Africa’s Bold De-Dollarization Gamble Collides with Dollar Dominance & Stablecoin Surge

Africa's push to ditch the dollar hits a wall of greenback resilience—while stablecoins quietly eat both their lunches.

The Dollar's Iron Grip

Despite political posturing, USD demand spikes 27% YoY in African FX markets. Central bank forex reserves? Still 61% dollar-denominated. 'Local currency' trade pacts gather dust as traders demand hard currency guarantees.

Crypto's Stealth Takeover

Stablecoin volumes in Nigeria/Ghana/Kenya explode 400% since 2023—no bureaucrats required. USDT becomes the continent's shadow FX market, with 3x the liquidity of any single national exchange.

The Cold Hard Truth

De-dollarization requires what Africa lacks: monetary credibility. Until then, citizens vote with wallets—choosing crypto pragmatism over political theater. (But sure, let's schedule another BRICS currency working group.)