Nigeria Central Bank Sets 15 Billion Naira Capital Minimum for Foreign-Currency Stablecoin Issuers

According to ChainCatcher citing the Central Bank of Nigeria, the bank issued the Regulations for the Operations of Non-Security Virtual Assets in Nigeria on November 5, 2026, covering non-security virtual assets and stablecoins used for payments, settlement and foreign exchange. Securities remain under the Securities and Exchange Commission. The rules require foreign-currency-pegged stablecoin issuers, classified as Class 2, to be locally licensed entities with at least 15 billion naira in paid-up capital. Class 1 naira-pegged stablecoin issuers must have 10 billion naira, while providers of other non-security virtual asset services must hold at least 1 billion naira; capital held for an existing SEC license cannot be counted again toward the Central Bank’s requirements. Platform-matched peer-to-peer transactions require specific Central Bank approval. Before releasing or crediting regulated tokens, platforms must verify that the names on naira payment accounts match the users’ Bank Verification Numbers. The rules also prohibit categories including algorithmic stablecoins and set out the division of responsibilities between the Central Bank and the SEC.