The dark side of Nigeria's crypto craze: Hope, scam and money laundering
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Issued on: 14/05/2026 - 16:11Modified: 14/05/2026 - 16:15
ShareCryptocurrency has become part of everyday life for many Nigerians in the face of inflation and the collapse of the naira. People are turning to cryptocurrencies to save, trade, and send money outside traditional banks. For many young people, crypto also represents hope for quick financial success, fueled by a new generation of influencers, who showcase their success and sell advice to an audience hungry for social mobility. But behind the promise of opportunity lies a darker side marked by scams, fraud, market manipulation, and money laundering. Authorities and some private players are now working to better regulate practices and support victims. Report by Yassin Ciyow.
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