Nigeria’s central bank sets ₦15B capital rule for stablecoins, bans algorithmic tokens

The Central Bank of Nigeria (CBN) has introduced new stablecoin licensing rules requiring foreign-currency issuers to maintain at least ₦15 billion in capital while prohibiting algorithmic stablecoins across the country. Nigeria requires foreign-currency stablecoin issuers to maintain ₦15 billion in capital under new licensing rules. Naira-backed stablecoin issuers must hold ₦10 billion, while other regulated virtual asset providers require ₦1 billion. The central bank prohibits algorithmic stablecoins and requires approved issuers to maintain fully backed reserves. Existing operators have 180 days to apply for licensing, with registration required within 30 days.

Source: crypto.news