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The Influence of Cryptocurrency on Nigerian Economy.

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The Impact Of Cryptocurrency On Nigeria’s Economy And How Nigerians Have Been Able To Bypass The Ban Of Cryptocurrency Trading.

An image from statista.com in 2020 showing Nigeria as the country with the most Crypto Knowledge.

The international financial system is no doubt embracing the current development from physical currency to virtual digital currencies, introduced by blockchain technology.

The current trend cannot be overlooked as it has liberated thousands of people all over the world from the stretching grips of poverty.

While giving financial freedom to millions of Africans and Nigerians at large. Breaking down the concept of cryptocurrency into bits is what this article will contain. 

Nigeria has the highest GDP (Gross Domestic Product) out of all the African countries, but 40% of its population still lives in poverty.

The country’s struggling economy primarily depends on oil exports, accounting for more than half of government revenue.

Lacking transport and energy infrastructure as well as neglecting to diversify the economy results in a disadvantaged population of impoverished people. The use of cryptocurrency in Nigeria is proving to be a beneficial solution to help lift people out of poverty.

The major advantage of Cryptocurrency is its decentralized nature, which means that for individuals living in a country like Nigeria with currency instability, cryptocurrency allows them to trade freely across borders with citizens of more well-off countries, creating a level of economic equality.

Nigeria doesn’t have a law that governs cryptocurrency yet, however, earlier this year, the Central Bank of Nigeria (CBN) released a statement that appeared to be a ban on the use of bitcoin as well as other digital assets in the country.

While this was perceived by many to be the beginning of the end of crypto in Nigeria, the situation however took another turn as crypto continues to bloom and flourish in the country. 

The ban has had little to no effect on cryptocurrency usage in the country as many have adjusted to the current situation, crypto users have found new ways to buy BTC in Nigeria and continue their crypto trades.

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Data Scientist, Tech Enthusiast and a Crypto Lover