Abuja, Nigeria —
Cryptocurrency experts say Nigerians are hedging against the drop in value of their currency, the naira, by trading more dollar-denominated digital assets. The naira has been falling to new lows on the black market in Nigeria, Africa's largest and most populated economy. But experts say investing in cryptocurrency is also driving the Nigerian currency's devaluation.
Experts say less volatile digital assets like stablecoins and bitcoins saw a jump in trade volumes last week when compared to the week before.
Data from a popular peer-to-peer finance platform showed Nigerians traded more than $5 million worth of bitcoin — a more than 250 percent increase within the period under review.
Trade volumes on the platform have been increasing steadily since the beginning of the year and reached nearly $400 million in June.
GT Igwe Chrisent, founder of online trading platform Truzact, said they have recorded more transactions.
"We've seen a surge in the USD savings we have in...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...