Africa · Western
Key Facts
—$2.2 billion in stablecoin transactions. Nigeria recorded nearly $2.2 billion in stablecoin transactions between July 2023 and June 2024, ranking second globally in crypto adoption.
—Stablecoins dominate. Dollar-pegged tokens such as USDT and USDC account for roughly 43% of all crypto volume in Sub-Saharan Africa, driven by households and SMEs.
—Regulatory pivot. The Central Bank of Nigeria lifted its crypto banking ban in late 2023, and the SEC authorised the first naira-backed stablecoin, cNGN, in early 2025.
