About 65% of Nigerian crypto investors are thought to convert their fiat funds to cryptocurrency via peer-to-peer trading platforms. peertopeer cryptocurrency fiat
In this directive, the CBN told financial institutions to block or freeze bank accounts that are associated with crypto entities. As shown by a recent Bitcoin.com News
, financial institutions caught facilitating transactions on behalf of known cryptocurrency entities will be penalized by the CBN. In addition to the directive, central bank officials including the governor, Godwin Emefiele, have warned Nigerians against dealing in cryptocurrencies.Despite the warnings by the governor and others, however, the study findings suggest Nigerians are in fact planning to increase their investments in crypto.
Another important finding is that 70% of Nigerian crypto investors intend to increase their cryptocurrency investments over the next 6 months. Meanwhile, the study points to the plunging value of the naira currency as one of the reasons behind the accelerated adoption of cryptocurrencies by Nigerians. The report said in the past six years alone, the naira has depreciated by 209% and this is the reason why 37% of respondents began investing in cryptocurrencies three years ago. This figure is significantly higher than the 6% of adults that invested six years ago.
The Covid-19 pandemic is also named in the report as the other factor that prompted 26% of the respondents to invest in cryptos in the past six months.
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