Worldview Advisory
Nigeria

CBN sets capital floors and licensing rules for crypto and stablecoin operators

New central bank rules set minimum capital and licensing requirements for virtual asset businesses, affecting payments, custody and stablecoin issuers operating in or targeting Nigeria.

Photo: Okay News

What happened

The Central Bank of Nigeria introduced regulations for the operation of non-security virtual assets in the country. The Sun Nigeria+3 Naira-referenced stablecoin issuers must maintain minimum paid-up capital of N10 billion, while foreign currency-referenced stablecoin issuers must hold at least N15 billion. The Sun Nigeria+2 Other virtual asset service providers, including payment, transfer, custody and wallet businesses, must maintain minimum capital of N1 billion. The Sun Nigeria+1 Individuals and corporate organizations may not issue, distribute, exchange or provide regulated virtual asset services in or from Nigeria, or target Nigerian customers, without a CBN licence or authorization. The Sun Nigeria+1 The regulations took effect on November 5, 2026, according to a circular signed by Musa I. Jimoh, director of the CBN's Payments System Policy Department. The Whistler Newspaper+1

Around it

The framework also prohibits algorithmic stablecoins that lack full reserve backing. The Whistler Newspaper The rules cover stablecoins, deposit money tokens and related services, and apply to providers without a physical presence in Nigeria that serve people in the country. Okay News Existing operators must register with the CBN within 30 days and begin supervisory reporting within 60 days, while anti-money-laundering obligations also apply. Okay News

What comes next

Existing operators have 180 calendar days from commencement to apply for a licence or authorization, and must stop operations if they fail to obtain approval. Okay News+1

Sources

  1. The Sun NigeriaCBN fixes N10bn capital for naira stablecoin issuers, N15bn for dollar-backed operators
  2. The Whistler NewspaperCBN Imposes N15bn Capital Requirement On Foreign Stablecoin Issuers
  3. Okay NewsCBN Sets ₦10bn, ₦15bn Capital Floors for Stablecoin Issuers
  4. Peoples Gazette NigeriaCBN imposes N1 billion capital requirement on crypto operators, gives 180 days to obtain licence

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