Central Bank of Nigeria Issues Virtual Asset Regulations, Foreign-Currency Stablecoin Issuers' Capital Threshold Set at 15 Billion Naira

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

The regulations require licensed issuers of foreign-currency-pegged stablecoins to maintain at least 15 billion naira in paid-up capital on an ongoing basis; the threshold for issuers of naira-pegged stablecoins 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 customer they serve before releasing or crediting regulated tokens. The regulations state that the central bank will determine the effective date in the published documents.

Source: TechFlow