How Nigeria became a Global Leader of trading in a short time?

Today more cryptocurrency tradings occur in Nigeria than anywhere else in this digital world. People of Nigeria are adopting crypto tradings aiming to improve their economic situations. Tola Fadugbagbe, the crypto investor, stated that “There is no Nigerian who adopts cryptocurrency and then wants to look back. It is an extremely significant opportunity.”

Recent estimates have shown that Nigeria is in third place in crypto tracings after the US and Russia. Till now, Nigeria has created more than 400$ million worth of transactions. 

Nigeria has eased out the second collapse in less than five years, but Nigeria has faced a challenging economic situation fluently. Nigerian have developed fantastic alternatives for simple currency transactions. Moreover, the central bank of Nigeria depreciated Nigeria’s plain currency by 24%. And in this year, there is the peril for a 10% fall. 

Moreover, when people strived to find a better crypto trading platform to enhance their investing strategies, BitQL played a crucial role. The AI based platform allowed users, especially beginners to trade cryptocurrency.

Better transaction experience through bitcoin

Nigeria has adopted cryptocurrency tradings for a long time. Now, people are well familiar with cryptocurrency and its transactions.

Bitcoin has played an enormous role in the crypto tradings in Nigeria. It is the most dominating and leading cryptocurrency in Nigeria and almost everywhere due to its ultimate golden benefits. People of Nigeria are trying to expand it more strongly.

One of the biggest reasons why people are switching to cryptocurrencies like bitcoin is the traditional banking systems. The banking system everywhere is so hectic and time taking, while through cryptocurrency, you can even make the transaction overseas just in minutes.

And the best thing is crypto transaction fees are so affordable that every investor can easily trade money throughout the world. 

Most investors started switching to cryptocurrency because of high commission charges while transferring cash between the other country accounts. Many people have adopted cryptocurrency because it is just like a banking system but with more banking facilities than regular banks. 

Cryptocurrency ban in Nigeria

Although cryptocurrency has tremendous benefits and services for its users, it has some drawbacks as well. Since the usage of crypto tradings, there was an obvious increase in fraudulent activities.

More and more investors were falling prey to such scams. The increasing rate of crypto scams imparted a threatening effect to investors. 

However, the central banks of Nigeria banned the crypto tradings in Nigeria to protect its economy. According to a report, the CBN stated that all the crypto transactions facilitated by banks are prohibited.

Although this step was taken for security purposes, this did not impart a positive impact on Nigerians. Nigerians were not happy with this ban. They kept using cryptocurrency even after the ban. 

Cryptocurrency regulation in Nigeria

After facing great disappointment from Nigerians in the ban, the CBN finally decided to regulate it. The central bank of Nigeria stated that cryptocurrency is not completely banned in Nigeria. However, crypto transactions are completely prohibited in the banking sector. 

Moreover, along with the regulation of cryptocurrency, CBN introduces a better regulatory policy for Nigerians.

The purpose of this policy is too aware of and protect investors from crypto-associated scams. It helped the Nigerians to trade through cryptocurrency securely. 

Conclusion

Nigeria is ranked as the third-largest place in crypto transactions. People of Nigeria are taking advantage of it to a great extent because of all these benefits, Nigeria has improved its economy greatly and made record tradings in cryptocurrency. This is what makes Nigeria the leading trader in cryptocurrencies such as bitcoin.