• Seeks stronger regulation, better oversight of digital asset transactions
•Nigeria accounts for 60% of stablecoin inflows into sub-Saharan Africa
Emmanuel Addeh in Abuja
The International Monetary Fund (IMF) yesterday warned that Nigeria’s rapidly expanding use of stablecoins and other crypto assets, which attracted an estimated $59 billion in inflows between July 2023 and June 2024, could fuel illicit financing and money laundering if left inadequately regulated.
The Fund noted that while stablecoins have emerged as an important channel for cross-border payments, remittances and financial inclusion in Nigeria, their increasing use outside the traditional banking system poses significant risks to financial integrity and monetary stability.
