Bitcoin In Nigeria Since The CBN Bust: The Slump And The Slalom

In the 2+ years that he has cautiously treaded the world of cryptocurrency, Vincent* had never encountered a scare like the one that hit him in the first few weeks of February 2021.

A 26-year-old with a bachelors’ degree in Microbiology from the University of Nigeria, Nsukka (UNN), Vincent hadn’t had much luck landing a proper job since he left school in 2016. In Nigeria’s over-populated labour market where the unemployment rate is currently dangerously high at over 30 percent, Vincent has had to employ himself.

So, when he’s not trying to sell hoodies and sneakers on WhatsApp and Insta, he’s keeping an eye on bitcoin and hoping to profit off of it.