The Central Bank of Nigeria has introduced a minimum capital requirement of 15 billion naira for companies seeking to issue foreign currency-backed stablecoins, including USDT and USDC.

The requirement is contained in the apex bank’s new regulations for non-security virtual assets, aimed at strengthening financial stability, protecting customers and regulating Nigeria’s cryptocurrency market.

The CBN said the rules will also cover licensing, reserve requirements, cybersecurity, anti-money laundering and customer protection, while activities classified as securities will remain under the Securities and Exchange Commission’s oversight.