Virtual Currency In Nigeria: Navigating The Regulatory Quagmire

In August 2020, Nigeria was adjudged the highest performing nation in the world in terms of bitcoin interest. This is the result of a research carried out by Blockchain.com and showing that the highest flow of activity in its wallet app since April 2020 has been from Nigeria. The report compared activities of users around the world including countries where virtual currency is more or less regulated and policies clear-cut. Blockchain.com has over 52 million user wallets worldwide who store virtual currency in the personal wallet and use the services for different purposes, particularly peer to peer transfer.

In recent times, virtual currency companies have raised the bar with bold online and media campaigns, endorsement of celebrities/influencers, and sponsoring headline TV shows including Big Brother Nigeria¹. This development is happening, despite the fact that there's little to no clarification from governments regarding virtual currency regulation in most