Nigeria Sets New Stablecoin Licensing Rules and Capital Requirements
Nigeria’s central bank issued a framework on November 5 regulating non-security virtual-asset businesses, including stablecoin issuance, payments, custody, transfers and remittances. It creates separate licensing classes for naira- and foreign-currency-backed stablecoins, with reported minimum capital requirements of 10 billion and 15 billion naira, respectively. Issuers need approval and must meet reserve, redemption, governance and disclosure standards; algorithmic designs relying mainly on market mechanisms are restricted. Rules can apply to overseas firms serving Nigerian residents or affecting local payment systems. The framework also sets AML, sanctions-screening and consumer-protection duties, while investment-like tokens may fall under securities oversight. Existing operators have transitional provisions, but the impact will depend on licensing and compliant launches.
