Companies planning to issue foreign currency-backed stablecoins in Nigeria must now hold at least ₦15 billion in paid-up capital before starting operations.
The Central Bank of Nigeria (CBN) introduced the requirement in its new 169-page Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on Thursday, November 5, 2026.
The regulation was signed by Musa Jimoh, Director of the CBN’s Payments System Policy Department.
It establishes a risk-based framework for virtual asset operators, covering licensing, capital adequacy, reserve backing, liquidity, redemption, governance, cybersecurity and operational resilience.
The rules apply to stablecoin issuers, virtual asset service providers, deposit money token operators, virtual asset payment services and platform-facilitated peer-to-peer transactions.
Why the CBN Is Tightening Stablecoin Rules
A major objective is to ensure that companies issuing stablecoins have sufficient financial capacity and adequate reserves to meet obligations to customers.
By introducing capital, reserve-backing and redemption requirements, the CBN seeks to strengthen confidence in stablecoins and reduce risks from poorly managed virtual asset operations.
The regulation also provides for safeguarding reserve assets and customer funds, alongside improved disclosures and complaints management.
On financial security, the CBN requires regulated operators to comply with anti-money laundering, counter-terrorist financing and counter-proliferation financing obligations.
The requirements include sanctions screening, transaction monitoring, blockchain analytics and compliance with the Travel Rule, which requires information about virtual asset transfers to accompany transactions between service providers.
CBN Clarifies Relationship With SEC
The apex bank clarified that the new regulation does not override the statutory responsibilities of the Securities and Exchange Commission (SEC).
It stated that virtual assets classified as securities, investment contracts or other capital-market products would remain subject to the applicable capital-market regulatory framework.
“Where an activity involves both Non-Security Virtual Assets and matters falling within another authority’s mandate, the relevant approvals shall be obtained from each competent authority,” the CBN stated.
The bank directed all affected financial institutions, issuers, service providers and operators to familiarise themselves with the new requirements and ensure full compliance.
President Bola Tinubu had in July 2026 signed an executive order on virtual assets in Nigeria.
