Nigeria’s central bank has issued a 169-page regime for non-security virtual assets that sets a ₦15 billion minimum paid-up capital requirement for Class 2 issuers of foreign-currency-referenced stablecoins. At ₦1,347.74 per dollar on November 8, the threshold equaled $11.13 million. Issuers must be incorporated in Nigeria, obtain a Class 2 licence and secure separate approval for each token, while foreign licences or Nigerian intermediaries cannot replace those requirements. The rules apply to activities conducted in or from Nigeria, directed at Nigerian users or materially affecting the country’s payments, financial or foreign-exchange systems. Naira-referenced Class 1 issuers face a ₦10 billion capital floor, while other virtual-asset service providers face ₦1 billion. The regime also requires reserve overcollateralization, liquidity buffers, monthly auditor attestations and par redemption, and prohibits algorithmic, primarily crypto-backed and non-redeemable stablecoins. Existing operators have 30 days to register, 60 days to begin reporting and 180 days to submit applications after the CBN specifies the commencement date. The rules permit cross-border payments and remittances but restrict domestic naira settlement, impose controls on peer-to-peer trading and leave the official licence register and implementation start date pending.