Nigeria’s growing use of dollar-pegged stablecoins is reshaping how households and businesses move money across borders, reducing payment costs and delays while creating new challenges for the Central Bank of Nigeria (CBN) and other policymakers concerned about monetary control and financial oversight, according to an International Monetary Fund (IMF) analysis.
The IMF said Nigeria received about $59 billion in crypto-asset inflows between July 2023 and June 2024, highlighting the scale of adoption in Africa’s largest economy. The country ranked second globally on Chainalysis’s 2024 Global Crypto Adoption Index and sixth in 2025, while accounting for roughly 60% of stablecoin inflows into sub-Saharan Africa since 2019.
In a blog post published on Tuesday by the IMF, Axel Schimmelpfennig, the Fund’s mission chief for Nigeria, and Bo Zhao, an economist in the IMF’s Strategy, Policy and Review Department, said stablecoins have evolved from a niche technology into a significant channel for cross-border
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