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03/06/24
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Nigeria is Currently Number One on the List of Bitcoin Interest by Region
The Nigerian government’s crackdown on peer-to-peer (P2P) crypto trading has not stopped people from being enthusiastic about Bitcoin. Google Trends data shows that Nigeria is currently number one in the list of regions with highest interest in Bitcoin, based on the number of Google searches. El Salvador is number two on the list.
According to geographic analysis, Delta state in Nigeria is the leading state, followed by Anambra, Ekiti, Enugu, Ondo, Ebonyi, Bayelsa, Osun, Edo, and Imo. The commercial center in Nigeria, Lagos, is not among the leading 15 cities in terms of Google’s search interest for Bitcoin.
Inflation and currency inflation have pushed many people in Nigeria to turn to stablecoins to preserve their wealth. USDT is the most popular stablecoin in Nigeria, with more people continuing to use it for local businesses and the diaspora use it for transactions.
A study carried out by the United Nations shows that Nigeria is currently among the youngest countries worldwide, with people whose ages are below 15 representing up to 43 percent of the population.
The economic troubles have prompted the government to take some questionable steps in recent times towards preventing the collapse of Naira. Last month, the government started working towards introducing new regulations prohibiting P2P crypto exchanges using naira.
According to the country’s Securities Exchange Commission (SEC), Binance engaged in currency speculation and manipulation, with claims that the cryptocurrency exchange contributed to currency devaluation.
Binance has been banned from operating in Nigeria after arresting and detaining its executives based on regulatory standards claims. Nadeem Anjarwalla is still in custody as he faces trials on money laundering and tax evasion charges.
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