When Nigerian office worker Chigoziri Okeke bought cryptocurrency for the first time in 2016, he was only looking to make an online payment. But the 10% gain on his wallet’s balance after a few days fired up the 27-year-old’s interest. Now, the Lagos resident holds more than $50 000 in cryptocurrencies.price spiked a little bit to about $400 to $500 per unit,” Okeke told AFP. “People told me it cost a dollar at some point.
“I haven’t been able to pay my school fees for the past two weeks,” said Akudo Okoro, who was recently admitted into a Canadian university, echoing the troubles many are facing over the naira. “The banks are complaining of dollar scarcity.”, raising fears of another devaluation. Cryptocurrency gained more traction last October after Nigeria blocked bank accounts of alleged financiers of popular protests against police brutality. The majority of the protesters were young adults under 30, a demographic accounting for more than half the country’s 200-million people. Yet, the age group remains largely vulnerable to economic hardship, including a high rate of joblessness that has created a fertile ground for crypto usage to escape poverty.
The University of Lagos student has since employed two people in his trading business, with the hopes of expanding to other sectors, including real estate. “As an entrepreneur, you have to diversify your portfolio. I want to create more jobs after school and I already have the capital to do that,” Ahmed told AFP.
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