THE Central Bank of Nigeria (CBN) has introduced new capital requirements of ₦15 billion for dollar-denominated stablecoin issuers and ₦10 billion for naira-denominated token issuers under its new regulations for non-security virtual assets.
The regulations, which took effect on November 5, 2026, are designed to strengthen the integrity of Nigeria’s financial system while providing regulatory oversight for emerging digital payment instruments.
The apex bank announced the development in a circular signed by Musa Jimoh, Director of its Payments System Policy Department, and addressed to virtual asset service providers and stakeholders in the financial services industry.
According to the CBN, the framework establishes a risk-based system for the licensing, authorisation, regulation and supervision of non-security virtual assets and related activities in Nigeria.
It covers stablecoins, deposit money tokens, virtual asset service providers, virtual asset payment services and platform-facilitated peer-to-peer transactions.
The regulations also extend to custody, transfer, remittance, clearing and settlement activities involving the digital assets.
Under the new framework, issuers and service providers are required to comply with provisions covering capital requirements, reserve backing, liquidity and redemption arrangements.
The CBN said the regulations also establish standards for corporate governance, risk management, cybersecurity, operational resilience and the protection of customer and reserve assets.
Other requirements include anti-money laundering and counter-terrorist financing measures, sanctions screening, transaction monitoring and compliance with the Travel Rule.
The apex bank further stated that the framework provides for regulatory reporting, supervisory access, information sharing, enforcement measures and administrative sanctions against non-compliant operators.
Explaining the scope of the regulations, the CBN said they apply to persons conducting regulated activities in or from Nigeria, directing such activities at Nigerians or undertaking operations capable of affecting the country’s payment system, financial system, foreign exchange market or financial stability.
It added that the provisions could apply to operators even when they do not maintain a physical presence in Nigeria.
On regulatory oversight, the bank clarified that the new framework does not override the statutory responsibilities of the Securities and Exchange Commission (SEC) or other competent authorities.
“Activities involving security virtual assets, securities, investment contracts or other capital-market products shall remain subject to the applicable capital-market regulatory framework,” the circular stated.
The CBN added that operators whose activities fall under the jurisdiction of multiple regulatory authorities must obtain the necessary approvals from each relevant agency.
It consequently directed affected institutions, issuers, service providers, operators and promoters to familiarise themselves with the regulations and ensure compliance with the applicable requirements.
The bank said the framework was issued under the powers conferred on it by the Central Bank of Nigeria Act, 2007, the Banks and Other Financial Institutions Act, 2020, and other applicable laws.