Nigeria occupies one of the most favorable positions on the African continent when the issue in question pertains to promoting the adoption of crypto currencies. Some could consider this as good news for the local population, which has been struggling with the dropping exchange rate of the national Naira fiat currency. On the other hand, this is a powerful impetus for the whole domain of decentralized technologies as a whole to explore the African market and start promoting it as a major hub of digital asset activities. The many platforms in Nigeria that support the use of e-assets, as well as direct trade and investing are a breeze, meaning locals are exposed to a large number of different cryptocurrencies. This also poses a challenge, since many people are not familiarized with the whole concept of crypto currencies altogether, often getting lost in the variety of assets on offer and their potential.
Digital infrastructures designed for facilitating trading make up the backbone of all crypto market activity and are actively involved in the economy of the country. Crypto exchanges are extremely important in both maintaining the liquidity of digital assets in the country and in introducing new ones so that Nigerians can have the choice of both what to invest in and what to use as a means of payments. Many of these platforms accept credit card transfers and make it very easy for Nigerians to even use leveraged or loaned funds to expand their portfolios of assets to better diversify them and earn on the ups and volatility of certain assets. The availability of a large list of different digital assets is vital to not only maintaining the interest of local citizens in the use of digital currencies but also for keeping liquidity flows going.
With that factor in mind, it is essential for the local population to be provided with an adequate and reliable source of information of different cryptocurrencies that could be used to advance both personal profits and earning potential through passive income. Luckily, many of the crypto exchanges operating on African markets, like Binance and KuCoin, also offer numerous educational initiatives and comprehensive lists of traded assets.
List of Cryptocurrency in Nigeria
The range of crypto assets available for sale and purchase on Nigerian trading venues is as broad as anywhere else in the world. However, the presence of local projects bolsters that list, since many local crypto exchanges are happy to list the coins and tokens of national projects. Among the latter is the Naira NGN, or the national form of crypto – the central bank decentralized currency, which was launched by the national authorities in an effort to centralize blockchain-based transactions within the country’s framework through a native asset.
Topping up the list of cryptos in Nigeria by popularity and trading volume is XRP Litecoin. Next up is the Bitcoin Cash cryptocurrency, which occupies a solid third place. Tether USDT is a major force in Nigeria, since it is tethered to the USD – the only truly global asset wielding a stable price. Use of USDT in Nigeria leads the charts, since it is both affordable and accepted in many retail outlets that accept cryptocurrencies. The Binance exchange is likely among the most popular platforms that offers these and many other coins for trading.
Key Takeaways
The moment Nigerians decide to use a card or any other gateway to stock up on their preferred crypto currency, there will always be the need to learn about the digital asset first. And though most of the assets are safe to use as means of payment, their safety as a means of investing is always under question.
