Nigeria Erects Strict Stablecoin Wall, Demanding $11M Local Subsidiaries for US Dollar Tokens

Nigeria has adopted regulations for non-security virtual assets that make it one of the most restrictive stablecoin market-access regimes currently in force. According to the document , published by the Central Bank of Nigeria (CBN), foreign issuers must build a locally licensed operation before making their tokens available to retail customers. New rules combine local incorporation, token-level approval, capital requirements and separate permissions for payment functions. The regulations, effective from 5 November, apply to overseas companies targeting Nigerian users even when those businesses have no physical presence in the country.

Source: Finance Magnates