Nigerian volumes of crypto transactions are becoming increasing

[Mr Reporter]

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight made me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

[Marvelockg]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

crypto transaction has never been illegal in Nigeria and till date, it's still not illegal in Nigeria. What's the case is that banks don't accept cryptocurrency but outside of that, we have offices that are scattered around different states of the federation where people openly take courses on crypto and they never get arrested for doing so.

As for the growth of crypto in Nigeria, what you should know is that the more deficult it is to get local jobs in the country, the more people will tilt to other sources for thier livelihood and crypto will continue to gain momentum due to this. An average person that wouldn't have come into the crypto space is now an active crypto enthusiast because the benefit in it far surpasses what you get from working for our government. A large percentage of youths are in the digital sector and now find it more rewarding to work from home as opposed to working under our hot climatic condition and in a bid to work from home, crypto still plays a very vital role here. We can continue to list hundreds of reasons why we have a lot of active crypto users in Nigeria and why in the coming years, the numbers will even increase. As we increase in our numbers, the numbers of those carrying out crypto transaction in Nigeria also increases and possibly, we might become one of the strongest Bitcoin adoptors globally.

[Spaceman1000$]

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

One of the pointer to which Nigeria has a high volume of Cryptocurrency transaction is the fact that, we have high numerical strength in terms of population. I think about 50% of the over 200 million persons in Nigeria are the youthful population which are highly into tech and other creative innovations, so seeing this percentage increase is not really surprising to me, though is a welcome development, as it's shows that we are competing at the global stage as a people.

Going by the link you shared about the Nigerian Government on restriction of cryptocurrency activities, I think it was an old story that had some restrictions on transactions on cryptocurrency which so far this current CBN Governor has been able to lift those suspensions, however cryptocurrency and it's activities was never at a time illegal in Nigeria.

[Churchillvv]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

One thing you must put in mind is we cannot do away with the government in terms of cryptocurrency legalization so saying let's forget about the government means we can do without governmental play in the country which is never possible so put all things together even in the next 5 years to 10 years I don't see bitcoin or crypto generally being legalized.

For the record , Nigeria is not just a high capacity country it's a multinational state that gives it's the edge of performing higher than other countries around Africa but we are being suppressed with leadership and bringing the output of the crypto including the technological capacity down. With the revolution that is amid to strike soon temporary changes might apply.

Additionally, the increase in adoption of cryptocurrency is triggered by the demand of working internationally or as freelancers which payment is more easier to take in cryptocurrencies than in another payment method you can agree with me on that.

[Obari]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

crypto transaction has never been illegal in Nigeria and till date, it's still not illegal in Nigeria. What's the case is that banks don't accept cryptocurrency but outside of that, we have offices that are scattered around different states of the federation where people openly take courses on crypto and they never get arrested for doing so.

I don’t think your argument if factual enough to justify why isn’t not right to say bitcoin is illegal in the country because having a physical shop where people trade bitcoin and cryptocurrencies doesn’t mean bitcoin is legal after all don’t we have physical stores where smoke accessories are sold ?

Bitcoin might not have been directly illegal in the country but meh the actions on it made it seem bitcoin was illegal and I don’t know for you but at some point, i felt extremely unsafe to let a security personnel I was a bitcoiner because it seems as at then that, bitcoin was associated with fraud.

@op, Nigeria is already a crypto hike and if you do a more deeper research you’ve find that, we’re one of the highest cryptocurrency adopters and that alone should speak volume for itself that Nigerians are seeking freedom through bitcoin and soon the government will have no choice but dance to the tune of accepting bitcoin obviously.

[Jaycoinz]

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

One of the pointer to which Nigeria has a high volume of Cryptocurrency transaction is the fact that, we have high numerical strength in terms of population. I think about 50% of the over 200 million persons in Nigeria are the youthful population which are highly into tech and other creative innovations, so seeing this percentage increase is not really surprising to me, though is a welcome development, as it's shows that we are competing at the global stage as a people.

Going by the link you shared about the Nigerian Government on restriction of cryptocurrency activities, I think it was an old story that had some restrictions on transactions on cryptocurrency which so far this current CBN Governor has been able to lift those suspensions, however cryptocurrency and it's activities was never at a time illegal in Nigeria.

