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.
Many African consumers are fed up with the status quo of local currencies and existing payment platforms — and believe crypto could be the answer.
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
A prominent Nigerian politician has called for a formal legal framework for cryptocurrencies and blockchain technology so the country is not left behind.
Prominent Nigerian Politician Calls for Legal Framework for Cryptocurrencies
Lagos has an interest in crypto, but adoption is slow, with many only considering Bitcoin as an alternative means of receiving foreign payments.
Young Africa Looks to Crypto for Payment