Nigeria stablecoin rules put crypto access in focus

Nigeria stablecoin rules put crypto access in focus

Nigeria’s Central Bank has introduced a ₦15 billion minimum paid-up capital requirement for companies seeking to issue foreign-currency-referenced stablecoins, including tokens designed to track the US dollar.

The requirement is part of the CBN’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, which took effect on November 5, 2026.

What the new CBN stablecoin rules mean

A stablecoin is a cryptocurrency designed to track an asset such as the US dollar or Nigerian naira. A dollar-referenced stablecoin is often called a digital dollar, but it is neither a bank deposit nor actual US currency.

Under the Nigeria stablecoin rules, licensed issuers of naira-referenced stablecoins (Class 1) must maintain at least ₦10 billion in paid-up capital. Foreign-currency stablecoin issuers (Class 2) need at least ₦15 billion. Other covered virtual-asset providers face a separate ₦1 billion minimum.

The ₦15 billion is company capital, not a fee or payment ordinary users must make. Nigerians who buy or hold stablecoins are not required to provide that amount.

Issuers must maintain reserves covering outstanding stablecoin obligations, plus an additional buffer of at least 2% of the tokens’ par value.

What the rules mean for USDT and USDC

The CBN regulations do not specifically declare USDT or USDC automatically banned. However, foreign-currency stablecoins need CBN token approval and must be issued through a Nigerian-incorporated company holding a Class 2 licence before regulated distribution in Nigeria.

Techpoint reported on November 7, 2026, that no licences had yet been issued, meaning USDT and USDC did not then qualify for regulated distribution. This describes the position reported on that date, not a permanent status.

Why the rules matter to Nigerian crypto users

The CBN crypto policy places platform-facilitated peer-to-peer (P2P) services under authorisation and approval requirements. Platforms must verify that the name and Bank Verification Number linked to a naira payment account match the customer’s identity. Third-party and mule accounts are prohibited.

Platforms need express CBN approval for naira-to-dollar-stablecoin P2P conversions, with the naira payment leg handled or reported through a designated authorised dealer. Private transfers between individuals without an intermediary are treated differently.

Existing operators have 180 days to apply for the required licence. This is not unrestricted permission to operate: they must register within 30 days, begin reporting within 60 days and comply with interim conditions. Existing foreign-currency stablecoin arrangements require express interim permission during assessment.

The digital dollar Nigeria debate now centres on how these requirements will affect regulated access.