Cryptocurrency experts say Nigerians are hedging against the drop in value of their currency, the naira, by trading more dollar-denominated digital assets. The naira has been falling to new lows on the black market in Nigeria, Africa's largest and most populated economy. But experts say investing in cryptocurrency is also driving the Nigerian currency's devaluation.
Experts say less volatile digital assets like stablecoins and bitcoins saw a jump in trade volumes last week when compared to the week before.
Trade volumes on the platform have been increasing steadily since the beginning of the year and reached nearly $400 million in June.
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