Nigeria has become ground zero for stablecoin adoption in sub-Saharan Africa, and the International Monetary Fund is not exactly celebrating. In its June 2026 Article IV consultation, the IMF flagged what it calls “pronounced” risks stemming from the country’s rapid embrace of dollar-pegged stablecoins, warning that the trend could erode monetary sovereignty and sideline the traditional banking sector.
Nigeria accounts for roughly 60% of all stablecoin inflows across sub-Saharan Africa since 2019.
The numbers behind the warning
From July 2023 to June 2024, approximately $59 billion in crypto assets moved into the country. Of that, around $22 billion consisted of stablecoin transactions specifically.
Nigeria ranked second globally in crypto adoption according to the 2024 Chainalysis index.
