Nigeria has seen one of the largest uptakes of digital assets in the world, with one survey estimating that 35% of adults have invested in crypto. Indeed, Nena Nwachukwu, chief operations officer at digital collectables marketplace Ayoken, says that transaction volumes “have actually gone up slightly during the bear market”.
Digital assets have been perceived as an attractive option for many Nigerians for a range of political and economic reasons, and there are indications that they remain attractive despite the recent downturn.
This is partly because, even though cryptocurrencies have posted steep losses this year, many Nigerians still consider them to be a safer option than the persistently weak domestic currency. In July, the naira fell to its lowest level against the US dollar on record. And in the second quarter of this year, the currency saw its second-worst quarter of depreciation
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