The demand for and use of cryptocurrencies has increased despite the Central Bank of Nigeria’s (CBN) February 5, 2021 decree ordering banks to bar crypto organizations from the banking system. Even the ensuing crackdown by the central bank on crypto companies it claimed were disobeying the order failed to stifle demand for cryptocurrencies.
Nigerians, on the other hand, seem to have avoided the CBN’s digital money. Despite the central bank’s efforts to position the e-naira as a cryptocurrency alternative, locals appear to still favor cryptocurrencies. The founder and CEO of a local cryptocurrency exchange, Benjamin Eseoghene, claims that the CBN’s failure to adequately educate the public about the e-naira may be the cause of locals’ resistance to using it.
According to Eseoghene, whose business Roqqu.com recently got authorization to operate in Europe, Nigerians favor cryptocurrencies because they are borderless. Other factors driving Nigerians towards cryptocurrencies include the country’s persistent lack of foreign currency and the depreciation of the local currency.
Nigeria is one of the world’s largest crypto markets with a population of over 200 million, which naturally draws major international crypto companies. Local business owners like Eseoghene, however, have not been discouraged by the existence of such large corporations.
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