Central Bank of Nigeria Issues Virtual Asset Regulations with 15 Billion Naira Capital Threshold for Foreign Currency Stablecoin Issuers

on November 6, according to regulations released by the Central Bank of Nigeria, the bank has established a regulatory framework for non-security virtual assets, covering activities such as the issuance, exchange, custody, transfer, and settlement of stablecoins.

The regulations stipulate that licensed issuers of foreign currency-pegged stablecoins must continuously maintain a minimum paid-in capital of 15 billion naira; the threshold for naira-pegged stablecoin issuers is 10 billion naira. Platform P2P service providers must verify that the name and bank verification number of the Naira payment account match the verified customers they serve before releasing or crediting regulated tokens. The regulations state that the central bank will determine the effective date in the release document.