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.
Yemi Osinbajo sees potential for crypto and blockchain.
Blockchain and crypto will challenge current finance, Nigeria VP says
Traders are accustomed to slight price differences between exchanges, but is a 70% gap sustainable?
Why is Bitcoin $86K in Nigeria? Here's why the BTC premium is huge in some countries
Nigeria’s central bank is doubling down on its anti-cryptocurrency stance.
'Cryptocurrency is not legitimate money,' says Nigeria's central bank governor
Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country.
Crypto market too big to ignore, says Nigeria SEC
Statista has found that one-in-three Nigerians held or used crypto assets during 2020.
Nigeria and South East Asia led global crypto adoption in 2020
In the wake of the recent ban on Nigerian banks' servicing of crypto exchanges, Bitcoin's price in the country has seemingly spun out of control.
Bitcoin selling at 36% premium in Nigeria
Crypto and blockchain stakeholders in Nigeria have criticized the central bank’s decision to ban banks from servicing crypto firms.
More harm than good? Nigerian crypto users in disbelief over CBN ban