In terms of Google search interest for Bitcoin, it is worth mentioning that Lagos, the commercial nerve hub of Nigeria, is not among the top fifteen cities.
Many young Nigerians are furious over President Tinubu’s ban on P2P cryptocurrency trade, but it hasn’t dampened their passion for Bitcoin.
Statistics from Google Trends show that the two countries with the most interest in Bitcoin (BTC) right now are El Salvador and Nigeria, the former of which is Africa’s biggest cryptocurrency market.
According to the data, the states of Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo are the most interested in Bitcoin, followed by Delta state. Notably, Lagos, Nigeria’s economic hub, does not rank among the top 15 cities in terms of Bitcoin search interest on Google.
Bitcoin seems to be more popular as a reliable way to store money and make payments in regions with a large concentration of millennials, limited bank penetration, and a history of insecurity.
A few Nigerians have begun to use stablecoins—cryptocurrencies that are pegged to the US dollar—as a protection against inflation and currency volatility. Since its launch, Tether has been the go-to stablecoin for local companies and diaspora members looking to trade.
UN research found that Nigeria is among the world’s youngest nations and one of the fastest-growing in Africa at the present time. About 43% of the total population is under the age of 15.
In response to economic problems and fears of a currency collapse, the government of Nigeria has lately adopted some dubious measures.
The Nigerian government started making plans to implement new rules prohibiting peer-to-peer cryptocurrency trades that use the Nigerian naira, the country’s currency, in May 2024.
The Binance cryptocurrency exchange is under fire from the Nigerian Securities and Exchange Commission (SEC) for allegedly manipulating and speculating with the naira’s value, which prompted the government to step in and stabilize the market.
Earlier this year, the regulatory authority showed its determination to maintain regulatory standards by banning Binance’s activities in Nigeria and subsequently arresting and detaining its senior executives, Tigran Gambaryan and Nadeem Anjarwalla.
Although Anjarwalla evaded capture, Gambaryan was apprehended in Abuja and is now on trial for tax evasion and money laundering.
While the Central Bank of Nigeria did lay out certain ground rules for financial institutions to follow when creating cryptocurrency accounts in January 2024, these institutions are still not authorized to engage in cryptocurrency trading or own virtual assets.
Also Read: The Velocore hack resulted in a $10 million loss for the liquidity pools of users
Wallets