Nigeria's central bank mandates 10B naira capital for stablecoin issuers

Community Trust Score Verified 81 % Real Verified 27 votes Updated 7 minutes ago The Central Bank of Nigeria issued a circular and accompanying regulations on November 5 establishing a licensing framework for non-security virtual assets, including stablecoins, payment services, custody, transfers, and remittances. The new rules introduce specific capital requirements and operational standards for entities issuing or managing these digital assets within the Nigerian jurisdiction. The framework distinguishes between two classes of stablecoin issuers based on the currency backing the token. Class 1 applies to naira-linked issuers, while Class 2 covers foreign-currency-backed tokens.

Source: The Currency Analytics