Between July 2023 and June 2024, about $59 billion in crypto flowed into Nigeria, and the International Monetary Fund (IMF) says the country has taken in about 60% of all the stablecoins moving into sub-Saharan Africa since 2019. People didn't do this for fun. Sending money through banks was slow and expensive, and they needed a cheaper, faster way to move dollars in and out of the country.
Most of this had little to do with trading. Families, freelancers, and businesses turned to stablecoins to solve one problem: getting dollars across Nigeria's borders without losing a big chunk to fees and delays. The move to stablecoins grew so big that the Central Bank of Nigeria (CBN) has brought them into its own plans.
The numbers at a glance
- About $59 billion in crypto came into Nigeria in the year to June 2024 (IMF).
- Nigeria has taken in about 60% of all stablecoins moving into sub-Saharan Africa since 2019 (IMF).
- Sending $200 to sub-Saharan Africa costs nearly 9% on average, against a global average of about 6% (World Bank).
- The CBN mentioned stablecoins 68 times in its 2028 payments plan.
Why so many people switched
The naira had a hard few years. Through 2023 and 2024, prices rose fast, the naira lost a lot of value, and dollars were hard to get from the banks. If you held naira, your money was worth less each month. If you needed dollars, the banks often couldn't give them to you quickly or at a fair price.
A dollar stablecoin fixed both problems. Each one is built to stay worth a dollar, so it keeps its value. And because it moves over the internet instead of through a chain of banks, you can send or receive it in minutes, for a fraction of the cost of a bank transfer.
It worked the same whether you were sending money home or paying a supplier abroad. A bank transfer was the same for everyone: slow, and smaller by the time it arrived.
What a 9% fee really costs you
Look at the price of sending money. World Bank figures show that sending $200 to sub-Saharan Africa costs nearly 9% on average, well above the 6% world average and the highest of any region.
For a family that relies on money from abroad, that 9% means groceries they cannot buy or a school fee they cannot pay. For a freelancer paid in dollars, it's a slice of every payment, gone to fees before it arrives. For a business, it's worse: 9% comes off every payment abroad, and the more you send, the more you lose. A company paying overseas suppliers can lose more to fees in a year than it pays one member of staff.
Stablecoins fix that. By skipping most of the banks that add the fees, more of the money gets where it's going.
How it actually works
A normal international transfer doesn't go straight to where it's headed. It usually goes through several banks on the way, and each one takes time and a small cut. That's why a bank wire can take days and turn up smaller than you expected.
A stablecoin transfer skips most of those steps. The money moves straight from sender to receiver over the internet, then turns into local currency at the other end. Fewer hands in the middle means it arrives in minutes instead of days, and costs far less.
For a business, it does more than move money. Holding dollars as stablecoins gives a finance team money it can count on and use when it needs to, without waiting for a wire to clear or taking whatever rate the bank gives that day.
Why the CBN is bringing stablecoins into the financial system
The biggest signal that stablecoins are here to stay comes from the CBN itself. So many people and businesses now use them that it has set out a plan to regulate them.
It mentioned stablecoins 68 times in its 2028 payments plan: companies that issue stablecoins will need a licence and must keep their dollar reserves in Nigerian banks, and the bank plans to monitor approved networks in real time.
The IMF has encouraged countries to bring stablecoins into a clear regulatory framework. For a country that earns most of its dollars from oil, regulated stablecoins also offer a new source of dollars. The CBN's goal is to speed up cross-border payments while keeping the financial system safe.
What this means for you
If you send money home or earn in dollars, the cheaper, faster way is now normal. Tens of billions of dollars already move this way every year, and the CBN is now making it part of its official plans.
If you run a business that pays or gets paid abroad, the savings are even bigger. Your competitors already pay suppliers in dollar stablecoins to protect their profits and keep stock moving. Finance teams use whatever is cheapest and fastest, and right now that's stablecoins.
For both, the same thing is happening: moving money across Nigeria's borders is getting cheaper and faster, and you can already make the switch.
Where Juicyway fits
The technology behind stablecoins is complicated. Using it shouldn't be.
On Juicyway, you don't have to handle digital wallets or understand how the technology works. When you send money abroad, Juicyway uses stablecoins for you, behind the scenes. Your money usually arrives within minutes and costs much less than a bank transfer, with nothing extra for you or your finance team to do. You send and receive as normal, and the hard part happens out of sight.
It's the same technology behind much of that $59 billion, built into an app you can use today.
Key terms
Stablecoin: a digital coin made to keep a steady value, usually fixed to one US dollar. Unlike most crypto, it's built not to swing up and down.
USDC and USDT: the two most-used dollar stablecoins. Each is meant to be worth one US dollar.
Frequently asked questions
1. Are stablecoins legal in Nigeria? Yes. The CBN has set out how it will bring stablecoins into the system, in its 2028 payments plan.
2. Why are stablecoins cheaper than bank transfers? A bank transfer passes through several banks, each adding time and fees. A stablecoin moves straight from sender to receiver over the internet and turns into local currency at the end, cutting out most of the middle steps.
3. How much can stablecoins save on a transfer to Nigeria? Sending $200 to sub-Saharan Africa costs nearly 9% on average, against a global average of about 6%. Stablecoin transfers usually cost well below that.
4. What is the difference between USDC and USDT? Both are dollar stablecoins meant to be worth one US dollar. Different companies run them on different networks, but for everyday payments they do the same job: moving dollars quickly and cheaply.
5. Do I need to understand crypto to use stablecoins for payments? No. With an app like Juicyway, the stablecoin part happens behind the scenes. You send and receive money as normal, with no wallets or technical steps to deal with.
Send money abroad faster and cheaper than a bank. Download Juicyway on the App Store or Google Play.
