Markets are affected by demand and supply. This led to measures to ensure better practices and businesses that can support the demand for the goods and services provided. Some people are pushing for the same thing in cryptocurrency. People are creating a big demand for services, that the government and organisations have no choice but to set up the required infrastructure for the services. This article focuses on how experts and crypto believers from Nigeria are improving cryptocurrency adoption and decentralising the economy.
Cryptocurrency in Nigeria
Nigeria is among the leading markets in cryptocurrency in a few categories. From a list released a few weeks ago, Nigeria is in the top three African countries that have adopted cryptocurrency. Kenya is the leading African nation on the list, but when you consider the total population in each country, Nigeria has the leading number of cryptocurrency users in Africa. In 2021, Nigeria recorded a cryptocurrency growth rate of 1200%. This is an impressive rate, and any business with such growth makes stakeholders happy. Nigeria’s crypto holders and users could trade 316.9 billion worth of Naira in Bitcoin in 2021. This translates to $763 million worth of bitcoin. This amount was spread across the 6 million transactions. Each day, Nigeria alone carried out 16000 transactions. The citizens could do this while the Central Bank of Nigeria banned cryptocurrency.
Central Bank of Nigeria and the Government
Due to these statistics, it is about time that the Central Bank of Nigeria and the government make Nigeria the crypto hub in Africa. Other countries, such as El Salvador and the Central African Republic, were not as equipped and prepared as Nigeria for cryptocurrency adoption. Despite this, they are doing it to improve their economy and their people. Nigeria is already leading in peer-to-peer transactions globally, and over 35% of the entire population has made a cryptocurrency trade in the last six months.
If measures are meant to make cryptocurrency legal, this rating will increase at an impressive rate. The recommendation is that Nigeria should lift the country’s cryptocurrency ban. Rather than banning cryptocurrency, the government and the Central Bank of Nigeria should focus on implementing crypto regulations. These will protect users and investors, allowing safe usage of cryptocurrency in the country. There are currently 50 million crypto users in Nigeria, which is rising. This will allow businesses in Nigeria to be able to allow cryptocurrency payment for goods and services. It will also reduce expenses on businesses and help decentralise the economy.