BREAKING: CBN sets N15 billion capital requirement for foreign stablecoin issuers, tightens P2P crypto rules

The Central Bank of Nigeria (CBN) has set a minimum paid-up capital of N15 billion for issuers of foreign currency-backed stablecoins seeking to operate in Nigeria, while introducing stricter approval and identity verification requirements for platform-facilitated peer-to-peer (P2P) cryptocurrency transactions.

The requirements are contained in the apex bank’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on November 5, 2026.

The framework establishes licensing, capital, governance and operational requirements for stablecoin issuers and other virtual asset service providers operating within its regulatory scope.

Under the new rules, foreign currency-referenced stablecoins, classified as Class 2 stablecoins, can only be issued through a Nigerian-incorporated entity holding a valid CBN licence. The issuer must maintain a staffed physical office in Nigeria, effective local management and the capacity to meet the regulator’s supervisory requirements.

More details later.