Economy
Nigeria Tops Global Crypto Transfer Rankings as Adoption Hits 40%
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Nigeria has emerged as the world’s leading market for cryptocurrency transfers, with adoption reaching about 40 per cent of the population, underscoring the growing role of digital assets in addressing foreign exchange constraints, inflationary pressures and cross-border payment challenges.
The development highlights how millions of Nigerians are increasingly turning to cryptocurrencies and stablecoins as alternatives to conventional financial channels amid persistent economic uncertainties and difficulties accessing foreign currency.
According to industry data, Nigeria now ranks among the most active cryptocurrency markets globally, with digital assets becoming a mainstream tool for remittances, savings, payments and international transfers.
The country’s growing influence in the digital asset ecosystem comes despite years of regulatory uncertainty and crackdowns on some cryptocurrency platforms. Yet, market activity has remained resilient, driven largely by retail users seeking faster and cheaper alternatives to traditional financial services.
Meanwhile, data from blockchain analytics firm Chainalysis shows that Nigeria recorded approximately $59 billion in cryptocurrency transactions between July 2023 and June 2024, placing it among the world’s largest crypto markets.
Around 85 per cent of those transactions were valued below $1 million, indicating strong participation by individuals and small businesses rather than institutional investors.
Analysts say the trend reflects broader economic realities, including the depreciation of the naira, high inflation and rising demand for efficient cross-border payment solutions.
Industry operators argue that cryptocurrencies are increasingly being used for practical purposes rather than speculation.
Chief Operating Officer and co-founder of Busha, Moyo Sodipo, said users are beginning to recognise the everyday utility of digital assets.
“People are starting to see the real-world utility of cryptocurrency, especially in day-to-day transactions,” he said.
He further noted that crypto is increasingly being used for bill payments, mobile airtime purchases and retail transactions.
Stablecoins which are pegged to major currencies such as the US dollar, have emerged as a key driver of adoption. Chainalysis estimates that stablecoins account for roughly 40 per cent of Nigeria’s crypto inflows, making the country the largest stablecoin market in Sub-Saharan Africa.
The growing use of stablecoins has been linked to persistent foreign exchange shortages and the need by businesses and individuals to preserve value in the face of currency volatility.
Chief Executive Officer of Yellow Card, Chris Maurice, said stablecoins provide businesses with access to dollar-denominated assets when conventional channels are constrained.
“About 70 per cent of African countries are facing an FX shortage, and businesses are struggling to get access to the dollars they need to operate,” Maurice said.
Prior to retail payments, digital assets are also becoming increasingly important for remittances and cross-border trade. Industry stakeholders say cryptocurrency-based transfers offer faster settlement times and lower transaction costs compared to traditional channels.
The surge in adoption comes as Nigeria gradually moves towards a more structured regulatory framework for digital assets. The country has shifted from an era of restrictions to one focused on licensing and oversight, with authorities seeking to balance innovation with consumer protection.
Experts believe that regulatory clarity, combined with growing digital literacy and widespread smartphone adoption, could further accelerate cryptocurrency usage across the country.
However, they also caution that issues relating to consumer protection, fraud prevention, taxation and market stability will remain critical as the sector continues to expand.
For policymakers, Nigeria’s leadership in global crypto transfers presents both an opportunity and a challenge: harnessing innovation to deepen financial inclusion while ensuring adequate safeguards in an increasingly digital financial system.
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
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