CBN sets ₦15bn capital for foreign stablecoins, tightens P2P crypto with BVN checks
CBN issued new regulations on November 5 for non-security virtual assets, setting a ₦15 billion minimum paid-up capital for foreign currency-backed stablecoin issuers (Class 2)—higher than the ₦10 billion for naira-referenced stablecoins (Class 1). Other virtual asset service providers need ₦1 billion. All capital must be held in cash at CBN or in FG securities with a lien in CBN's favour, and cannot be double-counted against SEC capital requirements.
Class 2 issuers must incorporate locally, maintain a staffed Nigerian office, resident Chief Compliance Officer, and give CBN unrestricted supervisory access to books, reserves, and group information. The rules also tighten platform-facilitated P2P crypto transactions: providers now need specific CBN approval, must verify every customer's BVN matches the name on the naira payment account before releasing tokens, and cannot allow third-party or nominee accounts to conceal identities. Platforms must link each crypto leg to its naira settlement and run fraud, sanctions, and AML monitoring.
This builds on the Presidential Executive Order on Virtual Assets Coordination 2026, new NRS taxation guidelines, and SEC's ARIP sandbox (now 14 firms). The combined effect: significantly higher barriers for foreign stablecoins and stricter identity rails for P2P traders.
If you operate a crypto exchange, wallet, or P2P platform: budget for separate CBN capital, build BVN-matching into your settlement flow, and prepare for CBN supervisory access. If you trade P2P: expect stricter KYC and potential transaction limits—ensure your bank account name matches your BVN exactly.
Will the ₦15bn barrier push foreign stablecoins out, or will they incorporate locally to capture Nigeria's crypto volume?