Nigeria's Stablecoin Frenzy: $59 Billion Inflows and a New Rival for the Naira

The International Monetary Fund (IMF) has highlighted Nigeria's growing reliance on cryptocurrencies in its 2026 Article IV consultation report. The report notes that between July 2023 and June 2024, Nigeria received approximately $59 billion in crypto-asset value.

This influx of digital assets is primarily driven by stablecoins, which accounted for more than 65 percent of crypto inflows in 2024. In fact, Nigeria represented around 60 percent of all stablecoin inflows into Sub-Saharan Africa between late 2019 and early 2025.

Nigerian users can buy stablecoins through various channels, including mainstream platforms that offer naira-to-crypto conversion or peer-to-peer (P2P) trading. The P2P model has become increasingly popular since the Central Bank of Nigeria's directive in February 2021 instructing banks to stop servicing crypto exchanges and users.

Stablecoins have enabled Nigerians to access a broader pool of dollar liquidity, connecting them to a global market of private digital-dollar transactions. By holding stablecoins, individuals can transact or save without relying on traditional banking channels. However, this also exposes the country to risks associated with monetary instability and inflation.