Favour Osoba
Nigeria’s volume of crypto transactions experienced a 9% year-over-year growth, surging to a total of $56.7 billion during the period spanning July 2022 to June 2023.
Nigeria’s tech-savvy, youthful population has eagerly embraced cryptocurrencies, utilizing options such as peer-to-peer trading on crypto exchanges as a means to circumvent the restrictions imposed by the traditional financial sector, as highlighted in the report.
According to a report by the New York-based blockchain research firm Chainalysis, the adoption of cryptocurrencies in Nigeria is on the rise.
In contrast, Uganda, while smaller in crypto usage, demonstrated rapid growth, with a remarkable 245% increase in crypto transactions amounting to $1.6 billion within the same timeframe.
Meanwhile, Kenya witnessed a substantial decline, with crypto usage dropping by more than half to $8.4 billion, as outlined in the report.
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