Nigeria Surpasses $59 Billion in Crypto Asset Inflows Amid Currency Volatility

Nigeria has become a hub for cryptocurrency inflows, accounting for roughly 60 percent of all stablecoin inflows into sub-Saharan Africa since 2019. According to a report by the International Monetary Fund (IMF), households and small businesses are driving these inflows rather than institutional trading.

The country received about $59 billion in crypto asset inflows between July 2023 and June 2024, as people sought alternative ways to manage their finances due to the naira's loss of more than 40 percent of its value against the dollar in 2024. Conventional remittance corridors into the country still charge 5 to 8 percent per transfer on average.

Bitget Wallet, a self-custodial crypto wallet built for everyday finance, has surpassed 100 million users worldwide and seen daily payment users outnumber traders for the first time. More than half of its global users are in Southeast Asia, South Asia, Africa, and Latin America, where it functions as a stablecoin account.

The platform launched a direct bank transfer feature in Nigeria in November 2025, converting stablecoins like USDT and USDC into naira and settling instantly across many partner banks. This move represents one of the initial attempts by a global crypto wallet to connect stablecoin payments directly into a country's banking system at scale.