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.
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
Paxful Inc. has been accused of defrauding Nigerian investors out of millions of dollars worth of crypto through arbitrary account closures.
Nigeria: Financial Watchdog Receives Petition Against Crypto Exchange Over Account Closures
From Venezuela to India, crypto is being increasingly used in times of economic crisis.
Global Economic Crises Show Idea of BTC as Store of Value Catching On
Blockchain lottery operator Quanta moves to reap the benefits of Nigeria’s gaming fever.
Blockchain Project Aims to Reform Traditional Lottery in Nigeria
The Nigeria Deposit Insurance Corporation’s director defined Bitcoin’s disintermediation and fintechs as “critical concern to the corporation.”
Nigerian Banking Regulator Warns Bitcoin’s Disintermediation Is a ‘Critical Concern’
The presidential candidate of Nigeria’s leading opposition party promises to regulate cryptocurrency if he wins the elections in February.
Blockchain Could ‘Speed up the Economy,’ Says Nigerian Presidential Candidate
Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies.
Banks and Cryptocurrencies Global Evaluation: Africa