The trading volume of #Crypto at #Nigeria has increased by 9% in the past 2 years, making Africa's most populous country one of the TOP 3 countries using Crypto most strongly, despite the gloomy period of the market.
It is also estimated that more than 22 million people - about 10% of the Nigerian population own Crypto, despite the ban on banks providing crypto services from 2021. 1 in 3 Nigerians "play" Bitcoin, total value trading is second only to Russia and the US.
Crypto usage & ownership rates in Nigeria are driven by rising inflation and strict foreign exchange controls. The inflation rate here is more than 26%, the highest level in nearly 20 years.
This caused the local currency Naira to seriously depreciate against the US dollar. Thanks to that, #stablecoin like $USDT or #Bitcoin is considered a useful means to protect assets, especially when it is difficult for ordinary people to access foreign exchange.
