Africa's two largest crypto markets — South Africa and Nigeria — have very different market structures. Using 90 days of cross-exchange data from 7 sources, we measure which market prices crypto assets more efficiently.
Bitcoin in Nigeria consistently trades at a premium to global markets. Using 12 months of verified exchange data from 7 sources, we quantify this premium and explain why it exists.
If you buy 1 USDT on a Nigerian exchange, you pay about 1,396 NGN. The official USD/NGN rate says it should cost 1,378 NGN. That 1.3% gap — the stablecoin premium — is a real-time measure of FX market friction.
In Ghana, the gap is even wider.