IMF warns rising stablecoin use could weaken Naira demands (opens original article in a new tab)

The IMF warns that increased use of US dollar-denominated stablecoins in Nigeria could weaken demand for the naira, posing risks to monetary policy and financial integrity, and urges stronger regulation and monetary stability.

• IMF warns that rising use of US dollar-denominated stablecoins in Nigeria could weaken demand for the naira
• Stablecoins pose risks to monetary sovereignty and financial integrity by reducing local currency use and enabling illicit finance
• IMF urges Nigeria to strengthen monetary stability and regulate digital asset ecosystem