API calls are executed server-side via Next.js Route Handlers to avoid CORS issues and hide sensitive implementation details. These endpoints are protected by rate limiting and a shared-cache layer to prevent upstream bans.

CBN's NFEM daily print and the parallel-market midpoint do not publish free machine-readable feeds. As of May 2026, the dashboard auto-fetches the USD/NGN rate from open.er-api.com/v6/latest/USD (primary, requires no API key!) and cdn.jsdelivr.net/@fawazahmed0/currency-api (backup), with a 6-hour in-memory cache. The parallel rate is estimated as +1.8% over official (the historical BDC spread midpoint). If both APIs fail, the dashboard falls back to manually verified static values.

Quidax row figures are read live from the markets API; every other row is an analyst estimate verified manually at the stamped capture date. Each row carries its own confidence rating (high / med / low).

• Quidaxverified 2026-06-01 (Updated 2026-06-01) · confidence high

  Listed cNGN on March 12, 2025 (per Quidax corporate blog), five weeks after Busha's February 3 debut (per TechCabal); enterprise-grade USDT/NGN liquidity

  • Quidax — Markets API (live ticker count) →
  • Quidax — Business page (B2B customers, API) →
  • Quidax — SEC Nigeria provisional VASP licence (public statements)
• Yellow Cardverified 2026-06-01 (Updated 2026-06-01) · confidence Company-announced

  Pan-African B2B stablecoin infrastructure; deep enterprise GTM across 20 African markets. Discontinued all retail trading as of January 1, 2026 (app deactivated, users required to withdraw funds by Dec 31, 2025). Holds a December 2023 Certificate of Entry into the Register of Business within Virtual Currencies — not a full SEC provisional licence equivalent to Busha or Quidax.

  • yellowcard.io / about (countries served) →
  • Yellow Card retail discontinuation — Yellow Card discontinued all retail trading, deactivated its app, and required users to withdraw funds before December 31, 2025. As of January 1, 2026, it operates exclusively as B2B stablecoin infrastructure.
  • SEC Nigeria — Certificate of Entry (Dec 2023) — Yellow Card obtained a Certificate of Entry into the Register of Business within Virtual Currencies in December 2023. This is a different regulatory instrument from the provisional VASP/DAX licences granted to Busha and Quidax under the August 2024 ARIP cohort.
• Bushaverified 2026-06-01 (Updated 2026-06-01) · confidence SEC-provisional

  Strong retail UX, SEC-licensed alongside Quidax, recurring-buy and USD-card features. Busha Business offers full B2B infrastructure: stablecoin on/off-ramp APIs, treasury management, OTC desk, and developer APIs.

  • busha.io — public listings →
  • SEC Nigeria — VASP licensees — Busha named in SEC Nigeria's August 2024 ARIP cohort of provisionally-approved digital asset operators (DAX/VASP), alongside Quidax.
• Lunoverified 2026-06-01 (Updated 2026-06-01) · confidence Verified

  Trusted retail brand expanding into staking and tokenized US stocks. Operates in 3 African markets (Nigeria, South Africa, Kenya); no NGN-native B2B API. Regulated and active in Nigeria, but exact SEC VASP status is unknown.

  • luno.com/en/countries (African countries served) → — Luno serves 3 African markets: Nigeria, South Africa, and Kenya (re-entered 2025). Regulated and active, but not in the August 2024 ARIP cohort.
  • SEC Nigeria — ARIP Cohort — Luno's exact SEC Nigeria status is unknown. Reports from early 2024 indicated they were in discussions, but they were not publicly named in the August 2024 ARIP cohort of approved VASPs.
• Roqquverified 2026-06-01 (Updated 2026-06-01) · confidence med

  USD virtual cards, futures trading (launched 2025), EU-licensed via Lithuania. Expanded into East Africa via verified Flitaa acquisition (July 2025, first intra-African crypto M&A).

  • roqqu.com — public listings →
  • Daba Finance — Roqqu acquires Flitaa (July 2025) →

Included to answer the "what about Conduit / Bitnob?" question. These rails compete with Quidax-as-a-Service even though they don't run a retail order book.

• Conduit · Stablecoin orchestratorverified 2026-06-01 (Updated 2026-06-01)

  B2B cross-border payments using stablecoin rails; corridor-agnostic API. (Fee structure: typically percentage-based volume fees rather than flat dollar network/withdrawal fees).

  https://conduit.financial →
• Bitnob · Crypto-native PSPverified 2026-06-01 (Updated 2026-06-01)

  Africa-first Bitcoin/stablecoin business and remittance API; strong NG developer mindshare. Actively partnered with Strike for cross-border US-Africa Lightning/stablecoin settlements.

  https://bitnob.com →
• Stables · Treasury platformverified 2026-06-01 (Updated 2026-06-01)

  USD-stablecoin treasury account with virtual card issuance; appeals to SME treasurers. Strategic partnerships with Mastercard and Circle for global card processing.

  https://stables.money →
• Yellow Card OTC · OTC railverified 2026-06-01 (Updated 2026-06-01)

  Counted separately from the exchange matrix: enterprise OTC is the real adjacent buyer. Deep liquidity network powered by API integrations and enterprise partnerships across 20 African nations.

  https://yellowcard.io →

Market Size is the annual flow proxy in USD for the buyer category. Capture % is the share of Market Size Quidax could realistically win in 24 months. Our Cut (Fee) is gross revenue per dollar of captured flow. Gross-margin default is the analyst estimate used in the in-page model. The five segments are disjoint by buyer type and revenue line; the data file notes how double-counting is avoided. Confidence is "low" on every row. Market sizes this large are always model outputs, not measurements.

