Defi Research Analyst. Building @afriflux_xyz.
Lagos
Joined March 2022
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Introducing AfriFlux.
Everyone agrees stablecoins are the biggest story in African crypto. Almost nobody has measured the economy behind them.
So I mapped it onchain, wallet by wallet, starting with Nigeria: $485M in retail stablecoin flow across 10 venues and 340k wallets, attributed to the businesses actually moving it.
Not funding rounds. Not user counts. Onchain ground truth.
See which venues move the most, how the market splits across exchanges and off-ramps, and the methodology behind every number.
Nigeria first, more markets live soon. Native stablecoin coverage lands this week.
afriflux.xyz
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Will be on @Afriflux_XYZ by next week
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Nigerian banks could start offering crypto investments through their apps by 2028, with Standard Chartered potentially leading the way in Nigeria.
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@RaenestApp is popping. Zero to $12.3M a month in under a year — now 38% of the rail, and running hotter again in November.
Eating Grey or growing the pie? Settlement flow can't tell you. Grey's own drop came in Oct 2025, before Raenest had settled a dollar. One to watch.
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JUST IN: the virtual-account rail we track via @Stablecoin(bridge) just had its biggest month.
$33.1M settled into the USD accounts of 5 Nigerian neobanks in October, on a record 79,980 settlements. Past the September 2025 peak.
@greyfinance was 95% of that rail then. In October it was 60%.
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Good Morning my loves. Not everyone is here to cook indomie, and that’s okay 🤍
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Backing has its own rules: full reserves plus a 2% buffer.
Class 1 also places at least 20% of its reserve pool at CBN.
Class 2 has separate Nigerian-accessible operational liquidity. Its $10m/15%/30-day passage is malformed, so we won't invent a precise formula.
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Nigeria’s central bank (@cenbank) proposes a ₦10–15 billion minimum reserve requirement for stablecoin issuers. Bans algorithmic stablecoins. Sets a ₦10 million licensing fee. Prohibits yield offerings on naira-denominated stablecoins.
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The implication for Circle and Tether: serving Nigerian retail users under this framework requires a compliant local issuing arrangement.
That is a business and legal-structure question, not just an API integration.
It does not mean they have already created one.
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A narrow offshore route exists.
CBN may recognise a foreign-issued coin for wholesale cross-border settlement through expressly approved dealers/licensees.
It needs safeguards and regulatory cooperation.
It does NOT authorise offering that coin to Nigerian retail users.
