In Nigeria, the word “crypto” often provokes curiosity, skepticism, or outright fear. Many still associate cryptocurrency with internet fraud or get-rich-quick schemes. But these perceptions are misplaced.
Cryptocurrency is not “Yahoo” money, it is a legitimate, transparent, and decentralized financial system that is already reshaping commerce globally.
In recent years, thousands of young Nigerians, developers, traders, creators, and small business owners have embraced digital payment platforms to transact across borders, trade cryptocurrency, hedge against inflation, and pay bills. Yet, misconceptions persist.
Here are four common myths and the realities behind them:
1. Crypto is only for scammers – Blockchain, the technology underpinning crypto, is one of the most transparent systems ever created. Every transaction is recorded on a public ledger that anyone can verify. The problem isn’t crypto, it’s bad actors exploiting ignorance. Legitimate platforms like Zabira are fully compliant, verified, and designed to keep user transactions secure and traceable.
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2. Crypto is a quick path to wealth – Successful crypto trading requires education, discipline, and patience. By teaching market trends, risk management, and practical trading strategies, Nigerians can approach crypto as a long-term opportunity to build wealth, not a shortcut.
3. The government has banned crypto – Nigeria’s stance on cryptocurrency has shifted. Following the Investments and Securities Act 2025, the Securities and Exchange Commission (SEC) now recognises digital assets as regulated securities.
Licensed platforms can legally facilitate crypto trading, with capital gains tax obligations set to take effect in January 2026. This marks a shift from prohibition to formal recognition of crypto’s role in Nigeria’s economy.
4. Crypto is too complex for ordinary people – Crypto is now as simple as sending money or paying bills. From buying gift cards to trading cryptocurrencies at competitive rates, it is a safe, fast, and user-friendly experience for all Nigerians.
As more Nigerians understand how blockchain works, the country can leverage crypto to drive innovation, trade, and inclusive growth. Crypto is making digital finance accessible, secure, and empowering, ensuring that Nigerians can actively participate in the future of global finance.
