The Central Bank of Nigeria has issued a 169-page licensing regime for stablecoins, dated 5 November, and the entry price for a dollar token is ₦15 billion of paid-up capital. The Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued under reference PSP/DIR/PUB/CIR/001/004, require any foreign-currency-referenced stablecoin made available to Nigerian users to come through a company incorporated in Nigeria and licensed as a Class 2 issuer. Section 15.2 states the number without a qualifier: “A Class 2 Licensed Issuer shall maintain minimum paid-up capital of fifteen billion Naira (₦15,000,000,000), or such higher amount as the Bank may prescribe, on entry and at all times thereafter.” At ₦1,347.74 per dollar on 8 November, that floor is $11.13 million.