Foreign Stablecoin Issuers Face New $11.16 Million Capital Rule in Nigeria

Central Bank of Nigeria pairs new capital rule with tighter oversight of peer-to-peer crypto trading The Central Bank of Nigeria has set a capital requirement of 15 billion naira, about 11.16 million dollars, for foreign stablecoin issuers. The figure applies to companies offering stablecoin services to Nigerian users from outside the country. Reports from TechCabal and Nairametrics both describe the measure as part of a broader tightening of digital asset oversight. Alongside the capital rule, the central bank has also moved to tighten regulations around peer-to-peer crypto trading. Nairametrics reported that the P2P changes accompany the new stablecoin capital threshold.

Source: TheCoinrise