Nigeria's Central Bank Issues Regulations for Non-Securities Virtual Asset Operations

The Central Bank of Nigeria has released the "Regulations for Non-Securities Virtual Asset Operations," stipulating that the minimum paid-up capital for issuers of foreign currency stablecoins is 15 billion Naira, and P2P transactions must verify the Bank Verification Number (BVN). The regulations will take effect on November 5, 2026, overseeing non-securities virtual assets and stablecoins used for payment, settlement, and exchange, while securities assets will continue to be regulated by the Securities and Exchange Commission (SEC). Foreign currency-pegged stablecoins (Class 2) must be issued by locally licensed entities with a minimum paid-up capital of 15 billion Naira (approximately 11.16 million USD); the minimum capital for Naira-pegged Class 1 issuers is 10 billion Naira. Entities providing other non-securities virtual asset services must have at least 1 billion Naira in capital, and those holding SEC licenses cannot double count with CBN capital requirements. P2P business facilitated by platforms must receive special approval from the CBN and verify that the name on the Naira payment account matches the BVN before releasing or crediting regulated tokens. Algorithmic stablecoins and similar categories are prohibited, and the division of responsibilities between the CBN and SEC is clearly defined.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.