Despite the CBN’s 2021 ban, Nigeria’s crypto market is thriving, with $59B in transactions (July 2023–June 2024)—nearly half of Sub-Saharan Africa’s total. Inflation, naira depreciation, and high remittance costs drive adoption, with 85% of trades under $1M, showing crypto’s real-world impact.
Instead of curbing usage, the ban pushed trading into P2P channels, making regulation harder. Experts urge collaboration over restriction, integrating blockchain into finance to enhance services, monitor transactions, and foster growth.
However, crypto scams hit $10B globally in 2024, raising security concerns. A balanced regulatory approach could protect users while enabling innovation.
Nigeria is a crypto powerhouse—will it resist or embrace the shift?
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