The Central Bank of Nigeria (CBN) has introduced a minimum paid-up capital requirement of N15 billion for companies seeking to issue foreign currency-backed stablecoins, including digital tokens pegged to the US dollar.
The requirement is contained in the apex bank’s new Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on Thursday, November 5, 2026.
Under the regulation, companies intending to issue dollar-backed stablecoins must maintain the prescribed capital before commencing operations in the country.
The CBN said the framework was designed to strengthen oversight of Nigeria’s virtual asset market, protect customers and promote responsible innovation in digital financial services.
The regulation covers stablecoin issuers, virtual asset service providers, digital payment operators, remittance services, cryptocurrency custody, transfers and settlement activities.
It also establishes requirements for capital adequacy, reserve backing, liquidity, redemption, corporate governance, risk management, cybersecurity and operational resilience.
The CBN said stablecoin issuers would be required to maintain adequate reserves to meet their obligations to customers, while safeguarding customer funds and reserve assets.
The new framework also introduces measures to strengthen anti-money laundering and counter-terrorism financing compliance. Operators are expected to conduct customer verification, monitor transactions and comply with sanctions screening and regulatory reporting requirements.
The regulation further requires relevant virtual asset transfers to comply with the Financial Action Task Force’s Travel Rule, which provides for the transmission of prescribed information about senders and beneficiaries.
CBN clarifies SEC’s role
The apex bank clarified that the new regulation does not override the statutory responsibilities of the Securities and Exchange Commission (SEC).
Virtual assets classified as securities, investment contracts or other capital-market products will remain under the SEC’s regulatory framework.
The CBN said operators whose activities fall within the mandates of both regulators would be required to obtain the relevant approvals from each authority.
It directed affected financial institutions, issuers, service providers and other stakeholders to familiarise themselves with the new requirements and ensure compliance with applicable licensing, operational, reporting and customer-protection rules.
The regulation applies to operators conducting regulated activities in or from Nigeria, targeting Nigerian customers or whose operations could materially affect the country’s payment system, financial system or foreign exchange market.
