Former CBN chief says Nigeria is Africa's top crypto economy with 22 million users At ABU public lecture

Former Deputy Governor of the Central Bank of Nigeria (CBN), Suleiman Barau, says Nigeria remains Africa’s top cryptocurrency economy, recording a 9% year-on-year growth in transaction volumes.

Speaking as guest lecturer at a public event in Zaria on Tuesday, August 12, 2025, Barau revealed that Nigeria’s crypto penetration rate is projected to grow by an average of 2.4% annually between 2024 and 2027.

The lecture, themed “Contemporary Issues in Monetary Policy Formulation and Implementation: A Case Study of Nigeria”, was organised by the Department of Economics, Ahmadu Bello University (ABU), at the CBN Centre for Economics and Finance.

Highlighting the rise of digital assets, Barau noted that by mid-2023, global crypto users stood at 420 million, with 38 million in Africa — and Nigeria alone accounting for 22 million of those users.

He, however, said policy sentiments from monetary authorities have largely been against the formal recognition of crypto assets. “In 2017, the CBN warned commercial banks about the risks of virtual currencies, while the Securities and Exchange Commission (SEC) issued regulatory incubation guidelines for virtual asset providers,” he explained, adding that such conflicting stances create uncertainty for investors.

Barau warned that the growth of crypto could affect monetary policy by altering money supply projections, increasing the risk of currency substitution, and raising concerns over capital flight due to the borderless nature of digital assets.

He urged the CBN to shift from reactive to proactive measures, improve coordination with fiscal authorities, and safeguard its independence through better stakeholder communication.

Despite the challenges, Barau expressed confidence that the apex bank is capable of delivering on its mandate of price stability and sound monetary policy.