• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

Nigeria’s crypto transactions hit $56.7 billion, driven by weakening currency and inflation

2 years ago
in Cryptocurrency, Features, highlights, Home, home-news, latest News, Technology
1 min read
0 0
0
46
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

US Open: Osaka, Alcaraz, Djokovic Shine as Gauff Joins Them in Last 16

Morocco Beat Madagascar to Secure Historic Third CHAN Title

$41bn Reserves vs Empty Pockets: When Will Relief Come For Nigerians?

Nigeria’s crypto transactions hit $56.7 billion, driven by weakening currency and inflation

Cryptocurrency adoption is on the rise in Nigeria, driven by the challenges of a weakening currency and escalating inflation in Africa’s largest economy.

A recent report by blockchain research firm Chainalysis showed that from July 2022 to June 2023, Nigeria witnessed a 9% year-over-year growth in cryptocurrency transactions, amounting to $56.7 billion.

On the other hand, Uganda, though not as prominent in cryptocurrency use as some other markets, experienced impressive growth. Cryptocurrency transactions in Uganda surged by 245%, totalling $1.6 billion during the same period.

Meanwhile, Kenya experienced a significant decline, with cryptocurrency usage plummeting by over 50% to $8.4 billion.

According to the blockchain research firm, Nigerians’ interest in Bitcoin and stablecoins increased when the naira’s value plunged, particularly during the most extreme drops in June and July 2023.

The currency weakened to record lows after President Bola Tinubu embarked on a chain of bold reforms, including scrapping the long-standing costly petrol subsidy and removing some exchange rate restrictions.

Last month, Nigeria’s inflation increased for the 8th consecutive month, hitting an 18-year high of 25.8%.

In a statement accompanying the report, Moyo Sodipo, co-founder of the Nigeria-based cryptocurrency exchange Busha, explained, “People are constantly looking for opportunities to hedge against the devaluation of the naira and the persistent economic decline since COVID.”

In 2021, Nigeria prohibited banks and financial institutions from engaging in or facilitating cryptocurrency transactions. However, the country’s young, tech-savvy population turned to alternatives such as peer-to-peer trading provided by cryptocurrency exchanges as a means to bypass the restrictions imposed by the financial sector ban.

A recent survey revealed Nigeria as the most crypto-savvy country in the world. Last year, the country’s financial regulator published a set of regulations for digital assets, signalling Africa’s most populous nation was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example, using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.

Source: business insider africa
Via: norvanreports
No Result
View All Result

Highlights

Africa Emerges as Manufacturing Haven Amid US–India Trade Tensions

Zambia’s Stock Market Tops Global Charts on Copper Surge

Top 10 African Countries With the Strongest Currencies in August 2025

How Crypto Engagement is Finding a Place in Everyday African Life

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Trending

Features

US Open: Osaka, Alcaraz, Djokovic Shine as Gauff Joins Them in Last 16

August 31, 2025

US Open: Osaka, Alcaraz, Djokovic Shine as Gauff Joins Them in Last 16 Naomi Osaka powered into...

Morocco Beat Madagascar to Secure Historic Third CHAN Title

August 31, 2025

$41bn Reserves vs Empty Pockets: When Will Relief Come For Nigerians?

August 31, 2025

Africa Emerges as Manufacturing Haven Amid US–India Trade Tensions

August 31, 2025

Zambia’s Stock Market Tops Global Charts on Copper Surge

August 31, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.