Crypto-Currency and the Nigerian Economy

Abstract

Though the use of crypto currency as a means of exchange has been facing some constraintss due to its inherent risk and non acceptability by Nigeria government. This study was designed to examine the effects of legalizing the use of crypto-currency as a medium of exchange on the Nigerian economy. Therefore, primary and secondary methods of data collection were used to carry out this research. Questionnaires were administered to obtain relevant data from public and private management of financial institutions and businesses. Tables and percentages were adopted to analyze the information obtained, the Pearson product moment correlation coefficient was used to evaluate the relationship between the variables while Z-test was used to test the hypothesis formulated. The study discovered among others that there are risks and benefits with the use of crypto-currency and also the use of crypto-currency will contribute to the economic growth. It is therefore recommended that government should review her regulatory framework for legalizing crypto-currency and also ensure that the relevant agencies of government be proactive regarding crypto-currency by building the necessary regulatory architectures around the new financial technology so that Nigeria and Nigerians are not left out of this interesting shift in monetary paradigm.