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Cryptocurrency Adoption is on the Rise in Nigeria

A recent report by blockchain research firm Chainalysis showed that from July 2022 to June 2023, Nigeria witnessed a 9% year-over-year growth in cryptocurrency transactions, amounting to $56.7 billion. On the other hand, Uganda, though not as prominent in cryptocurrency use as some other markets, experienced impressive growth. Cryptocurrency transactions in Uganda surged by 245%, totalling $1.6 billion during the same period. Meanwhile, Kenya experienced a significant decline, with cryptocurrency usage plummeting by over 50% to $8.4 billion.