Cryptocurrency in Nigeria
Cryptocurrency in Nigeria describes the extent of cryptocurrency use, social acceptance and regulation in Nigeria. Nigerians are one of the major global users of cryptocurrencies. Prevalence The most traded pair is Bitcoin/Naira, and other cryptocurrencies popular in Nigeria include Dash and Ripple. With a total cryptocurrency transaction volume amounting to $400M, Nigeria ranks third after the United States and Russia according to 2020 estimates. According to a 2020 online survey, 32% of participating Nigerians used cryptocurrencies. At least as of late 2020, cryptocurrencies in Nigeria are a parallel and smaller system to the official Naira which the public still assigns importance to as the official currency. Researchers at the Central Bank of Nigeria suggest that rather than threatening the importance of the Naira, Perception Bitcoin was initially looked upon with scepticism and associated with ponzi schemes such as Bitconnect, OneCoin and Mavrodi Mudial Moneybox (MMM). Scams were commonplace in Nigeria and Bitcoin was often used as a tool for the victims of the scams to make payments as such Bitcoin was not separated in the perception of the people from these scams. Over time, these negative associations lessened due to factors that promoted the use of Bitcoin and cryptocurrencies. Factors