Cryptocurrency usage in Nigeria continues to rise as the country confronts a weakening currency and soaring inflation, according to a report from New York-based blockchain research firm Chainalysis released on Wednesday.
Ranking second overall on the firm’s Global Adoption Index, Nigeria received approximately $59 billion in cryptocurrency value between July 2023 and June 2024, reflecting a 4.06 percent increase from the $56.7 billion recorded in the previous year.
Like many African nations, Nigeria is grappling with a foreign exchange crisis that has accelerated cryptocurrency adoption. Chris Maurice, CEO and Co-Founder of Yellow Card, stated, “About 70 percent of African countries are facing an FX shortage, and businesses are struggling to access the dollars they need to operate.”
The report highlighted a growing trend among individuals turning to stablecoins as banks exhaust their dollar reserves. Maurice noted, “The banks don’t have dollars, the government doesn’t have dollars, and even if they did, they wouldn’t distribute them.”
Credit: Businessday|Chainalysis
