More than two years have passed since Africa’s biggest economy banned licensed banks from engaging in cryptocurrency-related activities as a means to clamp down on a surge of unregulated transactions. Yet, despite such regulatory limitations, Nigeria’s crypto market has defied the odds and consolidated its status as a key transactional vehicle in the sub-Saharan nation.
Today, Nigeria’s cryptocurrency usage remains the highest in Africa and among the most developed in the world as a whole, with a year-on-year growth rate of 9%, according to a report from Chainalysis, which puts Nigeria in third place on a list of only six countries that reported constant growth since 2021.
