IMF said that stablecoins have become a meaningful cross-border payments channel in Nigeria while testing monetary and regulatory frameworks. U.S. dollar-pegged tokens reduce payment friction but create policy trade-offs.
The update affects Nigerian households, small firms and regulators managing remittances, supplier payments and foreign-exchange pressure. IMF said Nigeria received about $59B in crypto-asset inflows from July 2023 to June 2024 and accounts for roughly 60% of sub-Saharan Africa’s stablecoin inflows since 2019, making digital dollarization a live policy concern.
IMF said suppressing stablecoin use would likely be only partly effective, while stronger oversight, better data and improved payment infrastructure could manage risks, making pragmatic regulation the key test ahead.
Source: International Monetary Fund.
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