CBN sets ₦15bn capital rule for dollar-backed stablecoins in new crypto rules

The Central Bank of Nigeria (CBN) has introduced tougher rules for cryptocurrency and stablecoin businesses, including minimum capital requirements of up to ₦15 billion.
The new requirements
Under the regulations, reported on Sunday, 8 November 2026, issuers of naira-backed stablecoins must have at least ₦10 billion in paid-up capital, while operators offering tokens backed by foreign currencies, such as dollar-pegged stablecoins, will need ₦15 billion. Other virtual asset service providers, including digital wallet, payment, transfer and custody businesses, must have at least ₦1 billion. The CBN said it may demand more capital from larger or riskier operators.
Licensing and foreign firms
The rules make it illegal for individuals or companies to issue, exchange, distribute or facilitate regulated virtual assets in Nigeria without CBN approval. Foreign operators targeting Nigerian customers must incorporate and obtain licences locally, regardless of approvals elsewhere. Companies already licensed by the Securities and Exchange Commission (SEC) will face extra capital requirements if they offer services under the CBN's oversight, while digital assets classed as securities will remain under SEC supervision. The rules also set standards for reserve management and consumer protection.
Background
Nigeria has one of the world's largest communities of cryptocurrency users. The CBN banned banks from dealing with crypto firms in 2021 before lifting the restriction in 2023, and the SEC has since moved to register and regulate crypto exchanges. Stablecoins, which are designed to keep a steady value linked to a currency such as the dollar, are widely used by Nigerians for savings and payments.
- Dollar-backed stablecoin issuers need ₦15 billion in capital.
- Naira-backed issuers need ₦10 billion.
- Foreign operators must be licensed locally.

