CBN mandates N15 billion capital for stablecoin issuers

The Central Bank of Nigeria (CBN) has mandated a minimum paid-up capital of N15 billion for issuers of foreign currency-backed stablecoins wishing to operate in Nigeria. This requirement is part of the CBN's new Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on November 5, 2026.

The regulations also impose stricter approval and identity verification processes for platform-facilitated peer-to-peer (P2P) cryptocurrency transactions. Under the new framework, foreign currency-referenced stablecoins, categorized as Class 2 stablecoins, must be issued through a Nigerian-incorporated entity that holds a valid CBN license.

Additionally, the issuer is required to maintain a staffed physical office in Nigeria, have effective local management, and possess the capacity to comply with the regulator's supervisory requirements.