The International Monetary Fund has recommended that Nigeria license global cryptocurrency exchanges as a part of its economic reformation measures., the bid to integrate cryptocurrencies into its financial system aims to secure Nigeria’s position in the African cryptocurrency market. It recommends that “global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries.
The report points out discrepancies in Nigeria’s balance of payments , particularly in Net Error and Omissions , which reflect unrecorded financial transactions. These discrepancies are attributed to several factors, including the “shift to using crypto assets for cross-border transactions,” often not recorded through traditional banking records.
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