Despite the Central Bank of Nigeria (CBN) prohibiting cryptocurrency trading, Nigerians transacted approximately $59 billion in crypto assets between July 2023 and June 2024, according to a report by KPMG and blockchain analytics firm Chainalysis.

The report highlighted that cryptocurrency is reshaping financial systems across sub-Saharan Africa, with the region accounting for an estimated $125 billion in crypto transactions. Nigeria’s contribution of $59 billion makes it the leading player in the region.

It further suggested that economic hardship is a key driver of Nigeria’s high crypto adoption, as 85% of the total crypto value received by local exchanges consisted of small retail and professional transactions under $1 million. This, it said, indicates that crypto is being used for everyday financial transactions rather than merely as an investment asset.

Additionally, the report noted that high costs associated with cross-border transactions via traditional banking channels have pushed many Nigerians, both locally and in the diaspora, toward cryptocurrency as a faster and more cost-effective remittance option.

Source: NEWSCENTRAL