The Nigerian populace’s interest in Bitcoin remains strong despite regulatory obstacles set by the country’s Central Bank. The Central Bank of Nigeria (CBN) had issued a circular in February 2021 prohibiting banks and financial institutions from conducting transactions in cryptocurrencies or facilitating payments for crypto exchanges. However, this has not deterred the Nigerian population from exploring and investing in Bitcoin, as it continues to gain traction as a popular form of digital currency.
The country has seen a surge in peer-to-peer (P2P) Bitcoin transactions in recent times, indicating that the Central Bank’s restrictions have not dampened the enthusiasm for cryptocurrencies. The people are increasingly turning to Bitcoin and other cryptocurrencies for their transactions to mitigate the economic instability in the country. In fact, Nigeria ranks third globally in Bitcoin holdings as a percentage of gross domestic product (GDP), demonstrating the significant role that Bitcoin plays in its economy. Despite the regulatory challenges, Bitcoin continues to flourish in Nigeria, showcasing the resilience and adaptability of the digital currency market.
