Nigeria has cemented its position as the undisputed leader of West Africa’s digital economy, recording a staggering $92.1 billion in cryptocurrency transactions over a 12-month period.
According to the PricewaterhouseCoopers, PwC Nigeria Economic Outlook 2026 titled “Turning Macroeconomic Stability into Sustainable Growth,” the country’s transaction volume now dwarfs its regional peers, receiving nearly three times the value recorded in South Africa.
Despite lingering regulatory uncertainty, Nigeria processed an estimated $92.1 billion in cryptocurrency transactions between July 2024 and June 2025.
PwC attributed Nigeria’s dominance to its large population, youthful and digitally savvy users, persistent inflation, and continued foreign exchange (FX) access constraints, which have pushed many individuals and businesses toward crypto and stablecoins as alternative financial channels.
The report noted that crypto adoption in Nigeria reflects both economic necessity and structural transformation in financial behaviour.
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PwC said Bitcoin continues to dominate fiat-to-crypto purchases in Sub-Saharan Africa, accounting for 89 per cent of transactions in Nigeria and 74 per cent in South Africa, underscoring its role as a default hedge and entry asset in volatile or constrained financial environments. Nigeria’s volume is nearly three times that of South Africa, its closest rival in Africa.
It added that stablecoin usage is structurally higher in Nigeria, signalling reliance on crypto rails as an informal FX market and dollar-substitute channel.
On the “stablecoin” shift, Business Remarks findings revealed that much of this volume isn’t just for trading; Nigerians are increasingly using stablecoins (like USDT) as a substitute for US Dollars to pay for imports and hedge against inflation.
However, PwC cautioned that the data reflects only centralised exchange activity and excludes peer-to-peer transactions and informal flows, suggesting that actual volumes may be significantly higher.
PwC projected that Nigeria is likely to retain its position as the region’s largest crypto market in 2026, driven by FX access challenges, inflation sensitivity, and sustained demand for stablecoins as a store of value and settlement mechanism.
The firm also noted that Nigeria had earlier processed about $59 billion in crypto transactions, largely driven by young, tech-savvy users, highlighting deepening adoption momentum.
“The rising usage of crypto, especially among Nigeria’s youth, underscores the urgent need to accelerate regulatory cohesion in the near term,” the report stated.
PwC identified several key issues that will shape Nigeria’s crypto landscape in 2026, including industry adoption and compliance challenges, licensing and regulatory frameworks, a structural shift in crypto taxation, capital flow management, and market surveillance.
On capital flow management and market surveillance, PwC warned that crypto markets can be used to bypass capital controls by routing funds through unlicensed exchanges, while stablecoin purchases funded from naira deposits could drain bank liquidity
PwC also warned that the new Tax and Tax Administration Acts (2025), taking effect this year, will treat crypto profits as income taxed at up to 25%, significantly higher than the previous 10% rate.
