Every number on this page is traced to the organisation that produced it: the regulator, the research firm, the official dataset, or our own published rate history. Each one carries the period it covers and a link to where it appears. Use them freely; a link back is appreciated.
Last updated 20 September 2026. Chainalysis had not published its 2026 adoption index or 2026 Sub-Saharan Africa report on that date, so the 2025 editions are the latest.
Nigeria received over $92.1 billion in cryptocurrency between July 2024 and June 2025, the largest figure in Sub-Saharan Africa and nearly triple South Africa's, according to Chainalysis. In the previous twelve months the figure was approximately $59 billion (Chainalysis, 2024).
| Measure | Figure | Period | Source |
|---|---|---|---|
| Nigeria, on-chain value received | Over $92.1 billion | Jul 2024 to Jun 2025 | Chainalysis |
| Nigeria, on-chain value received | Approximately $59 billion | Jul 2023 to Jun 2024 | Chainalysis |
| Sub-Saharan Africa, value received | $205 billion, up 52% | Jul 2024 to Jun 2025 | Chainalysis |
| Sub-Saharan Africa, monthly peak | Nearly $25 billion | March 2025 | Chainalysis |
| Sub-Saharan Africa share of global volume | 2.7% ($125 billion) | Jul 2023 to Jun 2024 | Chainalysis |
| Share of value moved in transfers under $10,000 | Over 8% in the region, 6% elsewhere | Jul 2024 to Jun 2025 | Chainalysis |
| Share of Nigeria's received value in transfers under $1 million | Around 85% | Jul 2023 to Jun 2024 | Chainalysis |
By our calculation from the two Chainalysis figures, Nigeria accounted for roughly 45% of the value received by the whole region in the latest window. Chainalysis does not state that share itself.
Nigeria ranked 6th out of 151 countries in the 2025 Global Crypto Adoption Index, published on 2 September 2025. It ranked 2nd in the 2024 edition.
| Sub-index | 2025 rank | 2024 rank |
|---|---|---|
| Overall | 6 | 2 |
| Centralised service value received | 8 | 5 |
| Retail centralised service value received | 7 | 2 |
| DeFi value received | 3 | 2 |
| Institutional centralised value received | 8 | not part of the 2024 index |
There is no single agreed figure. The published estimates use different methods and should never be read as one series.
| Estimate | What it measures | Method and date | Source |
|---|---|---|---|
| Over 22 million people, 10.3% of the population | People who own crypto | Estimate; the page gives no survey date or sample | Triple-A |
| 84% of respondents | Respondents who own a crypto wallet | Online panel, 18,652 people in 18 countries, Feb to May 2024; not representative of all Nigerians | Consensys and YouGov |
| 33.4 million, 35% of people aged 18 to 60 | Owned or traded crypto in the previous six months | Company survey, April 2022; now dated | KuCoin |
Bitcoin dominates naira purchases: 89% of crypto bought with naira is bitcoin and 7% is USDT, compared with 51% bitcoin for purchases made in US dollars (Chainalysis).
Stablecoins accounted for approximately 43% of Sub-Saharan Africa's total transaction volume between July 2023 and June 2024, and Nigeria received approximately 40% of all stablecoin inflows into the region (Chainalysis). No primary source publishes a USDT versus USDC split for Nigeria.
A naira-pegged stablecoin, cNGN, launched on 3 February 2025. Its circulating supply was 3.75 billion cNGN, about $2.73 million, across six blockchains on 20 September 2026 (CoinGecko). Globally, USDT stood at about $183.4 billion in circulation and USDC at about $74.2 billion on the same day (CoinGecko).
How the two dollar stablecoins compare when you sell them is covered in USDC vs USDT in Nigeria.
Across the 47 days from 5 August to 20 September 2026, the USDT to naira market rate moved from ₦1,389.60 to ₦1,372.20, a fall of 1.25%, and no single day moved more than 0.52%. These are our own figures, from the daily rate history Yesa publishes: one snapshot a day, with no gaps in the period.
| Measure | Figure | Period |
|---|---|---|
| USDT market rate, first and last day | ₦1,389.60 to ₦1,372.20 (down 1.25%) | 5 Aug to 20 Sep 2026 |
| Highest and lowest daily reading | ₦1,397.01 (13 Aug) and ₦1,367.79 (12 Sep) | 5 Aug to 20 Sep 2026 |
| Largest one-day move | 0.52% (29 Aug) | 5 Aug to 20 Sep 2026 |
| Days with a move above 1% | None | 5 Aug to 20 Sep 2026 |
| Market rate above the official rate, average | 3.11% (median 3.20%) | 11 Aug to 20 Sep 2026 |
| Market rate above the official rate, range | 2.38% (11 Aug) to 3.95% (9 Sep); 2.73% on 20 Sep | 11 Aug to 20 Sep 2026 |
| Bitcoin priced in naira | Up 22.6% | 5 Aug to 20 Sep 2026 |
| Ethereum, Solana, BNB, Litecoin, TRON priced in naira | Up 33.3%, 43.5%, 22.9%, 24.0%, 3.1% | 5 Aug to 20 Sep 2026 |
| Median time for a Yesa bank payout | 4.7 seconds, measured across 1,700 payouts | Historical measurement, not a guarantee |
The daily premium is tracked on the naira premium tracker, and today's figures are on the USDT to naira rate page.
