Over the past few years, cryptocurrency has become part of everyday life for nearly one in 10 Nigerians. Some use it to get around the naira, the Nigerian currency, which has lost much of its value in recent years. Others, particularly young people, buy and sell crypto assets on trading platforms in the hope of quick returns. Yassin Ciyow reports.
In a context of inflation and monetary instability, stablecoins are enjoying growing popularity. Pegged to the dollar, these cryptocurrencies allow people to pay, save and send or receive money abroad – outside of traditional banking channels.
But this enthusiasm also comes with serious pitfalls. A portion of young people in Nigeria, facing economic hardship, are drawn in by the promise of easy money. On social media, a new generation of influencers – crypto traders – showcase their success and sell advice to an audience hungry for social mobility.
Behind these carefully curated success stories, the sector remains highly exposed to fraud: scams, market manipulation, money laundering. Faced with these risks, authorities and some private players are now working to better regulate practices and support victims.
This story originally appeared on France24
