Nigeria Sets N15 Billion Capital Bar for Dollar Stablecoins

Nigeria's central bank published regulations for non-security virtual assets that require stablecoin issuers to hold a CBN licence, with Class 2 foreign-currency issuers needing minimum paid-up capital of ₦15 billion and Class 1 naira issuers needing ₦10 billion, the CBN document dated for the new framework shows.

Nairametrics said the rules were issued Nov. 5, 2026. Other non-security virtual-asset service providers face a ₦1 billion capital floor, the PDF's Section 16 states.

What licensed issuers must do

Section 15 of the regulations says there is "no offshore issuer exemption from incorporation, licensing or capital." Class 2 tokens must be issued through a Nigerian-incorporated entity with a staffed local office, Nairametrics reported, matching the PDF's licensing chapters.

A stablecoin is a token designed to hold a steady value against a reference currency. Under the CBN text, algorithmic stablecoins that rely mainly on supply algorithms rather than full reserves are outside the permitted set, and issuers must support redemption at par.

Existing operators must register with the Bank within 30 days of commencement and apply for the appropriate licence within 180 calendar days, the transitional section of the PDF says.

P2P and the SEC split

Nairametrics said platform-facilitated peer-to-peer crypto trades need specific CBN approval and Bank Verification Number checks that match the naira payment account to the verified customer. The CBN oversees non-security payment-style virtual assets; Nigeria's SEC keeps securities-classified tokens, the framework states.

Crypto Briefing separately described the Class 1/Class 2 split, the capital floors and the algorithmic ban.

Section 56 of the PDF says the Bank will publish the regulations and specify the commencement date in the Federal Government Gazette. Existing operators' 30-day registration clock starts from that date.