Nigeria tells dollar-stablecoin issuers: go local or lose retail access
Nigeria’s central bank requires dollar-pegged stablecoins offered to retail customers to be issued by locally incorporated entities with a Class 2 license and token approval. The rules apply to providers targeting Nigerians even without a local presence; foreign licenses or local intermediaries do not replace CBN approvals. Existing operators have 180 days to apply, with registration due within 30 days and reporting within 60 days. They may continue at their current scale only under interim conditions and with express CBN permission. Foreign-issued stablecoins may be approved for wholesale cross-border settlement, not retail use. Missing the application deadline requires operators to stop until licensed. The rules also restrict using approved stablecoins to settle naira obligations unless other law permits it.
