Finance

Bitcoin Usage Increases In Nigeria As Users Ignore CBN’s Warning

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Users of bitcoin and other digital currencies in Nigeria have been warned, by the Central Bank of Nigeria, (CBN), to desist from using the currencies, as legal tender.

This was revealed, in the December 2019 edition, of ‘The Nigerian Banker’. The Chartered Institute of Bankers of Nigeria, (CIBN), had highlighted, how the cryptocurrency is, taking a boom in the country, not minding the apex bank’s stance, against the digital currency.

The CBN, also, mentioned that cryptocurrencies, are not Nigeria’s legal tender, while stating that, the Naira stands, as the, only, recognised legal tender, raising concerns, over the digital currency. The Nigerian senate has, also, taken similar stands, on bitcoin and other cryptocurrencies.

Bitcoin users in the country, however, seems unshaken, from the warnings of the CBN and the Senate, on cryptocurrencies.

With the slow rate of growth of the economy, in the country, income per capital has gone down the drain.

With security challenges, ravaging some northern parts of the country and some other unpredictable factors, bitcoin users, appear to have taken solace, in cryptocurrency, which they claim, guarantees financial freedom.

Since 2011, the popularity of bitcoin has soared in Russia, Germany, New Zealand, the UK and the United States of America.

Since the turn of 2017, however, Nigeria and another Africa country, South Africa, have been in the spotlight, as bitcoin hotspots on the African continent.

Ever since, both countries have topped the bitcoin rankings, by countries, in Africa, is an indication that, cryptocurrency is not alien, to both.

This has led Binance, to place Nigeria’s Naira’s as the foremost fiat-to-crypto trading pair.


Also read, What 2020 And Beyond Hold For Transaction In Bitcoin


Is this cryptocurrency surge, on the African continent, a clue to, why Twitter CEO, Jack Dorsey is, relocating to Africa, for some months?

Jack appears to be aware of the interest in bitcoin rise, on the African continent. He, probably, does not want to take chances, thus, avoid losing out, of the eventual bitcoin boom, in Africa.

During his visit, specifically, to Ghana, Jack took part, in a local cryptocurrency meetup.

Ghana is one of the African countries, where bitcoin usage is growing, immensely.

Do you have any reservations, for cryptocurrency usage, as it is getting more traction? Let us know, in the comment section.


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