Remember when Nigeria dominated the cryptocurrency market in Africa with a trading volume of over $30 billion and even ranked number 6 in the world?
Yeah, that was in 2021, before the country's Central Bank restricted commercial banks from facilitating transactions with crypto-related entities.
Times were relatively good then, with crypto exchangers seeing a large influx of profit, and crypto buyers and sellers gleeful because of the enormous ways money can be made in the Web3 space. But despite the channel being closed, Nigerians still sought alternative ways to lawfully bypass the restriction and continue business.
Fast forward to 2023, the crypto ban has been removed, and it is expected to receive a surge in the space in the next few months. This week, we learned that the country's first regulated Naira stablecoin is coming in 2024, which is expected to bring more transparency and stability to the cryptocurrency market in Nigeria.
Nigeria's crypto future is once again looking incredibly promising for young and innovative Nigerians, especially those actively pursuing blockchain development careers.
Have a happy new year!