Nigeria is certainly the power house of commercial strength and the best part is that it's the youth of the nation that's fully involved in this. Nigeria are all about crypto and other high tech innovation because of the massive benefits and aid it gives us looking at how frustrating the government of our nation tries limit this but yet the business boom keep striving thanks to the internet and incredible sense of evolving ourselves to the situation around us.

[Coyster]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

Crypto and crypto transactions dey legal for Nigeria na, e no get when our government declare say crypto dey illegal. I know say them dey attack crypto and crypto users and dem never really publish regulatory framework wey dey clear, but crypto still dey legal. If you dey talk about legal tender status, then that one na another thing, and i don't think bitcoin will ever be a legal tender in Nigeria, and not just in Naija, but in most countries.

[Juicyhome]

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

One of the pointer to which Nigeria has a high volume of Cryptocurrency transaction is the fact that, we have high numerical strength in terms of population. I think about 50% of the over 200 million persons in Nigeria are the youthful population which are highly into tech and other creative innovations, so seeing this percentage increase is not really surprising to me, though is a welcome development, as it's shows that we are competing at the global stage as a people.

Going by the link you shared about the Nigerian Government on restriction of cryptocurrency activities, I think it was an old story that had some restrictions on transactions on cryptocurrency which so far this current CBN Governor has been able to lift those suspensions, however cryptocurrency and it's activities was never at a time illegal in Nigeria.

Nigeria is certainly the power house of commercial strength and the best part is that it's the youth of the nation that's fully involved in this. Nigeria are all about crypto and other high tech innovation because of the massive benefits and aid it gives us looking at how frustrating the government of our nation tries limit this but yet the business boom keep striving thanks to the internet and incredible sense of evolving ourselves to the situation around us.

Nigeria is a center of trade, not just crypto transactions, but anything that has to do with social network Nigeria must top, the high rate of unemployment has made the youths to divert into many social media trades just be to okey, and crypto is one of the area naija youths dey really reply on, so dem dey always trade and buy,  couple with the population advantage,  naija is over populated, and a good venture for business. So I'm not surprised

[Ojinga]

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight made me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.

transacted more than 56.5 trillion naira worth of digital assets in the crypto market between July 2022 and June this year...
ttps://x.com/olumidecapital/status/1704447116288938175?t=kIGf_iO9plFt4budkowsmA&s=19

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

first Bitcoin wasn't illegal just that the government See's Bitcoin as an asset that generate money through mining, so before 3years coming in this Nigeria I believe all the youths will go into Bitcoin. Because right now as you can see Nigeria is the one of the most highest population that are trading and working most, we all know that the united state are the one's in charge but I believe before 3years coming Nigeria will take over.

[Ishicryptic]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

Crypto and crypto transactions dey legal for Nigeria na, e no get when our government declare say crypto dey illegal. I know say them dey attack crypto and crypto users and dem never really publish regulatory framework wey dey clear, but crypto still dey legal. If you dey talk about legal tender status, then that one na another thing, and i don't think bitcoin will ever be a legal tender in Nigeria, and not just in Naija, but in most countries.

Cryptocurrency is not illegal in Nigeria, if it so, I doubt that we will be among the top crypto users in the world today and the adoption would not have increased to this level in the country. It is only that our government has not been supportive of it by allowing banks not facilitate cryptocurrency transactions and the recent issues with exchanges where we can not also carry out naira p2p transactions. I hope that our government will see the benefits of cryptocurrency as a job creation in the country and remove every restrictions so that Nigerians in the crypto industry in the country will be happy.

I'm not surprised that our volume of cryptocurrency transactions is increasing compared to many other countries, the harsh economic situation in the country is making people to seek for alternative sources of income. I believe that the number of Nigerians that will join crypto businesses will still be increasing because the economy is not getting better and the youths needs to engage in money making ventures.

[EluguHcman]

Well guys this insight made me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

The impressiveness based on the highily volume of crypto adoptions and transactions in Nigeria you see today is not an encouragement of the Nigeria government.
So the Nigeria you know as a country has its governance which has never supported the dominance of cryptocurrencies amongst its citizens today.

