Nigeria Licenses Dollar Stablecoins at ₦15 Billion, and Closes the Offshore Loophole

According to BlockchainReporter, the Central Bank of Nigeria issued a 169-page licensing regime for stablecoins dated November 5, setting the entry price for a foreign-currency-referenced dollar token at ₦15 billion of paid-up capital. Under reference PSP/DIR/PUB/CIR/001/004, any foreign-currency stablecoin made available to Nigerian users must come through a company incorporated in Nigeria and licensed as a Class 2 issuer. The regulations explicitly state that there is no offshore issuer exemption from incorporation, licensing, or capital, and foreign licenses cannot substitute for local approval.

The framework establishes a ladder of six instruments with distinct capital floors, including ₦10 billion for naira-referenced Class 1 tokens, ₦15 billion for foreign currency tokens, and ₦1 billion for other non-security virtual asset services like exchanges and custodians. Additionally, the rules prohibit algorithmic stablecoins, tokens backed primarily by other virtual assets, tokens from sanctioned jurisdictions, and products marketed as stablecoins without an enforceable right of redemption at par. Existing operators are given a staged runway with a 180-day deadline for complete application submissions once the commencement date is published.