Nigeria’s Interest in Bitcoin Jumps Back, Despite CBN Ban

• Nigeria has been rated as the second country with the most interest in Bitcoin, despite the ban on cryptocurrency in the country

• The West African country is ranked behind only El Salvador who adopted Bitcoin as its legal tender some months ago

• Geographical metrics indicate that the most interest or crypto in the country comes from Delta, Anambra, Bayelsa, Edo, and Enugu

Nigeria has been rated the second country with the most interest in Bitcoin, behind only Central America’s El Salvador.

This is despite huge efforts made by the government to deter people from cryptocurrency by banning crypto trading in Nigeria.

The Central Bank of Nigeria issued a ban on cryptocurrency trading in February, stopping financial institutions from participating in crypto-related transactions.

The campaign has since been intensified by the Apex bank with P2P platforms and customers who trade crypto assets targeted.

CBN claims that the anonymity and speculative nature of these digital assets make them great for money laundering and sponsoring terrorism.

Data from Google trends indicate that there has been a change in the way Nigerians view the financial system due to the financial market turmoil caused by COVID-19.

Read also: Bitcoin Will Replace U.S. Dollar- Twitter Founder, Jack Dorsey

Based on geographical metrics, Delta, Anambra, Bayelsa, Edo, and Enugu ranked as the top 5 states with interest in cryptocurrency from Nigeria.

As the Naira, continues to be devalued, many youths in the country have picked crypto and stable coins as better alternatives to store their money.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.