West African country, Nigeria has been named global leader in cryptocurrency usage. Report by a well known cryptocurrency exchange provider revealed how Nigeria leads the world in cryptocurrency especially in 2021.
But Nigeria government prohibits its usage in the federal nation. Binance in a blog post ranked five countries including Nigeria to be leading the world in cryptocurrency transactions; with Nigeria topping the list based on a statista survey with 32%. Other countries include Vietnam, the Philippines, Turkey and Peru.
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The use of cryptocurrency in Nigeria in recent times has galloped despite federal government’s ban. Youths in the country who find it very difficult to secure jobs for themselves after tertiary education find solace in cryptocurrency and other online sources to make money for themselves.
“Topping the list is the African Nation of almost 200milion people, mainly on the younger, more tech-savvy side. With most Nigerians adapt at sending money and paying through their phones, almost a third of Nigerians surveyed by statista have used or owned crypto at some point” the report revealed.
Nigeria’s Central Bank banned all forms of digital currencies in February 2020. The Bank said it did so to protect citizens of Nigeria from the volatility of the market. It however turned around to announce a trail of its own digital currency in October