CBN Sets N15bn Minimum Capital Requirement for Dollar-Backed Stablecoin Issuers in Nigeria

Nigeria’s Central Bank (CBN) now requires companies seeking to issue foreign currency-backed stablecoins, including dollar-backed USDT and USDC, to hold at least N15 billion in paid-up capital. The requirement appears in a 169-page regulation on non-security virtual assets issued on November 5, 2026, and signed by Musa Jimoh, director of the CBN’s Payments System Policy Department. The rules cover reserves, liquidity, redemption, cybersecurity and customer protection, while requiring operators to meet anti-money laundering and counter-terrorist financing obligations. They apply to regulated activities conducted in or from Nigeria, directed at Nigerians, or capable of materially affecting the country’s payment system.