IMF urges Nigeria to bring stablecoins under stronger regulation after 2026 Article IV consultation

What happened

The IMF Executive Board concluded the 2026 Article IV consultation with Nigeria on 9 June 2026. Among its recommendations, the Fund pressed Nigerian authorities to strengthen the regulatory and supervisory framework for stablecoins and other crypto assets, citing risks to monetary policy transmission, financial stability and the effectiveness of foreign-exchange management. On 16 June 2026 the IMF published a country note, 'Stablecoins in Nigeria: A Growing Cross-Border Channel', setting out how dollar-denominated tokens are being used for cross-border payments, treasury management and savings. Nigerian coverage reported the Fund listed several priorities for the authorities while accepting that stablecoin innovation should be permitted rather than suppressed. Nigeria already has a partial framework. The Securities and Exchange Commission has proposed amendments to its rules on issuance, offering platforms and custody of digital assets, and a naira-denominated stablecoin, cNGN, operates domestically.

Why it matters

Nigeria is among the largest stablecoin markets outside the United States by retail usage, and it runs a managed exchange-rate regime, so the Fund's intervention is a test case for whether dollar tokens can be supervised rather than restricted in a country with active capital flow management. The policy choice matters for the whole region: Nigerian rules set the reference point for Ghana, Kenya and other markets where dollar stablecoins are already used for import settlement and remittances, and where the alternative payment rails are materially more expensive.

What is not settled

Neither the IMF nor the Nigerian authorities have published an estimate of domestic stablecoin holdings or transaction volumes, and no Nigerian stablecoin rulebook has been finalised.