Nigeria, Africa’s most populous nation, has witnessed a burgeoning interest in digital currencies. According to a report, Nigeria’s recent spike in crypto usage can be attributed to economic conditions and the nation’s youth-driven technological resurgence.
The implications of this growing trend can’t be understated, especially considering Nigeria’s position as Africa’s largest economy. Nigerians are seeking viable alternatives for their financial activities, with the naira experiencing significant devaluation and inflation rates soaring.
Crypto Transactions Surge Amid Naira Devaluation
According to a New York-based blockchain analytics firm Chainalysis report, Nigeria’s cryptocurrency transactions swelled 9% year-over-year, reaching $56.7 billion between July 2022 and June 2023.
This growth in digital asset adoption is similar in neighboring…
