The International Monetary Fund (IMF) has advised international crypto exchanges to obtain licenses or registrations in Nigeria, in line with the country’s efforts to include cryptocurrencies in its financial system. The IMF’s recommendation aims to strengthen Nigeria’s position in the African cryptocurrency industry and ensure that crypto exchanges adhere to the same regulations as banks and other financial institutions.
According to a recent report by the IMF, Nigeria’s balance of payments is affected by discrepancies caused by unrecorded financial transactions, known as net mistakes and omissions (NEOs). The report states that these NEOs amounted to approximately $7.5 billion, or 2% of Nigeria’s GDP, in 2023. To address this issue and boost the economy, the IMF suggests legalizing and regulating cryptocurrency exchanges to attract foreign investment, stabilize financial markets, and improve remittance systems.
In light of the country’s macroeconomic challenges, such as currency instability and inflation, the IMF supports the adoption of cryptocurrencies in Nigeria. The organization aims to use cryptocurrency exchange licensing to facilitate secure and efficient financial transactions.
In other crypto news today, Cardano has experienced a successful week, with key updates from IOG and positive metrics. 
