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Cryptocurrency Trading Boom Predicted In Nigeria

Crypto interest in Nigeria is rapidly increasing. Regulators have also started discussions around providing legal guidelines for the industry

Cryptocurrency interest in Nigeria is rapidly increasing. New exchanges are springing up and cryptocurrency education in Nigeria is improving. Numeric Global Exchange, a group promoting cryptocurrency in Nigeria, reiterated their desire for more Nigerians to be involved in digital currencies.

Chief Executive Officer (CEO) of the firm, Mr. Abaraham Badiru, while speaking at a Shareholders’ Meeting held in Sango-Ota area of Ogun state said that his company wants to promote financial independence and abundance of wealth through its platform.

The advocating things are to see majority people embracing cryptocurrency trading, he says at the event Guardian Nigeria. He adds that the security cryptocurrencies provide it valuable.

“This is why we have invited Shareholders of Numeric Global Exchange (nGE) across Nigeria to deliberate on how to further exploit the benefits in this trade, while we also exchange the same opportunity with other Nigerians. Very soon, I foresee more in the growth of this trade in Nigeria,” he explained.

The Co-CEO, Mr. AbdulRahman Agbaje, also spoke inline with the first speaker and shed more light about what their platform is offering. One of the shareholders at the firm, Alhaja Binta Dikko, expressed delight at the coming of Numeric Global Exchange, saying that more Nigerians will join soon.

Cryptocurrency Trading Boom

The Rise of Digital Currencies in Africa

Digital currency and crypto exchanges are on the rise across many African countries. Some are Kenya, Ghana, Uganda, Nigeria, South Africa, and Zimbabwe over the past few years. Bitcoin, in particular, has continued to receive overwhelming patronage. And different platforms have also been stepping up to educate people about how to invest in cryptocurrencies safely.

In line with the quest for more financial inclusion in Africa, cryptocurrencies are becoming useful for government institutions and people living on the continent.

Cryptocurrency Trading Boom Africa Nigeria

Regulatory Developments in Nigeria

Meanwhile, the Central Bank of Nigeria (CBN) has started discussions about providing legal guidelines for the cryptocurrency and blockchain industry. A lack of regulation has been creating uncertainty, according to the Electronic Payment Practitioners Association of Nigeria (E-ppan).

Ade Atobatele, a member of the E-ppan association, while speaking in Lagos said regulatory oversight is badly needed to give clear directions and tackle issues around risks to investors. Nigeria is the most populous country in Africa. They already enjoy dedicated Bitcoin exchanges like Guava Digital Assets, NairaEx, Quidax and a lot more.

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Cryptocurrency Trading Boom Predicted In Nigeria
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Cryptocurrency Trading Boom Predicted In Nigeria
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Crypto interest in Nigeria is rapidly increasing. Regulators have also started discussions around providing legal guidelines for the industry
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Akeredolu Feranmi

Feranmi is a guest author at Coinpedia.

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