Everyone will remember the recent Nayib Bukele affair that prompted El Salvador to legalise Bitcoin as the country’s official digital currency. In Nigeria, we have not yet reached these levels; on the contrary, the government seems to be very much against it. However, its position in the ranking of countries trading online with this asset is second.
The figures speak for themselves. In dollars, the amount of Bitcoin received by users in Nigeria as of May 2021 was 2.4 billion. It is basically second only to the United States of America.
Like El Salvador, Nigeria’s economy relies heavily on remittances coming in from abroad. In addition, its population, having a very young average age, is more accustomed and inclined to the use of Bitcoin for several reasons.
First and foremost is taxation. Bitcoin, like other cryptocurrencies, is not subject to state and economic regulations. Let’s not forget government repression. The last one in Nigeria happened only last year. Last but not least, the exchange rate. Suffice it to say that the Nigerian naira has plummeted 30% against the dollar in the last five years.In short, a series of situations have led Nigerians to choose Bitcoin, moving approximately 50% more cryptocurrencies than in the first five months of last year. We shall see what happens as the rather repressive government is not very happy about this, having already forced banks to close the accounts of those who also handle cryptocurrencies.
Finally, the dream of Nayib Bukele, president of El Salvador, has come true. It is the first country in the world to have legalised Bitcoin. Absolute freedom for this cryptocurrency, on a par with the dollar, its official currency.
7 Comments
Hall
Estimates show that of the top 10 countries for trading volumes, Nigeria ranked third place after the US and Russia in 2020, generating more than $4 worth of transactions.
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