It is no news that the Nigerian Government has not and is not looking to adopt the fast growing crypto currencies. A number of times the government agencies in charge of financial regulation has issued several warnings cautioning Nigerians about the possible danger of the crypto currency “scam” as they portray it. Although there has been several speculations and rumour about some banks planning to start an official crypto trade but this remain speculation till date.
Despite the country not accepting crypto currency, it can be observed that crypto currencies especially Bitcoin has gained very wide awareness among the Nigerian populace. Thanks to the 2016 economic recession, a number of exposed citizens opt for Bitcoin purchase to do their international trades and investments since dollar was so scarce and expensive to get. So many Nigerians looked for online platforms where they can either earn free crypto coin or multiply the little they have.
Fortunately some got very good platforms like Poloniex and other similar platforms but some fell into hands of scammers who went away with crypto investments when they could not pay any more. Also there were a lot of introductions of coins that has not been registered on Blockchain then as such became liability to those that purchased them. To think that some of this coin merchants claim that their coin is worth 25times more than Bitcoin sometimes get them all the attention.
As the citizens are divided about the position of crypto currency, some camps enjoy the benefit and has acquired a number of coins and are enjoying the trade, some because of their bitter experiences has driven back from crypto currency and are swift to label any coin introduced as scam while some are not even aware or concerned about the availability of crypto currency.
It is never late to start the campaign of awareness about the important role crypto currency can play in the Nigeria economy now that the Government is pushing for a cashless policy and also in the face of the present imbalance in the Naira exchange rate.