CBN Tightens Stablecoin Rules, Sets N15bn Capital Floor for Dollar Tokens
*Says foreign issuers must establish Nigerian entities, secure local licences *P2P naira-dollar conversions subject to FX approval Nume Ekeghe The Central Bank of Nigeria (CBN) has introduced new regulations requiring
The Central Bank of Nigeria (CBN) has implemented new regulations to regulate stablecoins and virtual asset service providers. These regulations, effective November 5, 2026, aim to promote responsible innovation while safeguarding the financial system. The framework mandates foreign-currency stablecoin issuers to establish Nigerian-incorporated entities and obtain local licences, with Class 2 issuers required to maintain a capital floor of N15 billion.
All issuers must comply with capital, reserve, liquidity, AML, CTF, and regulatory reporting requirements. P2P transactions involving dollar-backed stablecoins must receive CBN approval, with transfers and settlements governed by the formal foreign exchange framework. Non-compliance attracts penalties ranging from N100 million to N500 million.
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