Stablecoin Use in Nigeria Draws IMF Risk Warning.

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Nigeria received approximately $59 billion in crypto-asset inflows between July 2023 and June 2024, according to an International Monetary Fund (IMF) report published June 16. The country has accounted for 60% of all stablecoin inflows across sub-Saharan Africa since 2019. Dollar-pegged tokens have grown from a niche product into a primary channel for cross-border transfers among households and small businesses.

Conventional remittance services charge Nigerian senders an average of 9% of the transaction value to move $200 abroad, compared to a global average of 6%, according to World Bank data. Stablecoins have offered a faster and cheaper alternative. Smartphone access and digital wallets have made adoption easy to scale across income levels.