Nigeria Sets $11.16M Capital Requirement for Foreign Stablecoin Issuers 

• Foreign-currency stablecoin issuers need ₦15 billion in capital and Nigerian licenses.
• Naira-backed stablecoin issuers need ₦10 billion; other virtual asset providers need ₦1 billion.
• Existing operators face 30-, 60-, and 180-day deadlines; larger stablecoins face added scrutiny. 

Nigeria’s Central Bank (CBN) has introduced capital and licensing rules requiring issuers of foreign-currency stablecoins, including dollar-pegged tokens such as USDT and USDC, to hold at least ₦15 billion ($11.16 million) in paid-up capital.

The framework sets a ₦10 billion limit for naira-backed stablecoin issuers and requires foreign issuers to operate through locally incorporated, licensed entities.

Local Rules Set Capital and Licensing Floors

Foreign-currency stablecoin issuers must meet the $11.6M minimum, along with local reserve and operational requirements.

…

Read The Full Article Nigeria Sets $11.16M Capital Requirement for Foreign Stablecoin Issuers  On Coin Edition.