Will The Troubles Associated With The Nigerian Financial System Give Chance To Crypto Adoption?



Last Updated: January 3, 2019 at 10:50 AM EST
Nigerian Money
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Will, the chaos in the central bank, gives a headstart for crypto adoption in Nigeria?

Recently, Nigeria has been experiencing a massive blow in its central bank and its other financial entities.

Bank’s Bad Current Standing

According to the report by Al Jazeera, citizens of Nigeria does not trust their central bank anymore as data shows that only 2 percent from the country’s 190 million citizens prefer to invest in banks; resulting to only 350 individuals having debts in banks.

Aside from this, before, the national fiat currency of Nigeria called naira had a rough 2016– until now– as a major decreased happened to the country’s oil price and a recession in the same year.

Economists then warned Nigerians to be mindful of their investments as they described Nigerian central bank having a ‘bad debt and low savings.’

Due to this, crypto enthusiasts and experts begin their interest in showing Nigerians the alternative for their finances — called cryptocurrencies.

Presidential Aspirant Promotes Crypto

Even Nigeria’s opposition candidate — said a month ago — that he was willing to introduce crypto on a different light for their citizens as the national bank continues to become trouble for most Nigerians.

“My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace,” said Atiku Abubakar, Presidential Candidate in Nigeria.

Also, the concept of cryptos in the country will not just give an option for most Nigerians, regarding finances, but allow them to experience a cheap way of sending and accepting money around the world.

‘Buy crypto, send to someone abroad to sell for you and ship you dollars or pounds,” said a staff member of a Nigerian-based Bitcoin exchange.

However, crypto exchange is not a new concept for Nigerians anymore. Citigroup reported last year that the third-largest Bitcoin holders were composed mostly of Nigerians.

Lie-low in Using Cryptos

Unfortunately, since Bitcoin crashed to its bearish state, Nigerians also stop supporting cryptos. The government even added a warning for them in availing and using cryptos as money alternative with them describing online currencies as ‘riskful’ for investments.

‘Nothing is Sure’

Now, economists and experts revealed that crypto might enter again in the lives of Nigerians as banks turned into an endless rollercoaster ride. However, lots are in stake and assurance for its adoption might be a negative thing for their government.

As of now, nothing is sure.