Key Highlights
- Platov.co has launched Nigerian Naira (NGN) support, its first fiat integration in Sub-Saharan Africa.
- Users can now swap over 40 cryptocurrencies like Bitcoin, Ethereum, and USDT directly into NGN using Platov’s automated system.
- Nigeria remains a major crypto market with about $96 billion in transaction volume.
Platov.co, a cross-border cryptocurrency exchange platform, today announced that it is launching support for Nigerian Naira (NGN), marking its first fiat currency integration in Sub-Saharan Africa.
According to the official release, the move is expected to allow Nigerians to trade crypto using the naira directly, making it easy to move between the local currency and crypto without relying on foreign money.
Nigerian users can now exchange Bitcoin, Ethereum, Tether (USDT), and more than 40 other digital assets directly into NGN through Platov’s automated system.
Simple crypto trading using Naira
The platform supports direct trading pairs such as BTC to NGN, ETH to NGN, USDT to NGN, and several others, including BNB, TRX, and LTC conversions.
Platov said users can start by placing a request on the platform, confirming the exchange rate, and sending their funds. Once this is confirmed, they will receive their naira in their bank accounts.
The company said all transactions go through an AML check system that screens assets to make sure the money is clean and traceable. The platform also highlights that it has been running for about eight years, and it uses fixed exchange rates so users know what they will get before trading.
The company also has exchange tracking sites like BestChange, where users can check live exchange rates, reserve levels, and transaction history before making a trade.
Platov Founder and CEO Sam Greenfield commented on the development, stating, “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. Adding NGN is not just a product update—it’s our commitment to the West African market for the long term.”
Moreover, Nigeria is one of the biggest crypto markets in Africa. Many Nigerians use crypto because the local currency has been losing value. According to regulatory disclosures released in March, Nigeria processed about $96 billion in crypto and virtual asset transactions, showing how fast digital finance is growing in the country.
Crypto crackdown in Nigeria
At the same time, regulators are tightening oversight of the sector. In April, the Central Bank of Nigeria (CBN) started a pilot program to supervise Virtual Asset Service Providers (VASPs).
This included companies such as Flutterwave, KuCoin, Paystack, KoinKoin, Juicyway, and cNGN, a naira-pegged stablecoin project with a goal of reducing the risk of money laundering and terrorism financing.
The regulatory push has also been strengthened under the Investment and Securities Act 2025, which expands the authority of the Securities and Exchange Commission in Nigeria to supervise digital assets and emerging financial technologies.
This law is meant to improve safety and also protect investors while aligning Nigeria’s markets with global standards. Officials say the framework also helps track systemic risks as digital finance continues to grow rapidly across the country.
Platov said it plans to expand into additional African markets, including Kenya.
Also Read: Sen. Tim Scott Says CLARITY Act Will End Crypto’s Regulatory Gray Zone
