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IMF warns Nigeria's stablecoin use risks monetary control as digital dollarization surges with $59B crypto inflows.

Market News
16 Jun 2026
Crypto Briefing
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Neutral
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The IMF highlights Nigeria's massive stablecoin adoption, with $59 billion in crypto inflows from July 2023 to June 2024, driven by naira depreciation and restrictive banking policies. This surge risks undermining the Central Bank of Nigeria's monetary control as stablecoins, pegged to the USD, become a preferred medium for transactions and savings. The IMF advises a balanced regulatory approach to foster innovation while enhancing oversight, noting that outright suppression of stablecoins will be only partly effective. Nigeria's regulatory shift, including the launch of the naira-pegged stablecoin cNGN, signals a move toward managed integration rather than prohibition, impacting crypto regulation across Africa.

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