The International Monetary Fund (IMF) has raised red flags over Nigeria’s growing use of crypto assets for cross-border transactions, citing substantial risks to capital flow management, monetary stability, and regulatory effectiveness—especially in emerging markets.
The warning comes amid a staggering rise in the global crypto market, which ballooned from $211 billion in January 2020 to $3.4 trillion by December 2024—a 1,511% surge over five years.
This is according to the IMF’s latest country report on Nigeria, reviewed by Nairametrics Research.