Nigeria’s Crypto Boom: IMF Warns of FX Risks & Urges Tighter Regulation
Nigeria’s $59B crypto economy collides with IMF reality check: fragmented oversight fuels capital flight, FX instability, and record fraud (1,056% above global baseline). Top 3 in adoption, #1 in scams, 43% of volume flows through stablecoins outside formal channels. Despite SEC initiatives like cNGN and VASP rules, piecemeal reforms falter. IMF’s prescription: unified, enforceable frameworks aligned with global AML/CFT standards or face macroeconomic disaster.