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The Block

Nigeria’s central bank introduces stablecoin licensing rules, bans algorithmic versions

By Brian Danga

Nigeria's central bank issued new virtual asset regulations requiring stablecoin issuers and other service providers to obtain local licenses.

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Central bank

The public institution that manages a country's currency, money supply and benchmark interest rate, such as the Federal Reserve or the Reserve Bank of India.

Its decisions on rates and money supply move loan costs, currencies and markets for everyone in the economy.

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