Nigeria’s crypto transaction volume increased year over year to $56.7 billion.
The crypto market is expanding
The corporation reported a 9% year-over-year growth between July 2022 and June 2023. It claimed that despite market volatility in the industry, the nation’s crypto economy is still expanding.
According to Jerrymusa.com , Nigeria is one of just six top-50 countries worldwide whose crypto transaction volume increased year over year throughout the time period we looked at.
Among those six, its growth rate of 9.0 percent places it third. The company claims that country residents are using cryptocurrencies to protect the value of their investments from rising inflation and debt.
Crypto, a Solution to Nigeria Economic Problem
“The evidence suggests crypto is one solution to Nigeria’s economic problems,” it continued. Nigeria has had two significant recessions since 2016, both of which were exacerbated by the COVID-19 outbreak, the drop of oil prices, and an unsteady political climate.
As a result, Nigerians of all ages experience enormous unemployment — more than 20 million individuals were looking for work in 2021 — and many leave their country to seek employment abroad.
According to Chainalysis, interest in Bitcoin and stablecoins has generally increased as the value of the Naira has fallen.
Crypto changing lives across Africa
The company pointed out that while Nigeria ranked as the second-highest country in the world in terms of crypto adoption, Sub-Saharan Africa had the smallest crypto market.
“Although Sub-Saharan Africa has consistently had one of the smallest cryptocurrency markets, a closer examination reveals that cryptocurrency has infiltrated key markets and grown to play a significant role in the daily lives of many residents,” it continued.
No nation embodies this better than Nigeria, which ranks second overall on our Global Crypto Adoption Index and also tops the region in terms of raw transaction volume, as we’ll cover in more detail later.