Nigeria’s booming crypto activity highlights how inflation, FX shortages, and youth-driven adoption are reshaping Africa’s largest digital asset market.
Nigeria processed an estimated $92.1 billion in cryptocurrency transactions between July 2024 and June 2025, making it Sub-Saharan Africa’s largest crypto market, according to PwC’s Nigeria Economic Outlook 2026. The figure is nearly three times South Africa’s volume, underscoring Nigeria’s regional dominance.
PwC attributes this growth to Nigeria’s large, youthful, and digitally savvy population, persistent inflation, and limited access to foreign exchange, which have driven individuals and businesses toward crypto and stablecoins as alternative financial tools. Bitcoin remains the dominant entry asset, accounting for 89% of fiat-to-crypto purchases, while higher stablecoin usage reflects demand for dollar substitutes and informal FX channels.
Despite regulatory uncertainty and limited licensing progress, PwC expects Nigeria to retain its lead in 2026. However, rising taxation, compliance costs, and enforcement gaps could push more activity into informal markets if regulatory coordination does not improve.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
