CBN Sets ₦10b–₦15b Capital Floors for Naira and Foreign Stablecoin Issuers
Nigeria's Central Bank has published its first dedicated stablecoin capital framework, requiring ₦10 billion for naira stablecoin issuers and ₦15 billion — approximately $11.16 million — for foreign stablecoin issuers. The rules set what analysts describe as Africa's most stringent crypto licensing bar to date, drawing a clear regulatory boundary around dollar-denominated digital assets in the country.
Nigeria's Stablecoin Rules: the ₦15bn floor isn't the only wall
The capital requirement gets the headlines. But the liquidity rule underneath it is the real constraint.
Foreign stablecoin issuers — think the companies behind USDT or USDC — must maintain whichever is highest: $10 million, 15% of their Nigeria-linked stablecoin liabilities, or enough to cover 30 days of stressed local redemption demand. That floor rises automatically as more Nigerians hold their tokens.
So a company could be fully reserved — every token backed dollar for dollar — and still need a separate pile of dollars sitting in a Nigerian bank, idle, just to stay licensed. As Busha's co-founder points out, that's a logic built for banks that lend depositors' money, not for issuers who never touch the reserves at all.
This doesn't mean the CBN is wrong to want oversight. But the rules as written may not leave room for anyone except Tether and Circle to afford the entry fee.
4 sources
- CBN’s new crypto rules put a ₦15bn price tag on issuing dollar stablecoins in Nigeria · thecondia.com · T2
- Nigeria sets $11.16 million capital requirement for foreign stablecoin issuers · techcabal.com · T1
- CBN mandates N15bn capital for foreign stablecoin issuers · innovation-village.com · T2
- Inside CBN’s new virtual asset rules mandating ₦10b and ₦15b capital for Naira and foreign stablecoin issuers · technext24.com · T2