Nigeria has a complicated relationship with cryptocurrency, with citizens embracing it while the government remains opposed. The central bank has banned crypto transactions using bank accounts, citing concerns about inflationary risks and threats to financial stability. Despite this ban, almost half of the country's population, made up of young people, are currently using cryptocurrencies. The country was one of the first to launch its own Central Bank Digital Currency, but adoption has been slow as citizens prefer Bitcoin, Ethereum, and USDT. An amendment to the Investments and Securities Act 2007 bill proposed in December 2022 aims to recognize Bitcoin and cryptocurrency usage in the country.
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