria. For stablecoin issuers, the capital threshold and local licensing requirements raise the financial and operational commitments involved in entering the market.
For P2P platforms, the additional approval and identity-verification requirements could increase compliance costs and change how users complete transactions.
The rules also distinguish between stablecoin issuance and other virtual asset services, meaning that a company authorised to provide one service is not automatically permitted to provide every other service.
The CBN’s framework includes a transition period for existing operators to meet the new requirements. The regulatory document provides for registration within 30 days and licence applications within 180 days of the regulations taking effect.
For Nigerian crypto users, the immediate takeaway is that the rules primarily place new obligations on issuers and service providers. They do not, by themselves, mean that every individual who holds USDT, USDC or another cryptocurrency must have ₦15 billion in capital or obtain a company licence.
The broader impact will depend on how the CBN implements the framework, which providers receive approval and how platforms adjust their services to comply.
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