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.
Nigeria outperformed the rest of the world by the level of interest in Bitcoin over recent months.
Nigerian Crypto Activity Has Been On the Rise Since April
Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020.
India Leads P2P Volume Records Among Emerging Markets
Nigerian scammers converted millions of dollars into Bitcoin via Gemini exchange according to an FBI criminal complaint.
Nigerian Scammers Used BTC & Gemini Exchange to Siphon Millions
The U.S. Treasury added six Nigerian individuals to its sanctions list for alleged cybercrimes.
Six Nigerian Citizens Added to the US Sanctions List for Cybercrimes
Peer-to-peer Bitcoin trading in the United States has surged to post its strongest weekly volume on record, with almost $29 million trading on Localbitcoins and...
United States Sets New Record for P2P Bitcoin Trading
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