Nigerian banks are still restricted from holding or trading crypto on their own behalf, despite regulators’ softening stance toward digital assets.
African nations were busy introducing various initiatives for cryptocurrencies in 2023. Read about the most significant innovations and crypto-related progress made during the year.
Nathaniel Luz, Flincap’s co-founder and CMO, highlighted that following the ban’s removal, institutional exchanges should prepare for the Nigerian market.
In Nigeria, stablecoins have become the favored cryptocurrency because they’re tied to a widely accepted asset, the U.S. dollar, providing a hedge against inflation and the devaluation of the naira.