Nigeria's Central Bank Issues Regulations for Non-Security Virtual Asset Operations; Foreign Currency Stablecoin Issuers Require Minimum Paid-in Capital of 15 Billion Naira, P2P Transactions Must Verify BVN

PANews, November 6 - According to the "Regulations for the Operations of Non-Security Virtual Assets in Nigeria" (dated November 5, 2026) issued by the Central Bank of Nigeria (CBN), the CBN will regulate non-security virtual assets and stablecoins used for payments, settlements, and remittances, while security-type assets remain under the purview of the Securities and Exchange Commission (SEC). Foreign currency-pegged stablecoins (Class 2) must be issued by locally licensed entities in Nigeria, with a minimum paid-in capital of 15 billion naira (approximately $11.16 million); issuers of naira-pegged Class 1 stablecoins require 10 billion naira; entities providing other non-security virtual asset services must hold at least 1 billion naira in capital, and capital held by those already licensed by the SEC cannot be double-counted toward CBN capital requirements. Platform-facilitated P2P operations require special approval from the CBN and must verify that the names on naira payment and receipt accounts match the Bank Verification Number (BVN) before releasing or crediting regulated tokens. Algorithmic stablecoins and other categories are prohibited, and the division of responsibilities between the CBN and SEC is delineated.