Another thing to be recognized in this Nigeria that you know is that the government has been trying to manipulate the minds of the people against crypto adoptions and also been distabilizing the centralized exchanges which has been convenience platforms for the citizens to trade their coins by asking the exchanges to delist the naira from its P2P feature but yet, the Nigerians you know remains focus and courageous not to be distracted with their goals on the crytop currency especially Bitcoin being a most reputable crypto coin which has gained a most global dominance.
So if you want to give a remarkable applaud, it should be a recognition to the citizens as the Nigerians and not the government of Nigeria.

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

The future is uncertain but courageously we all hope for better days ahead. It is usually the government as an authority to decide on crypto centralized utilizations such as adoption for legal tender which means even the government sectors would accept it for an exchange of payments or varies of exchanges.

But though at now, cryptocurrency has never been an illegal currency aside the bridge of the government sectors not accepting it.

I can only tell that the volume of adoption would increase comparing to todays.

[SmartGold01]

It is not hinder that Nigerian are all over in the world when you talked about crypto they are key players if you talked about business they are all over, if talk about countries they are also scattered in abroad. So I wouldn't surprised seeing them increasing overly as I know they must create a great impact in the cryptocurrency industry for that I can never underestimate them because they creates more awareness to the spaces and mostly found for their creativeness.

[HajiBagi]

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

Crypto and crypto transactions dey legal for Nigeria na, e no get when our government declare say crypto dey illegal. I know say them dey attack crypto and crypto users and dem never really publish regulatory framework wey dey clear, but crypto still dey legal. If you dey talk about legal tender status, then that one na another thing, and i don't think bitcoin will ever be a legal tender in Nigeria, and not just in Naija, but in most countries.

Normally crypto still Dey legal for Naija, if to say E Dey illegal we no go fit reach this stage wey we don reach with am today, although our government still Dey complain about it because of things wey no Dey settle for Naija and no be crypto fault because if the government sabi him work Naija no fit be like this, every day people wey Dey get involve in crypto Dey increase because na another way wey be say many of Nigeria youths Dey chop be that, even our government too Dey do crypto and they can’t deny it because them too get dollars for their wallet that them Dey save.

I’m not surprised that Nigeria has the highest population of people wey Dey do crypto because na country wey Dey hungry and them no get hope go get high population for crypto, normally crypto na better thing but we all believe that if work Dey Naija you think say people go plenty for crypto like this, I believe some people no go even know what is crypto because they will be satisfied with the work wey the government give them but here today more thousands of youths Dey street without no work and we Dey expect say make we no plenty for crypto, na lie we must do crypto to survive.

[Cryptoprincess101]

Since this chart is about trading crypto I can accept that Nigerians are at the forefront of crypto transactions because normally make we tell ourselves the truth, no be every body get the mind to dey buy and hodl cryptocurrency even though Bitcoin sef because almost every body for the country believes in sharp sharp deal wey you go just see your profits for eye because wetin dey make us focus more on trading be say you fit even spend years to they hold one or two coin but las las you fit still loss then you go come calculate the time wey it take you to build that investment but at last e come crash so we dey dey more interested in something wey we go dey see our profits and losses as e dey hot.
           There was never a time cryptocurrency was illegal in Nigeria even though say news been once carry am say Nigerian government ban cryptocurrency but the thing wey dem focus more na exchanges since dem been feel say na the p2p platform wey dey for exchanges naim dem dey take manipulate the naira to depreciate but all those things na just to shift people eyes comot from the real causes of the naira devaluation. Even when government ban cryptocurrency na mostly banks wey the thing affected much but crypto enthusiasts within the country were still very much into cryptocurrency that is why when the news comes out say dem don lift the ban last year people no too tske am seriously again based on say dem dey already perform crypto transactions for long.

[CryptopreneurBrainboss]

For this crypto trading volume matters, whenever we dey discuss am make we no forget say Nigerians are over 200million people based on the last census so anything volume we suppose dey dey among the top users as crypto na one thing wey plenty of us dey do for this side. Since I got into crypto, the numbers has always been increasing or better than other countries especially those with unfriendly environment as Nigeria is to crypto. Crypto fit no dey illegal for Nigeria but from the way the government and force man behave when it comes to crypto, you suppose know say you need dey careful to avoid "had I known".

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

We don't have a governments that can make that possible anytime soon but anything wey make Nigeria fully adopt Bitcoin or crypto, e go favour everybody including the government because dem go attract business with interest in crypto and this their taxing fit dey go meet them instead of always taxing the citizens.

