Nigeria Sees $59 Billion in Stablecoin Inflows Amid Growing Adoption Concerns

The International Monetary Fund (IMF) has highlighted Nigeria's significant adoption of stablecoins in cross-border payments, revealing that the country received $59 billion in crypto inflows between July 2023 and June 2024.

This represents a notable scale of stablecoin adoption, with Nigeria accounting for 60% of stablecoin inflows into sub-Saharan Africa since 2019. The IMF warned that growing use of dollar-pegged stablecoins could weaken monetary policy and increase financial integrity risks.

The IMF urged policymakers to manage these risks through oversight and infrastructure upgrades rather than relying solely on suppression efforts. Researchers noted that attempts to suppress stablecoin use are likely to be only partly effective.