You are here: HomeBusiness2021 02 19Article 416809

Business News of Friday, 19 February 2021

Source: Legit

Nigeria tops list of cryptocurrency-using countries - World Economic Forum

A survey carried out by the World Economic Forum has revealed that Nigeria tops the list of countries using cryptocurrency globally.

According to the report, reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise in cryptocurrency use in Africa's largest economy.

It stated that out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.

Part of the report read: “The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families. Nigerians also often use their phones to send money to each other or to pay in shops.”

The report comes days after the Central Bank of Nigeria (CBN) directed all banks in the country to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The directive was contained in a circular issued on Friday, February 5, distributed to deposit money banks, non-bank financial institutions, and other financial institutions by the CBN.

Join our Newsletter