My fear.
Is not that Nigeria lacking behind?. Hell shouldn't be. I see lome Africans growing faster and faster when it comes to bitcoin utilization but here in Nigeria reverse is the case.
But this article says otherwise:
Nigerian Entrepreneurs are Choosing Bitcoin Over the National Currency
A growing number of businessmen in Nigeria are opting for handling their business using the digital currency instead of the Naira. The countrys national currency seems to be more volatile than Bitcoin, at times.
As cryptocurrencies fight for relevance around the world, Nigerian citizens are starting to use Bitcoin as an alternative to their own currency, the Nigerian Naira. If you take a quick look at the Naira on TradingView, youll quickly see how the currency has been losing its value consistently over the past 5 years.
https://www.ccn.com/nigerian-entrepreneurs-are-choosing-bitcoin-over-the-national-currency/It was reported that businessman or entrepreneurs opted to choose bitcoin over your local currency. Maybe its a slow process and you haven't felt the impact yet. I'm sure that in the next couple of years, Nigeria will be in the for front and one of those countries in Africa leading the way.
In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.
copy pasted from:
In Nigeria, Bitcoin adoption was in response to the 2016 financial crisis, which limited international trading due to the insufficiency of foreign currencies. The common factor for Bitcoins in both Nigeria and the USA is the isolation from financial crisis and that it serves as a great medium for exchange during these times.
https://www.vanguardngr.com/2018/03/truth-bitcoin-nigeria/I do not know where CCN get that information from. before people will choose bitcoin over local currency, bitcoin must have been dominant in making payment in such country. what we do here in Nigeria is to convert the bitcoin back to fiat using some local exchangers. no offline online store will accept bitcoin as a mode of payment here in Nigeria. reason why there has been growing interest in crypto is as a result of very high unemployment rate which forces so many Nigerian into alternative way of earning a living and ever since the incident of MMM scam, so many nigerian have since see crypto as an alternative way of earning a living