[Central Bank of Nigeria Issues Regulations on Non-Securities Virtual Assets; Foreign Currency Stablecoins Must Be Issued by Locally Licensed Entities] According to Foresight News, the Central Bank of Nigeria has issued the "Regulations on the Operation of Non-Securities Virtual Assets in Nigeria," establishing a licensing and regulatory framework for the issuance, exchange, custody, and payment activities of stablecoins, deposit money tokens (DMTs), and related virtual asset service providers. Security virtual assets remain under the regulation of the Nigerian Securities and Exchange Commission (SEC). The regulations categorize stablecoins into Naira stablecoins (Category 1) and foreign currency stablecoins (Category 2). Foreign currency stablecoins must be issued by entities registered in Nigeria and holding a Category 2 issuance license, and can only be provided to Nigerian users after approval from the Central Bank. Foreign licenses cannot be substituted. The minimum paid-up capital for Category 1 and Category 2 issuers is 10 billion Naira (approximately US$7.41 million) and 15 billion Naira (approximately US$11.12 million), respectively, while other service providers require 1 billion Naira (approximately US$740,000). Stablecoins must have a 1:1 reserve ratio with an additional 2% over-collateralization, and holders can redeem them at face value on the next business day; issuers are prohibited from paying interest or returns to holders; algorithmic stablecoins and fiat-backed stablecoins primarily backed by crypto assets are prohibited. Existing operators must apply for a license within 180 days of the regulations taking effect and register with the central bank within 30 days. During the transition period, they can only maintain their existing business scale; this also applies to P2P trading platforms.