The Central Bank of Nigeria (CBN) has established a minimum capital requirement of ₦15 billion for companies seeking to issue foreign currency-backed stablecoins—including digital assets like USDT and USDC—as part of efforts to regulate the nation’s growing virtual asset sector.
The apex bank announced the mandate in its newly released 169-page document, Regulations for the Operations of Non-Security Virtual Assets in Nigeria, signed by Musa Jimoh, Director of the Payments System Policy Department, and issued on Thursday, November 5, 2026.
Under the new regulatory framework, entities intending to issue foreign currency-pegged stablecoins, particularly those backed by the U.S. dollar, must secure a minimum paid-up capital of ₦15 billion prior to commencing operations in Nigeria.
The regulation aims to protect consumers, preserve financial system integrity, establish a comprehensive risk-based regulatory framework for virtual asset entities, and foster responsible innovation within Nigeria’s evolving digital payments ecosystem.
According to the CBN, the framework applies to stablecoin issuers, virtual asset service providers, deposit money token operators, virtual asset payment services, platform-facilitated peer-to-peer transactions, custody, transfers, remittances, clearing, and settlement operations.
The apex bank added that the rules establish explicit standards for corporate governance, risk management, cybersecurity, operational resilience, reserve backing, capital adequacy, and liquidity and redemption protocols.
CBN clarifies relationship with SEC
The central bank clarified that the new regulations do not supersede the statutory responsibilities of the Securities and Exchange Commission (SEC).
It affirmed that virtual assets classified as securities, investment contracts, or capital-market products will remain governed by existing capital-market regulatory frameworks.
The bank directed all affected financial institutions, issuers, service providers, operators, promoters, and stakeholders to examine the new directives and achieve full compliance.
In particular, operators are required to meet all relevant licensing, authorization, prudential, operational, reporting, anti-money laundering, consumer protection, and technical standards.
Nigeria’s crypto sector
Nigeria’s cryptocurrency sector has faced years of regulatory uncertainty, particularly after the CBN’s 2021 directive prohibiting banks from facilitating cryptocurrency transactions.
The restriction was eased in December 2023, when the apex bank issued guidelines allowing banks to serve licensed virtual asset service providers under strict conditions.
The State House, Abuja+1
In July 2026, President Bola Tinubu signed an executive order to harmonise virtual asset regulation and strengthen cooperation between the CBN, SEC and other agencies.
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