Nigerian Crypto Exchanges Increase Market Share From 7% to 50% in Four Years
Nigerian cryptocurrency exchanges have increased their share of the country’s centralised crypto exchange inflows from 7% in 2022 to 50% in 2026, reflecting a major shift towards locally operated trading platforms.
According to a new report by blockchain analytics firm Chainalysis, domestic exchanges received $6.22 billion during the period covered by its research.
The figure represents half of the money Nigerian users sent to centralised cryptocurrency exchanges. It also highlights the growing role of local platforms in a market previously dominated by international operators.
The development comes amid changes in Nigeria’s cryptocurrency regulations and growing disagreements between authorities and foreign trading platforms.
How Nigerian exchanges gained market share
Chainalysis found that domestic exchanges accounted for just 7% of Nigeria’s centralised exchange inflows in 2022.
Their share increased to 27% in 2025 before reaching 50% in 2026.
The platforms received $6.22 billion during the latest reporting period. They also contributed $4.13 billion to the increase in inflows to Nigerian crypto services, representing 92% of the additional amount recorded.
Overall, Nigerian users sent $25.2 billion to cryptocurrency services during the period. This represented a 172% increase compared with four years earlier.
However, the growth of local exchanges does not mean Nigeria’s entire cryptocurrency market expanded.
Chainalysis estimated the country’s overall crypto activity at $38.1 billion, down 3% from the previous year.
What changed in Nigeria’s crypto market?
Regulatory pressure on international cryptocurrency exchanges is one factor behind the growing market share of domestic platforms.
In 2024, Nigerian authorities temporarily restricted access to several international exchanges.
The government had raised concerns about the influence of crypto trading on the naira and foreign exchange market.
The restrictions created difficulties for some Nigerians who relied on international platforms, particularly those offering naira trading options.
This gave local exchanges an opportunity to attract users seeking access to cryptocurrency services within Nigeria.
The regulatory environment has also changed since then.
In July 2026, President Bola Tinubu signed an executive order establishing a Virtual Asset Council chaired by the Central Bank of Nigeria.
The council is expected to improve coordination among government agencies responsible for regulating virtual assets.
New capital requirements could reshape local exchanges
Despite the increase in market share, Nigerian crypto platforms face additional regulatory obligations.
The Securities and Exchange Commission (SEC) has raised the minimum capital requirement for digital asset exchanges and custodians from N500 million to N2 billion.
Existing operators have until June 2027 to meet the new requirement.
The increase could strengthen regulatory oversight and improve the financial capacity of licensed operators.
However, it also raises the cost of operating a cryptocurrency exchange in Nigeria.
Smaller platforms may struggle to meet the requirement, while larger companies with stronger financial backing could find it easier to comply.
This could influence competition among domestic exchanges as the deadline approaches.
For now, Chainalysis’ findings show how quickly the balance of Nigeria’s centralised crypto exchange market has changed.
Local platforms have moved from controlling a small share of exchange inflows in 2022 to accounting for half in 2026. Whether they can maintain that position will depend partly on their ability to meet regulatory requirements and retain users.