• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Crypto Boom in Nigeria: $59 Billion in a Year

user avatar

by Giorgi Kostiuk

5 hours ago


Despite strict regulations, Nigerians actively trade cryptocurrencies, reaching $59 billion from July 2023 to June 2024.

The Role of Crypto in Nigeria's Economy

Despite the Central Bank of Nigeria's (CBN) ban on dealing with cryptocurrencies, transaction volumes reached $59 billion according to KPMG. The ban aimed to curb the use of digital assets due to concerns over fraud and money laundering. However, many Nigerians continue using P2P platforms and decentralized exchanges, complicating transaction monitoring.

Why Crypto Thrives in Nigeria

Economic instability and inflation drive many Nigerians to seek financial alternatives. Cryptocurrencies like Bitcoin and USDT offer a hedge against the devaluing naira, giving people more control over their money. The younger, tech-savvy population is increasingly embracing digital currencies for investment and remittances.

Despite the Central Bank of Nigeria prohibiting cryptocurrency trading, Nigerians transacted approximately $59 billion in crypto assets between July 2023 and June 2024, according to a new report by KPMG, one of the largest accounting firms in the world.Documenting Bitcoin

Looking Ahead: Regulation or Prohibition?

The Nigerian government faces a tough challenge. While the Central Bank maintains its anti-crypto stance, the high transaction volume indicates rising demand. Experts suggest regulation could be a more effective approach than prohibition. As Nigerians continue to engage with crypto, the pressure for a clear legal framework is likely to grow.

Crypto trading in Nigeria shows resilience amid strict regulations, highlighting the need for regulatory strategy reassessment.

0

Share

Other news

How Vitalik Buterin's DHN Sale Crashed the Price by 50%

Vitalik Buterin sold 5,000 DHN, triggering a 50% price drop.

user avatarGiorgi Kostiuk

6 minutes ago

Impact of Paul Atkins' SEC Nomination on Cryptocurrency Regulation

Paul Atkins’ SEC chair nomination could alter the approach to cryptocurrency regulation in the US.

user avatarGiorgi Kostiuk

7 minutes ago

Impressive Inflows for Bitcoin ETFs Amid Growing Investor Confidence

Bitcoin ETFs attracted $274.6 million on Monday—the largest single-day inflow since February, signaling a return of investor confidence.

user avatarGiorgi Kostiuk

10 minutes ago

TUT Price Skyrockets Over 1300% Following Binance Alpha Listing

TUT is an educational token on BNB Chain, whose price surged after being listed on Binance Alpha. Details inside.

user avatarGiorgi Kostiuk

11 minutes ago

$OTHERS Breaks Above the 200-Week Moving Average: Market Shows Positive Trend

$OTHERS moves above the 200-week MA, signaling a potential bullish trend. Analysts observe market movements with interest.

user avatarGiorgi Kostiuk

11 minutes ago

Aptos LFM Program: Support and Growth for Crypto Ecosystem

Discover Aptos' LFM program aimed at supporting and growing crypto projects through successful TGEs.

user avatarGiorgi Kostiuk

12 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.