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 countries: Uganda saw its crypto usage skyrocket by 245% to $1.6 billion. In Kenya, the situation is different as the country experienced a sharp decline in crypto adoption, with its usage plummeting by over 50% to $8.4 billion, according to Reuters.

This uptick in Nigeria’s crypto activity coincides with significant economic turbulence. Notably, the naira’s value dropped considerably in June and July 2023. Such financial instability has pushed many Nigerians towards Bitcoin and stablecoins.

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Author: Samuel Edyme

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