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06/17 00:40
The IMF says stablecoins are quietly dollarizing Nigeria. Nigeria disagrees.
The International Monetary Fund has warned that Nigeria's booming stablecoin market is quietly eroding the central bank's grip on monetary policy. In its 2026 Article IV Consultation Report, the Fund raised concerns that the rising use of U.S. dollar-denominated stablecoins could undermine monetary sovereignty, accelerate "digital dollarisation," and complicate the Central Bank of Nigeria's control over capital flows and exchange rate stability.
Dollar-pegged assets such as Tether (USDT) and USD Coin (USDC) have become the dominant bridge between crypto markets and Nigeria's formal financial system, with households and businesses increasingly using them to preserve value against inflation and naira depreciation. The IMF cautioned that by reducing demand for the local currency, widespread stablecoin use "could weaken the transmission of domestic monetary policy."
The Fund warned that the trend could weaken the effectiveness of monetary policy, increase capital flow volatility, and heighten risks to the banking sector through disintermediation. The IMF also flagged that Nigeria's official currency operations had led to multiple currency practices, including multiple exchange rates over the past 12 months, and urged the Central Bank of Nigeria (CBN) to address them.
Nigeria: Africa's Stablecoin Hub
The scale of Nigeria's stablecoin activity is striking. Within sub-Saharan Africa, Nigeria accounts for roughly 60% of stablecoin inflows since 2019. Nigeria processed nearly $22 billion in stablecoin transactions between July 2023 and June 2024, with 85% of its transfers below $1 million in value, reflecting strong retail participation. The country received about $59 billion in total crypto-asset inflows over the same period, ranking second globally in Chainalysis' 2024 Global Crypto Adoption Index and sixth in the 2025 ranking.
The IMF cited sharp naira depreciation, high inflation, and limited access to official foreign exchange as factors that pushed households and businesses toward U.S. dollar-linked assets. Remittance costs remain high across the region, with the World Bank estimating that sending $200 to sub-Saharan Africa costs about 9% of the transaction value, compared with a global average of 6%. Stablecoins offer a cheaper, faster alternative.
Despite the risks it identifies, the Fund is not calling for a ban but for stricter rules. The IMF recommended that policy priorities should include maintaining confidence in the naira, strengthening oversight and supervisory capacity, and bringing stablecoin arrangements within the regulatory perimeter in line with international best practices, including robust licensing, consumer protection, and reporting requirements. It also said that close coordination between the CBN and the Securities and Exchange Commission is essential to ensure coherent oversight and avoid regulatory gaps.
Nigeria's central bank pushed back, rejecting the IMF's assessment in the 2026 Article IV report, which the CBN disputed on both the currency practice characterisation and the digital dollarization framing, highlighting a deepening rift between Africa's largest economy and international financial watchdogs.
Sources:
The Cable: IMF says Nigeria accounts for 60% of stablecoin inflows in sub-Saharan Africa
CoinCentral: IMF says Nigeria stablecoin adoption tests monetary and regulatory frameworks
TechAfrica News: IMF calls on Nigeria to tighten stablecoin regulations over sovereignty risks
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