Nigerian remittances, which account for billions in annual inflows, can benefit greatly from blockchain. Traditional remittance services charge high fees (sometimes 7-10%), while blockchain-based alternatives can reduce this to under 1%. Companies like Bitsika and Bundle Africa are already making inroads in this space, allowing Nigerians in the diaspora to send money home cheaply and instantly.

Blockchain technology can significantly address Nigeria's financial inclusion challenges by providing secure, low-cost financial services to the unbanked population. With over 40% of Nigerians lacking access to banking services, blockchain-based solutions can enable direct peer-to-peer transactions without traditional banking infrastructure. Stablecoins pegged to the naira could help reduce volatility concerns while offering the benefits of digital transactions.

Blockchain's immutable ledger can also address identity verification challenges. Many Nigerians lack formal ID, making it difficult to access financial services. A blockchain-based identity system could provide secure, verifiable digital identities, enabling more Nigerians to access loans, insurance, and investment products. However, implementation would require significant collaboration between government, financial institutions, and technology providers.

The CBN's crypto restrictions remain a significant hurdle, but we're seeing innovative workarounds. Peer-to-peer exchanges have flourished, and many Nigerians use crypto for legitimate business purposes despite regulatory challenges. For blockchain to truly enable financial inclusion, we need clearer regulations that balance innovation with consumer protection.