CBN Sets N15bn Capital Requirement For Foreign Stablecoin Issuers, Tightens Dollar Token Rules.
The Central Bank of Nigeria (CBN) has introduced new regulations requiring foreign-currency stablecoin issuers to obtain local licences and establish Nigerian-incorporated entities, as it moves to tighten oversight of dollar-backed digital tokens and other virtual asset activities.
The regulations, which took effect on November 5, 2026, establish a formal framework for stablecoins, virtual asset service providers and related payment activities, including peer-to-peer (P2P) transactions, custody, transfers and settlement.
In a circular dated November 5, 2026, addressed to virtual asset service providers and stakeholders in the financial services industry, the apex bank said the framework was designed to promote responsible innovation while protecting the integrity of the financial system.
Signed by the Director, Payments System Policy Department, Musa Jimoh, the regulations establish a risk-based framework covering licensing, authorisation, capital requirements, consumer protection, technology risks, cybersecurity, anti-money laundering controls and regulatory reporting. The rules apply to persons conducting regulated activities in or from Nigeria, targeting Nigerian users or undertaking activities that could materially affect the country’s payments system, financial system, foreign exchange market or financial stability. They may apply even where an operator has no physical presence in Nigeria. A major provision requires foreign-currency stablecoin issuers to operate through Nigerian-incorporated entities and obtain CBN approval before making their tokens available to Nigerians.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Arise News.