Nigeria's fiat rails are a different beast from the ACH/SEPA/FedWire corridors Noah was built for — the CBN only lifted bank-crypto restrictions in late 2025 and local banks still randomly freeze accounts tied to crypto transactions. Yellow Card and Quidax have spent years building the banking relationships needed to settle NGN reliably, infrastructure that can't be replicated by bolting an offramp onto Hyperliquid's CLOB. Non-custodial is the right pitch for a market burned by exchange collapses, but Nigerian KYC under the new Investments and Securities Act creates custodial touchpoints at the fiat boundary regardless.

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