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    DESPITE THE CBN'S PROHIBITION, 33.4 MILLION NIGERIANS TRADE CRYPTOCURRENCY

    Abstract:Despite the Central Bank of Nigeria's prohibition on cryptocurrency-related activities in the banking sector, a crypto platform said that over 33.4 million Nigerians trade or hold crypto assets.
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      Despite the Central Bank of Nigeria's prohibition on cryptocurrency-related activities in the banking sector, a crypto platform said that over 33.4 million Nigerians trade or hold crypto assets.

      KuCoin, a crypto exchange with over 10 million registered users, stated in its research, 'Into The Cryptoverse: Decoding The World Of Crypto Consumers,' that the crypto populace is predominantly controlled by 18 to 60-year-olds.

      According to Google Trends, Nigeria had the largest amount of bitcoin searches internationally in early 2021, indicating the expanding utility of cryptocurrencies in the country. The data also pointed out that the countrys youth have been the decisive force behind the surge in bitcoin searches. According to our poll, which was done in early 2022, 33.4 million Nigerians, or 35% of the population aged 18 to 60, now possess or have traded cryptocurrencies in the last six months.

      “70% of these crypto investors said they will likely expand their cryptocurrency assets in the near future.” Another 6% of the country's population is interested in investing in cryptocurrencies in the next six months, suggesting that cryptocurrency usage may continue to rise.

      According to the crypto exchange, the naira's devaluation over the previous six years has fueled the nation's surge in the number of crypto users.

      “The Nigerian currency, Naira, has plummeted by more than 209% in the last six years,” it said. Early on, several Nigerians saw the financial possibilities presented by Bitcoin.

      “According to the report, 37% of crypto investors in the nation started trading cryptocurrencies more than three years ago.” Simultaneously, 6% began trading cryptocurrency more over six years ago.

      “Meanwhile, as prices continue to increase, with food inflation hitting its highest level since 2008, Nigeria's hard economic situation persists and has been exacerbated by COVID-19, making cryptocurrencies appealing alternative sources of income, particularly in the bullish market in 2021.” According to the report, 26% of cryptocurrency investors have started trading cryptocurrencies in the previous six months.

      According to the business, the average number of monthly transactions across African countries increased by 1,386.7% from January 2021 to January 2022.

      It also said that the number of users climbed by 2,467.2% within the same time period.

      According to Chainalysis, a blockchain data portal, the cryptocurrency industry in Nigeria and other African nations would grow by 1200% by 2021.

      Because of its peer-to-peer monetary systems, Nigeria is the sixth leading country in the world in terms of bitcoin adoption, according to the corporation.

      According to the survey, the African area, dominated by Kenya, Nigeria, South Africa, and Tanzania, has one of the highest levels of grassroots crypto adoption in the world. It went on to say that Africa has the world's third-fastest expanding cryptocurrency economy.

      According to the International Monetary Fund, emerging regions and developing economies are driving the adoption of crypto assets. It went on to say that nations in this area boosted their crypto exchange trade volumes in 2021.

      The CBN restricted cryptocurrency transactions in the country in February 2021. “Further to previous regulatory directions on the matter, the bank wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is forbidden,” it stated.

      The CBN has fined three Deposit Money Banks N800 million for breaching CBN laws prohibiting consumers from trading in cryptocurrency.

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