Foreign currency stablecoins must be issued by locally licensed entities, Nigeria's central bank issues regulatory rules

Odaily: The Central Bank of Nigeria has issued regulatory rules for the operation of non-securities virtual assets, requiring that foreign currency stablecoins be issued by entities registered in Nigeria and holding the corresponding issuance license, and that they may only be offered to local users after approval by the central bank; foreign licenses cannot substitute for this. The minimum paid-in capital for issuers of naira stablecoins and foreign currency stablecoins is 10 billion naira and 15 billion naira, respectively, while other service providers require 1 billion naira. Stablecoins must be fully reserved on a 1:1 basis with an additional 2% overcollateralization, and holders must be able to redeem at par by the next business day; issuers may not pay interest or returns, and algorithmic stablecoins and fiat stablecoins backed primarily by crypto assets are prohibited. Existing operators must register with the central bank within 30 days after the rules take effect and apply for a license within 180 days; during the transition period, they may only maintain their existing business scale, and peer-to-peer trading platforms are also subject to these rules.