| Measure | Figure | Date | Source |
|---|---|---|---|
| Official USD to NGN rate (central) | ₦1,330.70 | 18 Sep 2026 | Central Bank of Nigeria |
| Official USD to NGN rate (central), a year earlier | ₦1,487.40 | 19 Sep 2025 | Central Bank of Nigeria |
| Headline inflation, year on year | 15.39% (food 19.57%, core 13.29%) | August 2026 | National Bureau of Statistics |
| Real GDP growth, year on year | 3.89% | Q1 2026 | National Bureau of Statistics |
| Remittances received | $22.79 billion, 7.84% of GDP | 2025 | World Bank |
| Population | 237.5 million | 2025 | World Bank |
| Internet subscriptions | 157.7 million | July 2026 | Nigerian Communications Commission |
| Active mobile voice subscriptions | 195.1 million, teledensity 90% | July 2026 | Nigerian Communications Commission |
| Adults formally financially included | 64% (banked: 52%; excluded: 26%) | 2023, 26,930 interviews | EFInA Access to Financial Services survey |
By our calculation the naira was about 10.5% stronger against the dollar at the official rate than a year earlier.
Buying, holding and selling crypto is legal for individuals. Digital assets are securities under the Investments and Securities Act 2025, whose gazetted copy carries an assent and commencement date of 25 March 2025 (SEC Nigeria), and the Securities and Exchange Commission is the regulator.
| Fact | Figure | Date | Source |
|---|---|---|---|
| Law that recognises digital assets | Investments and Securities Act 2025 | Assent 25 March 2025 | SEC Nigeria |
| Proposed cap on what a retail investor can put into token offerings | ₦1 million per issuer, ₦10 million in any 12 months | Proposed rules, 2026 | SEC Nigeria |
| Virtual Asset Council created by Executive Order | Chaired by the Central Bank, with the tax authority and the SEC as vice-chairs | Signed 17 July 2026 | State House |
The proposed rules are a consultation document, not yet law. This section is general information, not legal advice.
Since 1 January 2026, an individual's gains on digital assets are taxed as income under the Nigeria Tax Act 2025, replacing the former flat 10% capital gains rate (KPMG). The Nigeria Revenue Service set out the detail in its Guidelines on the Taxation of Virtual Assets, dated 31 July 2026.
| Item | Rate | Source |
|---|---|---|
| Personal income bands | 0% on the first ₦800,000; 15% on the next ₦2.2 million; 18% on the next ₦9 million; 21% on the next ₦13 million; 23% on the next ₦25 million; 25% above ₦50 million | PwC Tax Summaries |
| Gains on stablecoins such as USDT and USDC | Self-assessed by the holder at the same income rates | Nigeria Revenue Service |
| Gains and losses | All crypto disposals in a year of assessment are netted against each other | Nigeria Revenue Service |
| Holding crypto, or moving it between your own wallets | Not a taxable event | Nigeria Revenue Service |
This is a summary of published rates, not tax advice. Keep your own records of what you buy and sell.
| Event | Dates and figures | Source |
|---|---|---|
| Binance ends all naira services | Notice 5 March 2024; naira withdrawals ended 8 March 2024; remaining balances converted at 1 USDT = ₦1,515.13 | Binance |
| Yellow Card closes its retail app | Announced 29 October 2025; last withdrawals 31 December 2025; app discontinued 1 January 2026 | Yellow Card |
| Paxful winds down | Announced 1 October 2025; closed by 1 November 2025 | Paxful, as reported |
| Suspicious transaction reports filed by virtual asset providers | 49 in 2025, out of 42,082 filed nationally | Nigerian Financial Intelligence Unit, 2025 annual report |
| CBEX collapse | The SEC states the scheme was never registered and publishes no loss figure; press reports of ₦1.3 trillion are estimates | SEC Nigeria |
What these exits mean if you are choosing where to sell is covered in the best apps to sell USDT in Nigeria.
Over $92.1 billion in on-chain value between July 2024 and June 2025, according to Chainalysis, up from approximately $59 billion in the previous twelve months.
6th out of 151 countries in the Chainalysis 2025 Global Crypto Adoption Index, published on 2 September 2025. Nigeria ranked 2nd in the 2024 edition.
Estimates differ because methods differ. Triple-A estimates over 22 million people, or 10.3% of the population. A 2022 KuCoin survey put it at 33.4 million people aged 18 to 60. A 2024 Consensys and YouGov online panel found 84% of Nigerian respondents owned a crypto wallet, which is not representative of the whole population.
Since 1 January 2026 an individual's gains are taxed as income under the Nigeria Tax Act 2025, at bands from 0% on the first ₦800,000 up to 25% above ₦50 million. Gains on stablecoins are self-assessed at the same rates, and simply holding crypto is not taxed. This is a summary, not tax advice.
Between 11 August and 20 September 2026 the USDT market rate averaged 3.11% above the Central Bank's official rate, ranging from 2.38% to 3.95%, according to the daily series Yesa publishes.
Yes. Every figure links to its original source. If you quote Yesa's own figures, such as the rate stability and premium numbers, a link to this page is appreciated.
The Yesa Team. Details checked 20 September 2026. Every figure links to the organisation that produced it. If a source has published a newer number, tell us and we will update the page.