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The International Monetary Fund dropped a bombshell report today warning that Nigeria's explosive adoption of U.S. dollar-pegged stablecoins could seriously undermine naira demand and weaken the Central Bank of Nigeria's ability to manage monetary policy. The report, titled Stablecoins in Nigeria: A Growing Cross-Border Channel, reveals that Nigeria accounts for roughly 60 per cent of all stablecoin inflows in sub-Saharan Africa since 2019....
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