IMF Says Stablecoins Now Major Channel for Remittances, Trade in Nigeria
By Aboki Forex —
The International Monetary Fund says dollar-backed stablecoins have moved from a niche digital asset to a major tool for cross-border payments in Nigeria.
In its latest Article IV consultation report on Nigeria, the IMF said households and businesses are using stablecoins for remittances, trade payments, and wealth preservation. The reason is simple: foreign exchange is hard to get, the naira keeps moving, and people want faster, cheaper ways to send money across borders.
The numbers are striking. Nigeria received about $59 billion in crypto inflows between July 2023 and June 2024. The country ranked second globally on Chainalysis' 2024 Global Crypto Adoption Index, before dropping to sixth in 2025. Within sub-Saharan Africa, Nigeria accounts for roughly 60% of all stablecoin inflows since 2019.
According to the IMF, households receiving money from abroad and small businesses paying overseas suppliers are the biggest users. They are turning to stablecoins because traditional bank channels are slow, costly, and hard to access.
“Stablecoins allow users with a smartphone and internet access to receive remittances or make cross-border payments in minutes, often at lower cost than traditional channels,” the Fund said.