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NIGERIANS TURN TO CRYPTOCURRENCY FOR SAFETY AMIDST CRASHING ECONOMY

As the official currency of Nigeria, the naira, sees a downward slope in the global market against the dollar, cryptocurrency sees an upward slope in the number of its users of Nigerian nationality.

This week records the naira going at an all-time high of over N700 per dollar, and stakeholders are raising concerns over the gradual economic meltdown. This has left many citizens with no option but to switch to a more reliable source of income.

Meanwhile, the giants of Africa have read the handwriting on the wall clearly and upped their game with a decision to stick to cryptocurrency, as panic buying seems to be the current order of the day in the country.

Stablecoins are the likely havens for Nigerians to invest and store their wealth, as the crashing naira looks incapable of housing their wealth at this point.

This week, LocalBitcoins — a peer-to-peer exchange company — recorded a massive increase of about 258% in the purchasing rate of Bitcoin as compared to last week’s records.

Furthermore, Paxful — a popular online P2P trading platform — says that even with the slow progress of the economy, the interest in Bitcoin purchases is not slowing down. Attesting to this fact, it added that the trade volume in Nigeria for just the first half of the year has already climbed above $400 million with over 2 million users from Nigeria.

Is crypto the next big thing to make firm the shaky legs of the nation’s economy? Share your thoughts.

Featured image source: bitcoinke.io

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