The Nigerian people have been leveraging crypto assets as a way of escaping political-economic repression and rampant inflation
Nigeria with a population of over 200 million people is termed as one of Africa’s most vibrant and resourceful countries. A country with over 60% of the total population being youths with a mindset to achieve their full potential.
This has opened up the entrepreneurial dimension of the people in the various sectors of the economy from health, sports, entertainment, business, education, social events and lifestyle.
The Nigerian government imposes barriers on crypto
However, the government and the instrumentality of the financial institutions are resilient to limit and keep the people of Nigeria in chains of financial freedom. This is evident from the circular by the central bank’s directive on the use and trading of cryptocurrencies through commercial banks.
This eventually caused an uproar from the teeming population of young entrepreneurs in Nigeria whose businesses were largely affected by the directive. They eventually took to various social media platforms to express their grievances against the government directive which saw a high level of frustration from the masses towards a possible review of the same policy.
P2P as an alternative to Govt regulation
It became obvious that this did not dampen the zeal of the youths and other small businesses as they sought out alternatives for the funding of crypto purchases and sales transactions with the use of P2P features which is the original purpose for what cryptocurrencies were created.
This caused a massive increase in P2P transactions, thereby making Nigeria one of the highest traders of bitcoin at that point in time with the true scale of crypto inflows through Africa’s largest economy becoming larger, obviously with many trades untraceable by analysts.
Why is crypto so important in Nigeria?
Some of the key fundamentals for the need for crypto transactions range from political repression to currency controls and rampant inflation, which has fueled the stunning rise of the use of cryptocurrencies in Nigeria. Not to forget the level of awareness being propagated by tech hubs and other crypto meetings held on a regular basis to educate the masses on the need to start understanding and using cryptocurrencies to their advantage.
Nigeria is indeed a blessed and great nation with abundant resources and talent to be neglected by anyone. This has made various crypto projects to associate themselves with the green and white nation due to their resilience and determination to succeed.
Klever in Nigeria
The Klever team is not an exception as the love for the nation has grown enormously with Nigeria having the 3rd largest user base of the Klever wallet and active participation.
This has translated to a massive followership of the Klever project on all their social media platforms. The Klever wallet has been ascribed by Nigerians as the best thing to ever happen to them in the crypto space, as it brought about the opportunity for millions of Nigerians to come in contact with cryptocurrencies for the first time in their lives.
These include the educational content and information that is being shared on the various social media platforms by passionate young and talented Nigerians especially to those who are less fortunate to have the knowledge of crypto beforehand.
The introduction of Klever to Nigeria has actually transformed the life and business of young people as the breath of fresh air of freedom was perceived from the length and breadth of the entire landscape of the nation. This is evident from the lives and businesses of the fishermen from the riverine areas of the south, to the cattle herder from the north. The same is said of the palm oil traders from the eastern tribe to the cocoa plantation farmers of the west of Nigeria. Everyone seems to benefit from the creation of the Klever wallet on their mobile phones for the use and trading of cryptocurrencies from the comfort of their homes.
The Klever team has made the education of everyone possible to have access to the tools to create financial freedom for all in Nigeria just like a divine solution made in heaven.
Klever is indeed for the people.
Nigerians love Klever.
By James Enajite