Nigeria Has Second-Highest Number of Bitcoin Traders but No Solid Legal Backing of Crypto

[MarkRoberts]

The choice of Nigeria as the target for Africa’s Bitcoin revolution by the cryptocurrency’s supporters is expected. In 2020, Nigeria ranked as the second country with the highest number of Bitcoin traders worldwide.

Despite this number, cryptocurrencies in Nigeria still do not have a solid legal standing. In September 2020, the Nigerian Securities and Exchanges Commission declared cryptocurrencies are securities. The decision was in support of the Central Bank of Nigeria. The country’s principal financial entity reasserted its decision by warning commercial banks to halt all on and off-ramp crypto services to its clients.

Moving forward, it is uncertain whether the country will reconsider. Dorsey’s support for crypto could either push for the adoption or trigger President Buhari to impose more regulations on crypto, given his current disagreement with Jack Dorsey’s Twitter.


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