Despite Central Bank of Nigeria (CBN) directives restricting licensed banks from engaging in cryptocurrency-related activities, Nigeria’s crypto market has defied the odds and consolidated its status as a key transactional vehicle in the sub-Saharan nation.
Nigeria’s cryptocurrency usage remains the highest in Africa and one of the most developed countries in the entire world, with an annual growth rate of 9 per cent despite the recent pullback on Bitcoin’s interest Chainalysis report, showed that Nigeria ranks third in the list of only six countries that have recorded consistent growth since 2021.
