State of Digital currencies in Nigeria
As of Q3 2023, Africa is currently the fastest-growing digital currency market among developing economies and the third-fastest growing market in the world. At this rate, many have poised Africa to be the next hub of digital currencies development. At the centre of all this, Nigeria is one of the main African countries driving Africa’s digital currencies growth, having ranked 2nd in P2P usage worldwide.
What you should know!!!
In terms of digital currencies-related use according to a report done by Chainalysis, a US data platform. According to Google and other search engine’s data, Nigerians are the most “digital currencies-crazy” nation as they rank first among 15 countries surveyed.
What could be the driver of the adoption.*
This surge in digital currencies adoption amongst Nigerian could be attributed to a lack of access to traditional financial services. Additionally, the depreciation of their domestic currency, the Naira alongside rising inflation could be another major factor contributing to Nigerians holding digital currencies as their main form of assets.
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