African businesses are increasingly turning to stablecoins to manage currency volatility and foreign exchange shortages, industry executives have said. 
They said dollar-backed digital assets were helping businesses preserve value and settle cross-border transactions more efficiently as foreign exchange constraints persisted across several African markets. 
The executives made the observations during a panel discussion on “The Future of Cross-Border Payments in Africa: Stablecoins at the Core” at the Africa Stablecoin Consortium programme in Accra. 
Ms Lasbery Chioma Oludimu, Group Vice President, Operations, and Managing Director of Yellow Card Nigeria, said currency instability and limited access to foreign exchange had become major operational challenges for businesses across the continent. 
She cited the experience of a Nigerian company that secured a euro-denominated loan but later struggled to meet its repayment obligations after the naira depreciated sharply against majo
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