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Why The Crypto Market Is Still A Big Deal In Nigeria

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Why The Crypto Market Is Still A Big Deal In Nigeria

Since the value of digital assets began to decline at the start of the second quarter, Nigeria, Africa’s largest economy, is more interested in them than any other country, according to a study by price tracker CoinGecko.

Nigeria received a score of 371 in the research which looked at Google Trends data for six queries, including ‘buy cryptocurrency’ and ‘invest in cryptocurrency’, and combined them to determine the score of global research from each English-speaking country. Singapore and the United Arab Emirates came after the West African nation.

Nigeria had the highest percentage of bitcoin owners in the world in October last year, according to the Finder Cryptocurrency Adoption Index, at 24%.

The United Arab Emirates is now ranked second with a total search score of 270 in April this year. Australia placed fourth, with Singapore placing third (261 points).

Stablecoins, bitcoins and other digital assets can sometimes replace the dollar, allowing consumers to protect themselves against naira inflation, although it can be difficult to obtain the dollar formally in Nigeria. Dollars are in high demand and are often scarce in the market as the majority of things Nigerians buy are imported.

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Cryptocurrency owners and traders are primarily in it for the money. Nigerian youths are generally unemployed at the moment. Almost one in three young people in Nigeria are unemployed, which is the third highest official unemployment rate in the world. Since the Academic Staff Union of Universities (ASUU) has been on strike since the first term, Nigerian university students have joined this idle congregation. One of the ways these young Nigerians stay active and earn a living is through cryptocurrency trading.

In Nigeria, the cryptocurrency market is rapidly becoming popular, although early adopters are still scrambling to acquire dollar-denominated assets. Even though the flagship crypto has lost over 60% of its value since its peak in November, it has still proven to be one of the most rewarding investments for many people.

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The Nigerian Stock Exchange announced in June that it intended to launch a blockchain-enabled platform the following year to expand trading and attract new investors. Recall that commercial lenders have been ordered by the CBN to cease their operations and transactions in cryptocurrency at the beginning of 2021 because it is a threat to the financial system.

Many industry players believe that this disruptive space can play a greater role in Nigeria’s economic ecosystem as long as it creates favorable market conditions and ensures that bad actors in its space do not take advantage of the evolution of technology. There is still a ton of room for growth and so many untapped opportunities.

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