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.
Crypto adoption appears to be growing across the continent of Africa.
Africa Is Experiencing a Crypto Renaissance
According to a new report, African nations have the highest rates of cryptocurrency adoption throughout the world.
Report: Africa Is Bullish on Crypto Despite Infrastructure and Regulatory Hurdles
Social payments application Bundle launched its service in Nigeria after incubation by leading cryptocurrency exchange Binance.
Binance-Backed Cryptocurrency Payments App Bundle Launches in Nigeria
Nigeria, Africa’s largest economy and largest source of Bitcoin trading volume on the continent, has welcomed its first Bitcoin ATM.
Nigeria Becomes Eighth African Nation to Welcome Bitcoin ATMs
MakerDAO’s Gustav Arentoft talks decentralization and regional expansion in a new interview with Cointelegraph.
MakerDAO’s Gustav Arentoft: Decentralization Is Not a Binary Choice
After launching Nigerian Naira deposits in October 2019, Binance adds support of NGN as its first African currency for P2P trading.
Nigerian Naira Is First African Fiat Currency Supported on Binance P2P
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