Nigeria’s central bank has set rules for stablecoins and other non-security virtual assets. The regulations cover issuing stablecoins and services including exchange, custody, transfers, payment processing and settlement provided within or directed at Nigeria, bne IntelliNews reports.
The Regulations for the Operations of Non-Security Virtual Assets in Nigeria came in circular PSP/DIR/PUB/CIR/001/004, dated 5 November 2026 and signed by Musa Jimoh, director of the Payments System Policy Department, according to Vanguard and Daily Economy. Several outlets say the rules took effect that day. The regulations leave the commencement date to a separate instrument, which we have not seen (see Transition).
Capital floors
Issuers of naira-referenced stablecoins need ₦10 billion in paid-up capital. Issuers of foreign-currency-referenced stablecoins need ₦15 billion, roughly US$11 million at Techpoint’s conversion. Exchanges, wallets, custodians and payment providers need ₦1 billion. SEC-licensed firms hold that amount on top of their SEC capital, Anvesan reports. Vanguard reports that the capital must be maintained at entry and throughout operation, and that the CBN may prescribe higher amounts.
Dollar tokens need a Nigerian licensee
A foreign-currency stablecoin can reach people in Nigeria only through a Nigerian-incorporated entity holding a Class 2 licence, Anvesan reports. A foreign licence does not substitute, and each token needs its own CBN approval, bne IntelliNews reports. As Vanguard quotes the circular: “There is no offshore issuer exemption from incorporation, licensing or capital.”
Techpoint reads this as meaning USDT and USDC do not currently qualify, since no licences have yet been issued. We did not find a CBN list of approved tokens.
What is banned
Algorithmic stablecoins are prohibited, as are tokens backed mainly by other crypto assets, tokens linked to sanctioned persons and tokens without an enforceable right of redemption at par, Kiet Law and Anvesan report.
Peer-to-peer trading
There is no standalone P2P licence. A platform needs a CBN licence or authorisation plus express approval for P2P services. Before releasing tokens, it must confirm that the name and Bank Verification Number on the naira account match the verified customer, Techpoint reports. Converting naira into a foreign-currency stablecoin requires express CBN approval, bne IntelliNews reports.
Transition
Existing operators get a transition period. Under Section 54.1, as bne IntelliNews and AELEX report, they must register with the CBN within 30 days, begin supervisory reporting within 60 days and apply for the licence or authorisation within 180 days. Meanwhile they may keep operating only at their current scale and under CBN interim conditions. Anvesan and bne IntelliNews both say these periods run from commencement.
Media reports treat 5 November as the start date. Counted from that day, the windows would close on 5 December 2026 (registration), 4 January 2027 (supervisory reporting) and 4 May 2027 (applications). Kiet Law gives 4 May 2027 as the deadline for businesses already in the market. The regulations leave the commencement date to the CBN’s issuing instrument, which we have not seen, so treat all three dates as provisional until that instrument is published.
What it means for startups
None of the coverage we read names a company that has applied for, or received, a licence under the new rules. StartupList profiles cNGN, a naira-backed stablecoin issued through a joint venture with commercial banks, fintechs and virtual asset providers, and Busha, a Lagos crypto exchange established in 2018. Neither profile says how the rules apply to it.
Busha co-founder Olaoluwa “Laolu” Samuel-Biyi told Condia that he supports the reserve, redemption and consumer-protection requirements, but questions whether the same capital approach fits fully reserved issuers. “Otherwise, we risk building an excellent regulatory framework with no participants,” he wrote on LinkedIn.
Operating without the required approval carries a minimum penalty of ₦100 million, plus ₦1 million for each day the breach continues, AELEX reports. A startup already serving Nigerian users with a dollar token should first establish which licence, if any, applies to it.
Sources
- Central Bank of Nigeria, Regulations for the Operations of Non-Security Virtual Assets in Nigeria (PDF, circular PSP/DIR/PUB/CIR/001/004)
- Vanguard (Emma Ujah), 'CBN sets N10bn, N15bn capital requirements for stablecoin issuers' (6 November 2026)
- Daily Economy (Nike Popoola), 'CBN issues new regulations for non-security virtual assets' (7 November 2026)
- Anvesan, 'Central Bank of Nigeria issues licensing regulations for stablecoins and non-security virtual asset services' (6 November 2026)
- AELEX, 'CBN introduces new regulatory framework for non-security virtual assets' (6 November 2026)
- The Block (Brian Danga), 'Nigeria's central bank introduces stablecoin licensing rules, bans algorithmic versions' (6 November 2026)
- Techpoint (PointAI), 'Nigeria's new crypto rules force dollar stablecoins onshore and pull P2P trading into the FX net' (7 November 2026)
- NextCurrency (Margaret Liu), 'CBN Issues Non-Security Virtual Asset Rules With ₦10bn–₦15bn Stablecoin Capital Floors' (9 November 2026)
- Kiet Law (Emmanuel Eyo), 'New CBN Stablecoin Rules: Full Legal Guide for Nigeria (2026)' (10 November 2026)
- Condia (Omoleye Omoruyi), 'CBN's new crypto rules put a ₦15bn price tag on issuing dollar stablecoins in Nigeria' (6 November 2026)
- bne IntelliNews, 'Nigeria's central bank sets crypto licensing rules, gives operators 180 days to apply' (6 November 2026)
TopicsNigeria Stablecoins Regulation Crypto Assets African Startups
