THE EFFECT OF CRYPTO CURRENCIES ON THE VALUE OF THE NIGERIAN NAIRA


THE EFFECT OF CRYPTOCURRENCIES ON THE VALUE OF THE NIGERIAN NAIRA 

 

CHAPTER ONE: INTRODUCTION

Background To The Study

Cryptocurrency constitute as a subset of alternative currencies or better referred to as digital currency  is a digital asset from block chain technology which is designed to function  as a medium of exchange using cryptography to execute  transactions and to control the creation of additional units of the currency. The  evolution and advancement of economic revolution and the need to sustain the economy through advanced financial technology, through a new form of digital currency using  encryption techniques  to regulate the generation of units of a currency and verify the transfer of funds operating independently of a central bank precipitated the introduction of crypto-currency into the Nigerian economy. Consequently, a digital currency is beginning to gain wide information and acceptance; and one of the most famous is bitcoin. Other digital currencies include Swiss coin and one coin. bit coin, Swiss coin, and one coin are cryptos currencies or digital currencies created and controlled using cryptography.

Currently countries such as Brazil, Canada, Uk, Germany, South Korea, India have introduced  Automated Teller Machines (ATM) for cryptocurrency so as facilitate banking technology. In Nigeria, the patronage and acceptance of digital currencies are gaining wide popularity. The owners do not require the central bank; nor any physical bank. Once you are a subscriber, you only know yourselves and they give you a bit of the bitcoin which can be converted to cash and used for payment in some countries. Currently, bitcoin is considered the best among all other crypto-currency, the bitcoin has adjudged the pacesetter. Mining is another type of cryptocurrency. Mining is a way of getting these coins and putting them up for sale all digitally. Also, the Billion Coin (TBC) is another type of cryptocurrency newly introduced with an opening price of 0.001 and has since increased in value. The Trading on cryptocurrencies such as TBC, Bitcoin, SwissCoin, Edinar Coin, and other digital currencies happen peer to peer. The research, therefore, seeks to investigate the effect of cryptocurrencies on the value of the Nigerian naira.

1.2       Statement of the Problem

Cryptocurrency constitute as a subset of alternative currencies or better referred to as digital currency  is a digital asset from block chain technology which is designed to function  as a medium of exchange using cryptography to execute  transactions and to control the creation of additional units of the currency. The  evolution and advancement of economic revolution and the need to sustain the economy through advanced financial technology, through a new form of digital currency using  encryption techniques  to regulate the generation of units of a currency and verify the transfer of funds operating independently of a central bank precipitated the introduction of crypto-currency into the Nigerian economy. Consequently, a digital currency is beginning to gain wide information and acceptance; and one of the most famous is bitcoin. Other digital currencies include Swiss coin and one coin. bit coin, Swiss coin, and one coin are cryptos currencies or digital currencies created and controlled using cryptography.

The entry of cryptocurrency into the Nigerian financial sector is gaining wide popularity but with fears and doubt about its functionality since there is no regulatory framework from the apex bank. But there is a wide call for CBN to commence appropriate regulatory action. However, it is pertinent to note that it is the CBN’s monetary policy restrictions on foreign exchange, that have led Nigerians to innovate the use of bitcoin to access foreign exchange. Therefore the eradication of the currency would be viewed as irrational and unworthy of a country that seeks to promote domestic industry and innovation. Consequently, it may be found appreciable if they join several other countries of the world to approve its operation in Nigeria. Therefore the problem confronting this research is to determine the effect of cryptocurrency on the value of the Nigerian naira.

1.3 Objectives of the Study

To determine the effect of cryptocurrencies on the value of the Nigerian Naira

1.4 Research Questions

What is a cryptocurrency?

What is the effect of cryptocurrencies on the value of the Nigerian Naira?

1.5 Significance of the Study

The increasing wave of cryptocurrency into the economy with its attendant effect propels a study of this nature to facilitate a better understanding of this new concept

And to determine its effect on the value of Nigerian money

The study shall also serve as a veritable source of information

1.6 Research Hypothesis

Ho The Effect of cryptocurrency on the value of the Nigerian naira is low

Hi The Effect of cryptocurrency on the value of the Nigerian naira is high

1.7 Scope of the Study

The study focuses on the appraisal of Effect of cryptocurrency on the value of the Nigerian naira

1.8 Limitations of the Study

The research was confronted by some constraint such as geographical factor and logistic

1.9 Definition of Terms

CRYPTOCURRENCY DEFINED

Cryptocurrency constitute as a subset of alternative currencies or better referred to as digital currency  is a digital asset from block chain technology which is designed to function  as a medium of exchange using cryptography to execute  transactions and to control the creation of additional units of the currency. The  evolution and advancement of economic revolution and the need to sustain the economy through advanced financial technology, through a new form of digital currency using  encryption techniques  to regulate the generation of units of a currency and verify the transfer of funds operating independently of a central bank precipitated the introduction of crypto-currency into the Nigerian economy. Consequently, a digital currency is beginning to gain wide information and acceptance;

REFERENCES

Ayo Alonge (2017) NDIC, CBN consider cryptocurrency

(2014). CNN Money. CNN

Nermin Hajdarbegovic (7 October 2014).

Romain Dillet (9 August 2013).

Siluk, Shirley (2 June 2013). CoinDesk.

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THE EFFECT OF CRYPTO CURRENCIES ON THE VALUE OF THE NIGERIAN NAIRA



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