# Nigeria gives crypto service providers 180 days to apply for licences Author: Abdullah Özkurt Language: English Published: 2026-11-06T23:46:55+03:00 Updated: 2026-11-06T23:46:55+03:00 ![A brass embossing press above paper with a chip pattern beside the Nigerian flag.](https://kriptometa.com/uploads/nijerya-kripto-hizmetlerinde-lisans-basvurusu-icin-gun-verdi-72f3fa5b1d99_article.webp) ## Key takeaways - Existing operators must register within 30 days and start supervisory reporting within 60 days, or earlier if instructed. - The capital floor is 10 billion naira for issuers of naira stablecoins and 15 billion for issuers of foreign-currency stablecoins. - A platform that matches buyers and sellers needs express approval for peer-to-peer trading. The Central Bank of Nigeria introduced licensing requirements for companies that handle payments, custody and transfers involving non-security virtual assets. Operators already serving customers may keep doing so during the transition if they register, report to the bank and keep their operations at their current scale. The Central Bank of Nigeria (CBN) has given existing [crypto-asset service providers](https://kriptometa.com/en/glossary/crypto-asset-service-provider) that handle non-security virtual assets 180 calendar days to submit a complete licence or authorisation application. The application window opened on November 5, when the [bank’s circular](https://www.cbn.gov.ng/Documents/circulars.html) took effect. [Peoples Gazette reported on November 6](https://gazettengr.com/cbn-imposes-n1-billion-capital-requirement-on-crypto-operators-gives-180-days-to-obtain-licence/) that operators have 30 days to register with the CBN. They must start filing supervisory reports within 60 days, or sooner if the bank instructs them to. From day one, operators must comply with rules against money laundering, terrorist financing and the financing of weapons proliferation. During the transition, a company can serve customers only at its existing scale and on the CBN’s interim terms. If it misses the deadline for a complete application, it must stop the covered activity until it obtains approval. ## Who needs to apply to the central bank? The [regulations](https://www.cbn.gov.ng/Out/2026/CCD/REGULATIONS%20FOR%20THE%20OPERATIONS%20OF%20NON-SECURITY%20VIRTUAL%20ASSETS%20IN%20NIGERIA.pdf) reach companies operating in or from Nigeria and overseas firms that target people in the country. A [crypto exchange](https://kriptometa.com/en/best-crypto-exchanges) that converts regulated tokens into naira for customers needs permission for that service. Firms that manage customers’ wallet keys, process merchant payments or handle remittances also need approval for the activities they undertake. Nigeria’s Securities and Exchange Commission (SEC) retains responsibility for securities, investment contracts and other capital-market products. An SEC licensee that wants to offer custody or transfers of covered non-security assets must obtain additional CBN authorisation. A financial institution licensed by the central bank can apply to extend its existing licence to cover related virtual-asset payment services. ## How much capital must each type of operator hold? The bank set different capital floors for service providers and for companies that issue [stablecoins](https://kriptometa.com/en/glossary/stablecoin). Operators must meet the minimum when they enter the market and maintain it thereafter. The CBN can require more based on transaction volume, redemption obligations and the risks a firm takes. Minimum paid-up capital by activity | Activity | Minimum capital | |---|---| | Approved services other than issuance | 1 billion naira | | Issuing a naira-referenced stablecoin (Class 1) | 10 billion naira | | Issuing a foreign-currency stablecoin (Class 2) | 15 billion naira | A provider cannot count capital already committed to its SEC or principal licence towards the 1 billion naira minimum. Issuers must also keep capital separate from customer funds and the reserves they hold for redemptions. An operator that falls below its minimum must notify the CBN immediately and submit a plan to restore its capital within ten business days. As [TheCable reported](https://www.thecable.ng/cbn-sets-capital-requirement-for-firms-issuing-foreign-currency-stablecoins-at-n15bn/), a foreign-currency stablecoin offered to retail customers in Nigeria must come through a Nigerian-incorporated issuer with a Class 2 licence. The token itself also needs CBN approval. An overseas licence or an agreement with a local intermediary does not satisfy those requirements. Firms already offering these tokens need the bank’s express interim permission to keep serving customers during its assessment. [TheCable’s November 6 post](https://x.com/thecableng/status/2118707387016134808) reports the 15 billion naira capital floor for issuers of foreign-currency stablecoins. Section 11.10.17 allows the CBN to recognise a stablecoin issued abroad for a limited purpose. An authorised dealer or a licensee with express approval may use it to settle wholesale cross-border transactions. The issuer’s home regulator must supervise it to a standard the CBN considers equivalent and have a cooperation arrangement with the bank. Holders in Nigeria must have an enforceable right to redeem at par, and the issuer must be able to freeze and block funds on lawful order. Firms cannot offer the token to retail customers under this exception. The CBN can withdraw recognition. The rules prohibit issuing, distributing or trading stablecoins that rely wholly or mainly on algorithmic changes to supply or demand to hold their value. The ban also covers fiat-referenced tokens backed mainly by other virtual assets and tokens marketed as stablecoins that give holders no enforceable right to redeem at par. ## How the rules apply to peer-to-peer platforms A platform that matches buyers and sellers, displays orders or holds tokens in escrow needs express permission for peer-to-peer (P2P) services within its existing approval. The CBN has created no separate P2P licence class. The platform rules exclude a private transfer between two people when no third party facilitates the transaction. Before allowing a customer to trade, the platform must [verify the customer’s identity](https://kriptometa.com/en/glossary/kyc-aml). To release or credit tokens against a naira payment, it must also check that the name and Bank Verification Number (BVN) on the payment account match the verified customer. These rules apply whether the platform settles on a blockchain or records the transfer in its own ledger.