What Does Nigeria's Naira Float Mean for its Crypto Market?
The recent decision on 14 June by the Central Bank of Nigeria to allow the Naira to float freely against other currencies has significant implications for the crypto market in Nigeria. With the Naira no longer being pegged to the US dollar, it is likely that more Nigerians will turn to cryptocurrencies as a means of hedging against inflation and currency devaluation. This could lead to increased adoption of cryptocurrencies in Nigeria and a boost to the local crypto economy. However, it is important to note that the Nigerian government has been cracking down on cryptocurrency trading in recent years, so it remains to be seen how this new development will play out in practice.
