IMF talking about stablecoins and our naira like we don't already know
5 months ago
So I'm scrolling this morning and I see the IMF has officially noticed what everyone in Yaba already knows. They're warning that stablecoin surge threatens naira sovereignty. Like, thank you for the memo, but we've been using USDT to pay rent and send money abroad for years now. The cat is not just out of the bag, the cat has left the country.
The thing is, when your own currency loses value faster than a phone battery on 4G, people will find alternatives. I have friends who get paid in crypto directly, bypassing the entire banking system. Not because they're tech bros trying to be cool, but because by the time the bank clears your dollar payment at official rate, the naira has dropped another 50 naira. In this economy, ₦1,360 to a dollar is just the official fiction we all pretend to believe.
Anyway, IMF can warn all they want. Until the naira stops feeling like a hot potato that loses value the moment you hold it, people will keep finding workarounds. Shey you dey see am?

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