The Central Bank of Nigeria (CBN) has directed companies issuing stablecoins in the country to maintain a minimum capital of ₦10 billion or ₦15 billion, depending on the category of digital currency they operate.
Under the new rules, issuers of naira-backed stablecoins are required to maintain at least ₦10 billion in paid-up capital, while companies issuing stablecoins backed by foreign currencies, including the US dollar, must have a minimum of ₦15 billion.
The apex bank stated this in a circular dated November 5, 2026, with reference number PSP/DIR/PUB/CIR/001/004, Naija News reports.
The circular was signed by the Director of Payments Systems Policy, Musa Jimoh.
According to the CBN, the capital requirements must be maintained at all times, both when companies begin operations and throughout their period of operation.
The bank also made it clear that foreign-based companies cannot escape the requirements by operating from outside Nigeria.
It stated, “A Class 1 Licensed Issuer shall maintain paid-up capital of ₦10 billion Naira or such higher amount as the Bank may prescribe, on entry and at all times thereafter. Class 2 Licensed Issuer shall maintain minimum paid-up capital of ₦15 billion or such higher amount as the Bank may prescribe, on entry and at all times thereafter.
“Both classes shall comply with the capital deposit and corresponding evidence and supplementary requirements in Section 17. There is no offshore issuer exemption from incorporation, licensing or capital.”
The CBN explained that Class 1 stablecoins are digital currencies designed to maintain their value against the naira, while Class 2 stablecoins are backed by foreign currencies, such as the US dollar.
The new guidelines also cover other digital tokens used for payments, transfers and financial transactions.
Explaining the reason for the new regulations, the CBN acknowledged that virtual assets and stablecoins could improve payments, international money transfers, business transactions and other financial services.
However, it warned that their growing use could also create problems for financial stability, monetary policy, consumer protection, money laundering, terrorism financing and foreign exchange management.
The bank said the guidelines were introduced as part of its responsibility to maintain monetary and financial stability and regulate Nigeria’s payment system.
It added that the new framework would guide the licensing, regulation and supervision of companies involved in non-security virtual assets, including stablecoins, Deposit Money Tokens (DMTs) and Virtual Asset Service Providers (VASPs).
The regulations also set requirements for how such companies should operate, including their management structure, financial strength, customer protection, security systems and reporting obligations.
One major area covered by the new guidelines is peer-to-peer (P2P) cryptocurrency trading, where individuals buy, sell or exchange digital assets directly with one another.
The CBN said virtual asset providers must put measures in place to identify customers who regularly engage in P2P transactions as a business.
The bank directed providers to consider the volume and frequency of transactions, the number of people involved and whether such customers advertise exchange rates.
It also instructed operators to apply stricter checks and transaction limits to customers identified as running P2P trading businesses.
Such customers must also be reported to the CBN in line with the reporting requirements under the guidelines.
The apex bank warned that being identified as a regular P2P trader does not automatically give such a person permission to operate a regulated business.
It explained that anyone whose activities require official approval must obtain the necessary licence, stop the activity or operate as an authorised agent of a licensed provider, depending on the bank’s directives.
The CBN said the measure was necessary to prevent digital asset platforms from being used to move funds linked to money laundering and terrorism financing.
