Nigeria Raises Entry Bar for Dollar-Pegged Stablecoin Issuers

Nigeria’s Central Bank has established requirements for foreign-currency stablecoin issuers that want to serve users in the country. Live Bitcoin News reports an N15 billion paid-up capital floor for Class 2 issuers under the CBN’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, which it dates to November 2026. The requirement applies to dollar-denominated tokens such as USDT and USDC seeking access to Nigerian users through a Nigerian presence. Cryptopolitan says the framework requires companies issuing dollar-linked stablecoins to establish a local operation and satisfy capital and reserve tests. It further reports that foreign businesses marketing their coins to Nigerian users must adapt even if they do not currently maintain an office in the country. Unchained provides more detail on the thresholds, saying issuers must incorporate locally, maintain between N10 billion and N15 billion in capital and back tokens with 2% extra reserves. The three outlets agree on the central development and the local-incorporation mechanism. Their main difference concerns the reported capital figure: Live Bitcoin News gives a specific N15 billion floor for Class 2 issuers, whereas Unchained gives a broader N10 billion-to-N15 billion range. The 2% extra-reserve requirement appears only in Unchained’s coverage, while Cryptopolitan is the outlet that most explicitly describes the rule’s reach to overseas companies marketing tokens without an existing Nigerian office. The policy forms part of a broader Nigerian framework for non-security virtual assets. It creates a regulated route for dollar-denominated tokens while placing obligations on both locally incorporated issuers and foreign businesses seeking Nigerian customers. cNGN, Nigeria’s naira-denominated stablecoin, is mentioned by Cryptopolitan in connection with the new framework, although the supplied coverage does not give detailed adoption figures or specific commercial terms for cNGN. Live market data shows little immediate price movement in the two dollar tokens affected by the rule. Tether was priced at $0.999081, down 0.02% over 24 hours and unchanged over seven days, with a $177.58 billion market capitalization. USDC traded at $0.99955, also down 0.02% over 24 hours and down 0.01% over seven days, with a $70.26 billion capitalization. DeFiLlama reports circulating supplies of $177.28 billion for USDT and $70.5 billion for USDC. The total crypto market capitalization stood at $2.62 trillion in a flat session; Bitcoin fell 0.34%, and the Fear & Greed index registered 28, indicating Fear. The next points to watch are how the CBN defines implementation, capital levels and reserve treatment, as well as how foreign platforms adjust their Nigerian operations.