Nigeria is seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The Word Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime and human rights. Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services.
Africa is the fastest-growing mobile market and it could possibly make this continent the world’s biggest payment systems based on blockchain tech and unbanked ...
Unpacking the Potential of Blockchain and Infrastructure in Africa
New Year Special
Data clearly suggests a link between Bitcoin’s price volatility and global Google searches for the top crypto.
Whenever Bitcoin Prices Go Up or Down, Google Searches Soar
Many African consumers are fed up with the status quo of local currencies and existing payment platforms — and believe crypto could be t...
Crypto in Africa: Opportunities and Challenges, Explained
Nigeria-based Satowallet has allegedly performed a $1 million exit scam as users have been unable to access their crypto since April.
Users of Nigeria-Based Crypto Wallet Lose $1M in Alleged Exit Scam
Keith Mali Chung — co-founder and president of African blockchain firm Loopblock Network — has returned almost $80,000 worth of Bitcoin mistakenly sent to his w...
Nigerian Crypto Educator Returns $80K in Bitcoin Received by Mistake
Blockchain technology is finding real-world utility across Africa via public-private partnership agreements in solving some of the continent’s burning issues.
Africa Using Blockchain to Drive Change: Nigeria and Kenya, Part One
The CEO of the Nigeria Deposit Insurance Corporation says cryptocurrencies are very risky since they are not regulated or backed by central banks.
Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency