Ask Nigeria Header Logo

Nigerians continue to use Crypto after ban

Photo of author

By Dawn

It is apparent that there is still a large flow of crypto transactions happening in Nigeria.

Cryptocurrency has become a popular way for Nigeria’s youth to conduct transactions and business. Despite a recent ban by the Nigerian government, the use of cryptocurrency continues to grow. While some have argued that the ban is necessary in order to protect consumers, others claim that the prohibition will have little effect on the use of cryptocurrency in Nigeria.

The Nigerian government has not been the only one to take a negative stance towards cryptocurrency. In January of this year, China’s central bank barred financial institutions from handling Bitcoin transactions. This move by the Chinese government was seen as an attempt to control the country’s digital currency market. Despite the negative attitudes of some governments, the use of cryptocurrency continues to grow worldwide.

Virtual tokens use cryptography to secure their transactions.

This is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.

Cryptocurrencies have been around for over 10 years, but have only recently gained mainstream attention. The last 10 years have been a wild ride for cryptocurrencies, with massive price spikes and crashes. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units.

Due to Crypto volatility, people can lose their investment.

There are a few reasons why some Nigerians may prefer to use Cryptocurrencies. One reason is that users gain a certain degree of freedom and control over their money. Additionally, Cryptocurrencies are pseudonymous, meaning that users can hold and transact with them without revealing their identity. This provides a higher level of privacy and Security than traditional forms of payment. Finally, Cryptocurrencies are often faster and cheaper to use than traditional currencies. This makes them an attractive option for those looking for a more efficient way to do business or make payments.

There is a predefined risk when choosing Crypto, it could disappear because it could be replaced by a better Technology. For example, in the early days of the internet, there were many different web browsers, but eventually, one browser became the dominant browser, and the others disappeared. The same could happen to cryptocurrency, because of this Volatility, people can lose their Investment if they sell their cryptocurrency when the value is low.

Government has been a bit slow to respond to the rise of Cryptocurrency.

The Nigerian government is looking to take additional steps to regulate Cryptocurrency within the country. This comes as a response to the increasing popularity of digital currencies among Nigerian citizens. While the government has not yet released any specific details about the proposed regulations, it is expected that they will be similar to the regulations currently in place for traditional financial institutions. This will include requirements for reporting and registration, as well as measures to protect consumers and prevent Money Laundering. The Nigerian government has been a bit slow to respond to the rise of Cryptocurrency, but it is clear that they are now taking it seriously. This is a positive development, as it will help to ensure that cryptocurrency is used in a responsible and safe manner.


The content on is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. Images included with this information are not real, they are AI generated and are used for decorative purposes only. Our images are not depicting actual events unless otherwise specified. accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.