LAGOS, Nigeria — The International Monetary Fund (IMF) has called on Nigeria to bring stablecoins and other crypto-asset activities within its regulatory perimeter as part of broader recommendations to strengthen financial stability and safeguard recent macroeconomic gains.
Okay News reports that the IMF’s position came in its latest Article IV Consultation report on Nigeria, concluded by the Executive Board on June 1, 2026 and released on Tuesday, June 9, 2026.
“Directors stressed the importance of further strengthening supervision and bringing stablecoin and other crypto-asset activities into the regulatory perimeter,” the report stated.
Nigeria’s crypto ecosystem continues to expand rapidly, driven by retail adoption, cross-border payments demand, and inflation hedging behaviour, despite evolving regulatory frameworks. The IMF placed digital assets alongside other systemic risks including rising non-performing loans, the sovereign-bank nexus, and exposure to volatile portfolio flows.
The IMF noted that Nigeria’s financial system remains broadly resilient, supported by recent bank recapitalisation efforts, but warned that continued vigilance is required as financial innovation accelerates.
Beyond digital assets, the IMF urged Nigerian authorities to maintain a tight, data-dependent monetary policy stance until inflation is firmly anchored, while supporting the Central Bank of Nigeria’s transition toward an inflation-targeting framework.
Directors backed the country’s flexible exchange rate regime, while acknowledging that foreign exchange interventions may still play a supporting role under specific conditions. The IMF called for gradual reduction in reliance on portfolio inflows due to rollover risks, alongside phased removal of remaining exchange restrictions, capital flow management measures, and multiple currency practices.
The IMF urged accelerated implementation of Basel III standards, including countercyclical capital buffers and liquidity coverage ratios, to strengthen Nigeria’s banking system resilience. It warned that rising non-performing loans and deepening links between banks and sovereign exposure require closer supervisory attention.
The convergence of banking reforms and crypto oversight signals a broader shift toward integrated financial risk monitoring, particularly as digital assets increasingly intersect with traditional financial institutions through payment platforms, fintechs, and custodial services.
The IMF reiterated the need for broad structural reforms to support inclusive growth and diversification, identifying governance, security, electricity supply, agriculture, infrastructure, and human capital as priority areas. It called for improvements in macroeconomic statistics to enhance policy formulation and urged integration of climate considerations into economic planning.
As part of moves to regulate crypto in Nigeria, the Securities and Exchange Commission (SEC) in August 2024 granted an Approval-in-Principle to two crypto exchanges, Quidax and Busha, giving them the status of legally recognised crypto trading platforms. Both were approved under the Accelerated Regulatory Incubation Program (ARIP).
The SEC noted that other applications were being assessed and would be granted approval on a case-by-case basis as they met requirements. However, nearly two years later, the SEC has yet to grant approval to another exchange despite a queue of several applications pending.
