Nigeria Drives Crypto Growth in Sub-Saharan Africa with Record Volume

Sub-Saharan Africa's cryptocurrency market surged to nearly $25 billion in on-chain volume during March, marking the highest monthly figure this year. Nigeria emerged as the primary catalyst, leveraging its dominance in centralized exchange activity to propel regional adoption.

The nation's economic landscape—characterized by a weakening naira and restrictive forex policies—has accelerated crypto adoption as both individuals and businesses seek hedges against currency devaluation. With over 60% of its population under 25 and rising smartphone penetration, Nigeria's tech-literate youth are increasingly turning to digital assets for cross-border transactions and wealth preservation.

This trend underscores a broader shift in emerging markets, where cryptocurrencies increasingly serve as alternatives to unstable traditional financial systems. While no specific coins or exchanges were mentioned in the excerpt, Nigeria's activity likely involves major trading pairs like BTC and ETH on platforms such as Binance—the exchange most widely used across Africa.