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Stablecoins gain in Nigeria for cross-border transfers, IMF says
Nigerians are increasingly turning to U.S. dollar-pegged digital tokens, or stablecoins, to move money across borders, as households and small businesses seek cheaper and faster alternatives to traditional channels, the IMF said on Tuesday. The Fund said what began as a niche crypto use has grown into a significant payments route, with Nigeria receiving about $59 billion in crypto inflows between July 2023 and June 2024 and accounting for roughly 60% of stablecoin inflows in sub-Saharan Africa. Stablecoins - cryptocurrencies pegged to assets and designed to hold a stable value - have gained global ... (full story)
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