Nigeria’s stablecoin demand has scaled. Its liquidity hasn’t, says Obiex

Nigeria's stablecoin market is growing in efficiency, but liquidity remains a challenge, says Obiex. According to Temitayo Sadique, managing director of Obiex Business, demand for stablecoins has surged due to cross-border trade, remittances, and the proliferation of crypto exchanges. However, the supply of stablecoins remains fragmented among many small sellers, making it costly to move large volumes.

In 2025, $19 billion in stablecoins entered Nigeria, accounting for 60% of sub-Saharan Africa's stablecoin inflows since 2019, according to an IMF report. A $1 million order might be fulfilled by 10 peer-to-peer traders, each offering slightly different rates, resulting in an average price higher than the initial quote. Obiex, founded in 2016, has positioned itself to fill large orders at a single price by aggregating supply.

The platform now serves 105,000 merchants across Nigeria, Ghana, and Cameroon, including businesses from crypto exchanges, remittance companies, and fintechs. Sadique emphasizes liquidity as delivering money on time, using credit and price locks to ensure clients receive funds when needed. Regulatory changes, including increased capital requirements for crypto exchanges, are pushing the market towards larger players, with Obiex betting on its ability to set terms for the entire market through efficient large order processing.