Nigerian Gig Workers Shift to Stablecoins for Payments
Nigerian freelancers are increasingly adopting stablecoins for cross-border payments, moving away from naira-denominated transfers due to persistent banking failures and FX losses. A BVNK report reveals Nigerian respondents prefer stablecoins for faster settlement, fewer reversals, and predictable dollar access. Freelancers like AI strategist Sani Jibo cite platform restrictions and delays as reasons for switching, while graphic designer Aisha Abdulwakeel values stablecoins' control over naira's volatility. Stablecoins like USDT and USDC settle in minutes with fees under $1, preserving income value until conversion. However, the practice operates in a regulatory grey area, bypassing CBN oversight and limiting formal financial participation. Nigerian gig workers are pioneering cross-border payment solutions, but policy must adapt to capture this growing inflow.