02 · Nigeria's digital dollar
People want stable, not speculative 💵
Roughly 86% of the naira flowing into crypto on exchanges goes into stablecoins. Nigerians are using them as their new dollar account, not for speculation. This is what makes the B2B settlement case real.
05 · What are people actually doing with their crypto? 🤔
Stablecoins are Nigeria's new digital dollar
The gap between the naira and the dollar used to be wild (50–60%) before FX unification. Today it's only 1–2.5%. Stablecoins didn't shrink—they became the main way Nigerians hold and move dollars. Roughly 86% of the money flowing into crypto goes straight to USDT, cNGN, and USDC (analyst estimate calibrated against Chainalysis and TRM Labs data). People are settling invoices and paying suppliers, not just speculating on dog coins. 📊
USDT/NGN vs the official CBN rate, last 30 days
The solid line: real daily closing prices from Quidax. The dashed line: the official CBN rate, flat at ₦1,371.00 (tracked manually).
How far Quidax drifted from the official rate 🌊
biggest gap 1.9%What people actually use crypto for
This is the breakdown of why Nigerians buy crypto with naira. It's not 24-hour day trading. It's saving, settling invoices, and paying for things. Stablecoins absolutely dominate. 🎯
- USDT66%
- cNGN (regulated)8%
- USDC12%
- Other stables4%
- BTC (as quasi-savings)7%
- Unattributed3%
Estimated demand split, intentionally NOT a 24-hour trading ratio. Calibrated against Chainalysis SSA reports and observed exchange usage patterns. The "stablecoin share of NGN volume" KPI above is the live trading number; these are two different things.