⚠️ Methodology note: The Cross-border B2B ($10B), Corporate/PSP ($6.5B), and Remittance ($4.5B) market sizes are grounded in NBS trade data, CBN BoP releases, and the World Bank remittances brief. The Fintech Treasury ($4.2B) and Embedded Crypto ($2.8B) market sizes are speculative projections based on analyst modeling of corporate asset allocations and fintech product roadmap tracking — not hard public census data. All five carry "low" confidence.

• Cross-border B2B settlement (SME / fintech)verified 2026-06-01 (Updated 2026-06-01) · confidence Derived / Analyst estimate

  Mid-market fintechs and SMEs settling supplier invoices into China, UAE, India via stablecoin rails instead of correspondent banking.

  Market Size

  $10.0B

  Capture range

  0.3–1.2%

  Our Cut

  0.35%

  Default gross margin

  55%

  • NBS — Nigeria Foreign Trade Statistics → — Annualised import flows to CN+AE+IN (NBS 2025). TAM ceiling, not all eligible for stablecoin rails today.
  • Chainalysis — 2024 Sub-Saharan Africa report →
• Corporate / PSP payout treasuryverified 2026-06-01 (Updated 2026-06-01) · confidence Derived / Analyst estimate

  Licensed Nigerian businesses (PSPs, merchant acquirers, large corporates) running cross-border payouts and FX hedging through an API.

  Market Size

  $6.5B

  Capture range

  0.2–1%

  Our Cut

  0.28%

  Default gross margin

  60%

  • CBN — Balance of Payments releases →
• Remittance corridors (inbound, B2B side only)verified 2026-06-01 (Updated 2026-06-01) · confidence Derived / Analyst estimate

  Stablecoin liquidity provisioning to licensed MTOs and remittance fintechs serving the Nigeria-inbound diaspora flow. We count only the wholesale (B2B liquidity) leg, not the retail recipient leg.

  Market Size

  $4.5B

  Capture range

  0.2–0.8%

  Our Cut

  0.18%

  Default gross margin

  50%

  • World Bank — Migration & Remittances brief (Nigeria inbound) → — Official World Bank figure approximately $20–22B in 2025; estimated true volume including informal and crypto channels likely exceeds $23B. The addressable B2B-liquidity slice is much smaller, hence the de-rated TAM.
• Fintech treasury & FX hedgingverified 2026-06-01 (Updated 2026-06-01) · confidence Derived / Analyst estimate

  Nigerian fintechs and exporters holding USD-exposure via USDT to manage naira volatility.

  Market Size

  $4.2B

  Capture range

  0.8–3%

  Our Cut

  0.18%

  Default gross margin

  65%

  • CBN — exchange-rate volatility series; analyst spread observations — TAM is a speculative model output based on typical corporate asset allocations and observed fintech treasury behavior, not hard public census data.
• Embedded crypto in fintech appsverified 2026-06-01 (Updated 2026-06-01) · confidence Derived / Analyst estimate

  Neobanks and PSPs offering buy/sell/hold via white-label exchange APIs (Quidax-as-a-Service).

  Market Size

  $2.8B

  Capture range

  1.5–6%

  Our Cut

  0.60%

  Default gross margin

  70%

  • Analyst observation of fintech product roadmaps — TAM is a speculative projection based on product roadmap tracking and build-vs-buy analysis, not a public dataset.

Corridor annual flow figures are proxies from NBS Foreign Trade Statistics (NG → CN: $13B confirmed), CBN Balance of Payments (NG → AE: approximately $4B current baseline, projected to grow following January 2026 CEPA), and the World Bank Migration & Remittances Brief (diaspora → NG: official $20–22B, estimated true volume including informal channels likely exceeds $23B). The NG ↔ KE corridor is presented as an aspirational AfCFTA opportunity — formal bilateral trade is under $100M per year per UN COMTRADE and OEC data. Bank-wire speed/cost is an analyst estimate based on published SWIFT correspondent-banking and VASP pricing for the NGN leg (typical range 2.5–5% and 2–5 business days). Stablecoin speed/cost is an analyst estimate of wall-clock end-to-end including on-ramp and off-ramp (typical range 5–15 minutes and 0.6–1.5%), not just the on-chain hop. The "speed multiplier" on each card divides like-for-like wall-clock minutes.

The donut chart in the stablecoin deep-dive shows demand purpose, what NGN holders use crypto for (settlement, savings, trading), and is not 24 h trading turnover. The turnover ratio on the KPI grid is the live calculation from Quidax tickers; the two figures are not comparable. The 86% stablecoin share is an analyst estimate calibrated against Chainalysis SSA reports, TRM Labs data, public PSP commentary, and exchange-volume mix data — it is not a directly measured figure. The exact percentage split (USDT 66%, USDC 12%, cNGN 8%) is directionally supported but should be treated as an approximation. cNGN is issued by the African Stablecoin Consortium (ASC) under SEC ARIP oversight. Normalised to 100%.

The in-memory cache and rate-limiter are best-effort per Vercel function instance. For multi-region production, swap for Upstash Ratelimit (Redis-backed sliding window) and Upstash Redis for the shared cache. With the current 10 s TTL a single instance hits upstream at most ~6 times/min. Recommended monitor: a Better Uptime / Checkly probe on /api/markets expecting 200 in < 2 s.