[uchegod-21]

For this crypto trading volume matters, whenever we dey discuss am make we no forget say Nigerians are over 200million people based on the last census so anything volume we suppose dey dey among the top users as crypto na one thing wey plenty of us dey do for this side. Since I got into crypto, the numbers has always been increasing or better than other countries especially those with unfriendly environment as Nigeria is to crypto.

True talk senior man... Since wey I enter this cryptocurrency industry, na on the rise Nigerian population don dey for cryptocurrency related matters. Also, as you talk, our population large wella, so our number suppose plenty. Besides, everything wey Nigerians commot mind wan do, dem go do am to the later.

Crypto fit no dey illegal for Nigeria but from the way the government and force man behave when it comes to crypto, you suppose know say you need dey careful to avoid "had I known".

For this we country, even if you dey do better or legal thing, you still need to dey careful for nothing make government no use you shine. The country porous

[Moreno233]

Nigeria have always competed with big economies in terms of Bitcoin holding and no Africa country come close. For there to even be increase in Bitcoin penetration and inflow to Nigeria despite the actions of our government against crypto users and exchanges, shows that many Nigerians have seen that Bitcoin is indeed the future ad a reliable asset that can guarantee a better future. Truth be told, Bitcoin have made many millionaires in Naira and this is one thing we cannot take away from Nigerians so I believe more people will join the train because as there is no job, people are desperate for alternatives on how to survive.

[Agbamoni]

Am not surprised about how Nigerians have adopted cryptocurrencies and are doing great in it. If there has not been any government regulation, i believe that the number of transactions would have been way higher than what it is today. Due to the ban on p2p transactions, some persons had to shift into stock trading while few remain in the crypto space but limit the way they go into trading and investment. However, things have begun to fall back into place.

So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think

One thing you must put in mind is we cannot do away with the government in terms of cryptocurrency legalization so saying let's forget about the government means we can do without governmental play in the country which is never possible so put all things together even in the next 5 years to 10 years I don't see bitcoin or crypto generally being legalized.

For the record , Nigeria is not just a high capacity country it's a multinational state that gives it's the edge of performing higher than other countries around Africa but we are being suppressed with leadership and bringing the output of the crypto including the technological capacity down. With the revolution that is amid to strike soon temporary changes might apply.

Additionally, the increase in adoption of cryptocurrency is triggered by the demand of working internationally or as freelancers which payment is more easier to take in cryptocurrencies than in another payment method you can agree with me on that.

The government has really held us on our balls. I can imagine what you are saying and how so many Nigerians will agree with this. It's painful because we don't see any good things for the countries anymore. Like there is no hope that things will change. Let me tell you that i still believe that the legalization of cryptocurrency in Nigeria is still possible. If it is not done by passion by the government, their greed can still make them legalize it. No doubt that most of the things that the government has implemented was because they have a share in it just like the agreement, they made with Kucoin to be taken task from all traders.

[Cryptomultiplier]

Nigeria have always competed with big economies in terms of Bitcoin holding and no Africa country come close. For there to even be increase in Bitcoin penetration and inflow to Nigeria despite the actions of our government against crypto users and exchanges, shows that many Nigerians have seen that Bitcoin is indeed the future ad a reliable asset that can guarantee a better future. Truth be told, Bitcoin have made many millionaires in Naira and this is one thing we cannot take away from Nigerians so I believe more people will join the train because as there is no job, people are desperate for alternatives on how to survive.

Alternatives on how to survive in the kind of economy we face is nothing more than investments that would bring easy and quick profit, but I fear that Bitcoin and cryptocurrencies these days is used majorly as an asset for investment that would be profitable in the long run rather than a short term investment with easy profit, and unless one considers trading cryptocurrency as a professional trader with great focus and financial input.
Else, crypto currency would have to be regulated for it to be used openly in this our country, mostly when the source of income is questionable and unclear .

[nelson4lov]

A lot of people don't realize this but Nigeria is going to be one of the largest crypto countries. This would happen even though the federal government is unwilling to roll with crypto and chose to stand against it as they gave done in the past. In spite of the government's best effort to stop crypto, it's interesting to see that we still rank up nicely in the list of top countries according to crypto volume. Crypto is here to stay and the slow economy + inflation will drive people further into crypto.