Despite President Tinubu's administration imposing restrictions on peer-to-peer (P2P) trading of cryptocurrencies, which angered many young Nigerians, enthusiasm for bitcoin has not waned.
According to Google Trends statistics, Nigeria, Africa's largest #cryptocurrency market, is currently the country with the most interest in #bitcoin (BTC), while El Salvador is the largest cryptocurrency market in the world.
According to geographical analysis, Delta states are the leaders in interest in bitcoin, followed by Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo and Imo states. It is worth noting that Lagos, Nigeria's commercial center, is not among the top 15 cities in terms of interest in bitcoin in Google search results.
Evidence suggests that areas characterized by insecurity, low banking penetration and high percentage of youths are reliable means of storing valuables and facilitating payments.
Nigerians turn to stable coins, mostly pegged to the US dollar, as a hedge against inflation and currency fluctuations. Tether (USDT) dominates the market as the most popular stable currency, making its use increasingly practical for local businesses and the diaspora for transactions.
According to a UN study, Nigeria is now one of the youngest countries in the world and one of the fastest growing countries in Africa. The under 15 age group accounts for 43% of the population.
Recently, the Nigerian government has taken several questionable actions to solve economic problems and prevent the currency from collapsing.
In 2024/5, the Nigerian government began preparing to introduce new regulations banning P2P exchanges of #cryptocurrencies using the national currency, the Nigerian naira.
The regulator's firm stance was demonstrated when it arrested top executives Tigran Gambarian and Nadeem Anjarwalla after banning #Binance from operating in Nigeria earlier this year and showed its determination to comply with regulatory standards.
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