CBN Publishes 169-Page Stablecoin Framework With Full Reserves and Capital Floors
Nigeria's Central Bank has published a 169-page stablecoin regulatory framework requiring full reserve backing, a 2% liquidity buffer and capital floors of ₦10 billion for naira stablecoin issuers and ₦15 billion for foreign stablecoin issuers. The rules are expected to materially reshape market structure for crypto operators in Africa's largest economy.
Nigeria Stablecoins: the no-offshore-exemption line is the real story
Every global stablecoin issuer serving Nigerian users just got a blunt message: incorporate locally, hold capital locally, staff a compliance officer locally — or leave.
Tether and Circle have never needed a Nigerian entity to reach Nigerian users. The CBN's framework closes that gap with a single sentence: "There is no offshore issuer exemption from incorporation, licensing or capital."
That's not a compliance nudge. It's a forced choice — commit to Nigeria as a full legal presence, or exit the market entirely. Given the ₦15 billion ($11 million) capital floor sitting on top of that, most mid-sized foreign issuers will quietly choose the door.
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- Nigeria Lays Down the Law On Stablecoins And It Means Business · techbuild.africa · T2