CBN, SEC split crypto oversight: ₦1B extra capital for stablecoin payments

Nigeria's SEC and CBN have drawn a hard regulatory line between crypto trading and stablecoin payments. SEC-licensed crypto firms now need separate CBN approval plus ₦1 billion ($744,000) in additional capital to offer stablecoin payment, remittance, or custody services—capital that cannot be shared with SEC requirements. The CBN oversees stablecoins used for payments, transfers, FX conversion, and settlement; the SEC keeps authority over trading, investments, and digital assets classified as securities.

This affects the 14 companies—including Busha, Quidax, and GetEquity—currently in the SEC's Accelerated Regulatory Incubation Programme. An SEC licence for trading no longer covers payment services. Exchanges wanting both functions face at least ₦3 billion ($2.23 million) in combined regulatory capital. Existing operators have until June 30, 2027 to meet the SEC's new ₦2 billion minimum (up from ₦500 million).

The split follows President Tinubu's Virtual Asset Council established four months ago to coordinate oversight. Regulators will cooperate through information sharing, joint examinations, and coordinated licensing—the CBN may rely on SEC's existing governance and AML checks.

For crypto users and founders: trading wallets and investment custody stay with SEC; any stablecoin movement for payments falls under CBN. The clearer boundary helps compliance but raises the bar for integrated fintech products.

Will this dual-regulation model attract serious institutional players or push innovative stablecoin products offshore?

SOURCE: https://techcabal.com/2026/11/06/cbn-sec-divide-crypto-oversight/