Nigeria’s central bank has issued rules covering stablecoin issuers, crypto payment providers, exchanges, custodians and other digital asset service providers. Existing operators have 180 days to apply for a license or authorization. Stablecoin issuers must fully back their tokens with reserve assets, maintain an additional buffer of at least 2% and hold at least 40% of reserves in cash or qualifying highly liquid assets. Minimum paid-up capital is set at 10 billion naira for naira-backed issuers, 15 billion naira for foreign currency-backed issuers and 1 billion naira for providers of crypto-related payment services. The rules prohibit stablecoins that rely primarily on algorithms and tokens without enforceable redemption rights.
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