The Central Bank of Nigeria (CBN) has tightened regulations on how stablecoin issuers operate locally. This framework sets capital requirements, reserve safeguards, and licensing conditions, bringing more digital-asset activity under nationwide financial supervision.
Under the new rule, foreign-currency stablecoin issuers face the highest threshold, with a stipulated paid-up capital requirement before entering the country’s regulated market.
CBN Raises Financial Requirements for Stablecoin Issuers
The new capital requirement places a significant financial responsibility on companies hoping to issue foreign-currency stablecoins in Nigeria. Under the regulations, these businesses must maintain at least $11.13 million in paid-up capital throughout their operations.
The requirement covers tokens designed to maintain their value against foreign currencies, including dollar-pegged stablecoins such as USDT and USDC. Meanwhile, issuers of naira-backed stablecoins face a separate minimum capital requirement of $7.42 million under the framework. Other non-security virtual asset service providers must maintain at least $742,000 in paid-up capital.
However, meeting the minimum capital requirement represents only one part of the regulator’s expectations for stablecoin businesses. The CBN also establishes requirements covering reserve management, redemption arrangements, corporate governance, and regular regulatory reporting.
CBN Tightens P2P Trading Rules
Beyond stablecoin issuance, the new regulations introduce additional requirements for crypto platforms facilitating peer-to-peer transactions in Nigeria. According to the new rule, these platforms must obtain the necessary regulatory authorization before offering covered P2P trading services to customers.
The rules primarily target organized, platform-facilitated trading rather than every private crypto transfer between individuals. This places greater responsibility on platforms to understand who participates in transactions and how payments move between accounts.
Under the framework, platforms must ensure customers’ verified identities match the Bank Verification Numbers associated with their naira payment accounts. This means the names attached to customers’ BVNs and payment accounts must match before covered transactions proceed.
The regulations also prohibit knowingly allowing third-party, nominee, or mule accounts to facilitate these transactions.
Meanwhile, for Nigeria’s crypto market, the changes could make anonymous trading considerably more difficult while giving regulators greater visibility into transactions conducted through approved platforms.
The framework also reinforces the division of regulatory responsibilities between the CBN and the SEC. While the CBN oversees non-security virtual asset activities covered by its regulations, securities-related digital assets remain subject to SEC oversight.
Chris Lion | November 6, 2026
Jonathan Agozie | November 2, 2026
