AN UNCHARTED NEXUS: TRANSFORMING POTENTIAL OF CRYPTOCURRENCY ON NIGERIA'S ECONOMIC LANDSCAPE

Abstract

This research study explores the transformative potential of cryptocurrency on the economy of Nigeria. Cryptocurrencies, such as bitcoin and ethereum, offer several advantages over traditional financial systems, including faster and more secure transactions, increased transparency, and the potential for financial inclusivity. Nigeria, with its large unbanked population and reliance on remittances, presents a suitable environment for cryptocurrency adoption. However, there are challenges to overcome, such as regulatory uncertainties and technological infrastructure limitations. The study aims to investigate the opportunities, challenges, risks, and benefits associated with cryptocurrency adoption in Nigeria. It evaluates the potential impact on financial inclusion, remittances, monetary policy, economic growth, and decentralized finance. By conducting a comprehensive review of existing literature and examining global case studies, the research provides valuable insights into the current state of cryptocurrency adoption in Nigeria. Findings of the study highlight the need for clear regulatory frameworks, enhanced cyber security measures, and collaboration between government agencies, regulators, and industry stakeholders. It emphasizes the importance of addressing challenges and risks while maximizing the benefits of cryptocurrency adoption. The research contributes to informed discussions and provides policymakers, researchers, and industry stakeholders with recommendations to guide their decision[1]making processes, ultimately fostering sustainable economic growth in Nigeria.