Nigeria Prefers Stablecoins for Cross-Border Transfers, Says IMF

Published on June 16, 2026 at 11:43 - Updated on June 16, 2026 at 11:48

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The IMF has stated that what was initially a niche use of cryptocurrencies has become a major payment method. Nigeria has recorded approximately $59 billion in cryptocurrency inflows between July 2023 and June 2024, representing around 60% of sub-Saharan Africa's stablecoin flows.

Stablecoins – cryptocurrencies indexed to assets and designed to maintain a stable value – have gained popularity worldwide, partly due to the support of US President Donald Trump.

Their stable price combined with the speed of transfers via smartphones and digital wallets has facilitated rapid adoption in Nigeria, according to the IMF.

For users, they offer quasi-instant cross-border payments and a means of preserving value outside of the highly volatile naira, creating a bridge between cryptocurrency markets and traditional finance.

They also allow users to circumvent conventional money transfer channels, where sending $200 to sub-Saharan Africa costs around 9% of the transaction value on average, compared to a global average of 6%, as highlighted by the IMF, citing World Bank data.

However, their growth poses challenges for public policy.

The widespread use of dollar-linked tokens could weaken monetary policy by reducing demand for nairas, while shifting transactions to digital wallets complicates surveillance and increases the risk of illicit flows, concluded the IMF.

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