Due to inflation, Young Nigerians are moving toward crypto

The majority of the young people of Nigeria are choosing Crypto assets instead of looking to hold Nigerian sovereign fiat currency. 

Nigeria is a blockchain technology lover country but not in favour of crypto adoption and circulation. At present all Banking institutions are prohibited to give services to crypto companies in Nigeria. But still, people are doing trade with crypto assets because trading of crypto assets is not illegal, also crypto assets are neither legal nor illegal in the country. 

At present time, inflation has reached nearly 16%. So wise and young generation people are trying to go with the best option against such inflation. 

Aliyu Pokima, Chief Operating Officer at North Nigeria Limited, shared his thoughts on these situations in Nigeria in an interview with BeInCrypto. 

Pokima is holding its funds in USDT to save the strength of funds against inflation. Pokima and his company started the firm to deliver petroleum products to other companies, so these techniques are really helpful for them.

“Storing company reserves in USDT helped maintain value over crippling inflation.”

In 2020, the country hitted the highest GDP growth by a total of $432 billion because of the oil-rich region. But after 2020, data showed that the country’s GDP is growing rapidly but the distance between the richest and poor people is increasing as the saddest picture behind this growth of the country.

Data from 2020 by the Nigerian Bureau of Statistics confirmed that 83 million Nigerians are living in the poverty zone, so we can expect very well where the current situation is lying. 

Experts noted that the adoption of crypto assets among the young generation may act as a catalyst to boost the sudden growth among the people who are living in poverty. 

Aliyu Pokima noted that such forays in the crypto industry may not bring better clarity that what result will take place in the future because we are still in the earlier phase. However, noted at the same time that discussion about such matters on social media platforms pointed out this matter significantly. 

“difficult to pinpoint the earliest foray of cryptocurrency into Nigeria. But the pioneers certainly got skin in the game around 2015 with discussions being held in local forums like Nairaland and Facebook groups,”

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