Platov.co, a cross-border cryptocurrency exchange, has launched support for the Nigerian Naira, its first dedicated fiat-currency integration in Sub-Saharan Africa.
- Platov.co, a cross-border cryptocurrency exchange, has launched support for the Nigerian Naira, its first dedicated fiat-currency integration in Sub-Saharan Africa.
- Nigerian users can now convert Bitcoin, Ethereum, Tether, and over 40 other digital assets directly into naira on a single...
- Between July 2023 and June 2024, the country received approximately $59 billion in cryptocurrency, with roughly 85 per cent of...
- “Nigeria represents one of the most important markets for cryptocurrency adoption anywhere in the world.
Keep reading for the full breakdown on Africa crypto adoption — everything you need to know is covered below.
Nigerian users can now convert Bitcoin, Ethereum, Tether, and over 40 other digital assets directly into naira on a single platform, without routing funds through third-party intermediaries or conducting manual over-the-counter transactions.
Why did Platov.co build the platform for Nigeria?
Nigeria ranks second worldwide on the Chainalysis Global Crypto Adoption Index, the only African country in the global top five. Between July 2023 and June 2024, the country received approximately $59 billion in cryptocurrency, with roughly 85 per cent of those transfers driven by retail activity.
Peer-to-peer trading volumes have consistently ranked among the highest globally, much of it conducted through informal channels and fragmented platforms that the exchange is now moving to replace.
Naira volatility has driven sustained demand for dollar-denominated digital assets across a population of over 200 million, the largest on the continent.
That combination of scale, adoption rate, and unmet infrastructure demand is what drew Platov.co to Nigeria as its West African entry point.
Sam Greenfield, Founder and CEO of Platov.co, said the NGN launch was a long-term commitment rather than a product update.
“Nigeria represents one of the most important markets for cryptocurrency adoption anywhere in the world. The demand is real, the need is clear, and we’ve built the infrastructure to serve it reliably.”
By supporting naira directly rather than routing conversions through the US dollar or another intermediate currency, Platov.co reduces the number of conversion steps and associated costs for Nigerian users.
The platform automates the crypto-to-fiat process end-to-end, removing the manual handling that characterises much of Nigeria’s existing exchange activity.
The crypto regulation in Nigeria
Platov.co’s entry comes as Nigeria’s relationship with the cryptocurrency sector remains unsettled. The Central Bank of Nigeria restricted commercial banks from servicing crypto exchanges in 2021, a directive that pushed trading further into peer-to-peer channels.
Authorities have since shifted toward a licensing framework under the Securities and Exchange Commission, but enforcement has been inconsistent.
In 2024, Nigerian authorities detained two Binance executives and demanded the exchange pay $10 billion in damages, a move that signalled the government’s intent to assert greater control over foreign platforms operating in the market.
For Platov.co, entering Nigeria under these conditions means regulatory compliance will determine how long and how freely it can operate.
The platform has not disclosed whether it has obtained local licensing or entered into discussions with Nigerian financial authorities.