Nigeria's central bank introduced new virtual asset regulations on November 5, 2026. The rules set minimum paid-up capital floors for stablecoin issuers and other providers. Foreign currency stablecoin issuers must hold ₦15 billion, while local naira stablecoin issuers need ₦10 billion.
Capital and reserve rules
The framework divides non-security digital assets into four operational classes. Foreign stablecoin issuers must establish a licensed Nigerian entity with a local office and local management. Naira stablecoins must be 100% backed by eligible naira-denominated reserves and cannot pay interest to holders.
Regulatory history
The central bank ordered banks to close crypto-linked accounts in February 2021. It reversed that ban in December 2023 and reopened banking rails under anti-money laundering rules. A July 2026 presidential executive order created a CBN-chaired Virtual Asset Council and assigned payment token oversight to the central bank.
P2P transaction controls
Providers must get separate CBN approval before running platform-facilitated peer-to-peer trading. They must verify that the customer's name and Bank Verification Number match the naira account used for settlement. Platforms also must block nominee or mule accounts and reconcile crypto trades with their naira payment legs.
Issuers must provide evidence of capital funding and deposits before final approval. P2P approvals may carry conditions on supported tokens, customers, limits, payment channels, foreign exchange treatment, and scope. Operators with SEC licences must meet the CBN capital requirement separately from SEC capital.