Nigeria’s Central Bank Now Requires Offshore Stablecoin Issuers to License Locally

Stablecoin issuers based abroad can no longer serve Nigerian users on the strength of a foreign license under a new rulebook from the Central Bank of Nigeria (CBN) that took effect Nov. 5. The CBN published the rulebook for virtual assets that aren’t securities with a circular saying it took effect Thursday, Nov. 5. The rules set out licenses for stablecoin issuers and for the payment, custody, wallet and exchange firms that handle their tokens. Under the rules, stablecoins pegged to the dollar or another foreign currency fall into Class 2 , and only a company incorporated in Nigeria and licensed by the CBN for that class may issue them to the Nigerian market.

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