Nigeria Pushes Forward with Crypto Adoption

October 29, 2021

According to a recent article from Techcrunch, Nigeria’s central bank has revealed it will be piloting the first ever digital currency in Africa, a monumental step for the country’s technological progress.

The use of digital currency has taken the world by storm, with businesses and governments alike actively developing plans to utilize it as a legitimate form of currency. The usual suspects have already made significant progress in development, such as the United States, China, but none have come close to the rate of Nigeria. The country is currently the world leader in crypto adoption, with 32% of Nigerian citizens claiming they own, or have owned, crypto currencies over the last year. This number is incredibly high compared to the world’s leading figures in tech advancement, with China's usage rate at just 7% and the United States at 6%.

Nigeria’s official digital currency will be called eNaira, and citizens will now be able to manage their funds through a mobile application that was revealed in late September. This move makes Nigeria one of only 14 countries across the globe that have initiated a crypto rollout with central banking support, a notable achievement that may attract attention from competing nations.

One of the key reasons why crypto has become a highly attractive payment option for Nigerian citizens is because of its cost-effective nature, as well as the fact that it does not require the use of traditional banks. Although its usage is certainly popular for citizens right now, some users are growing anxious as governments attempt to regulate and control crypto activity. This is already evident in China, with government officials banning crypto across the board at the end of September.

If Nigeria continues to maintain status as a global crypto leader, the country could eventually become a testing ground for eliminating fiat currency. Additionally, Nigeria’s enthusiasm for this technology could make the nation a new hub for future development, and could help Africia maintain an edge in this evolving tech space.

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Edited by Maurice Nagle

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