If you buy or sell stablecoins (crypto coins pegged to the naira or the dollar) on a peer-to-peer (P2P) app in Nigeria, the way you pay is about to matter a lot more. The Central Bank of Nigeria’s new CBN crypto rules say a P2P platform may not release or credit a covered token until it has checked that the name and Bank Verification Number (BVN) on the naira account match the verified customer. Paying from a friend’s account, or receiving money from a stranger’s, is exactly what the rules are built to stop.
The short version
The CBN has published a rulebook of more than 160 pages for stablecoins, crypto exchanges, wallets and P2P trading in Nigeria. For everyday traders, the biggest change is that your bank account, your BVN and your P2P profile now have to belong to the same person.
- P2P platforms must match the name and BVN on the naira account to the verified customer before releasing a covered token.
- Third-party, nominee and “mule” accounts are banned, so paying from or receiving into someone else’s account is out.
- People who trade often and advertise rates can be treated as business users, with extra checks and transaction limits.
- Existing platforms must register with the CBN within 30 days and apply for a licence within 180 days of the start date.
- Running a covered crypto service without a licence carries a fine of at least ₦100 million plus at least ₦1 million for each day it continues.
What the new CBN crypto rules say about P2P trading
The document is called the Regulations for the Operations of Non-Security Virtual Assets in Nigeria and is dated November 2026. Non-security virtual assets are crypto tokens used for payments and holding value, such as stablecoins, rather than tokens sold as investments, which the SEC oversees.
Section 10 deals with what most Nigerians know as P2P: you agree a rate with another user, send naira by bank transfer, and the platform releases the crypto from escrow. It covers platforms that match buyers and sellers, hold coins in escrow or help settle trades in the tokens the CBN regulates: approved naira and foreign-currency stablecoins, deposit money tokens and any other token the CBN designates. A purely private trade between two people, with no platform involved, is outside this section. Here is what it requires of the platform:
- Name and BVN match. The platform must not release or credit a covered token unless the name and BVN on the account that sent or received the naira match the verified customer.
- No mule accounts. It must not knowingly allow third-party, nominee, mule or fictitious accounts or wallets that hide who is really paying or receiving.
- Naira through approved channels. The naira side of a trade has to move through a Nigerian bank or payment channel the CBN permits.
- Every trade traceable. The platform must be able to link each naira payment to the crypto side of the same trade and keep the records.
The real shift: until now, many P2P trades depended on trust between two strangers and whatever account was handy. Under these rules the platform carries the duty to prove who paid whom, and trades that cannot be matched should not go through.
What to check before your next trade
- Pay only from your own account. The name on your bank account should match the name and BVN on your P2P profile. Do not let a sibling or friend pay for you.
- Do not release crypto for money from a different name. If the naira arrives from an account that is not your buyer’s, that is the kind of trade the rules call out. Check the sender name in your banking app, not just a screenshot. TechCity’s guide to spotting a fake bank alert covers how to confirm a credit is real.
- Never rent out your account. Lending your account or BVN to someone else to move money is what the rules mean by a mule account.
- Expect more checks if you trade a lot. Platforms must set rules for spotting customers who trade as a business, based on volume, how often they trade, how many people they trade with and whether they advertise rates. Those users get enhanced checks and transaction limits.
- Use platforms that say how they will comply. Existing operators have to register with the CBN and apply for a licence within set deadlines. A platform that says nothing about it is worth a second look.
What platforms and stablecoin issuers need now
The rules also set the bar for companies, which decides who can keep offering these services:
- Naira stablecoin issuers (Class 1) need paid-up capital of ₦10 billion.
- Foreign-currency stablecoin issuers (Class 2), such as a dollar-backed coin offered in Nigeria, need at least ₦15 billion, and there is no offshore exemption.
- Exchanges, wallets and other crypto service providers need at least ₦1 billion.
- Existing operators must register within 30 days, start reporting to the CBN within 60 days, and apply for a licence within 180 days of the start date. P2P operators follow the same timeline.
The penalty for running without the right licence is a fine of at least ₦100 million plus at least ₦1 million for each day it continues. That adds up fast: a platform that kept operating unlicensed for 30 days would face a minimum of ₦130 million.
When the clock starts
The rulebook says the CBN will name the start date in its issuing instrument, and that the 30, 60 and 180 day deadlines run from that date. The regulation document itself does not print the date, so watch for the CBN’s circular and for notices from the apps you use.
If you hold crypto on an exchange, this is also a good week to review your account security. TechCity’s guide on what to do after an exchange hack walks through two-step login and withdrawal settings, and our piece on protecting your money from SIM swap fraud applies to crypto apps too.
