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Okafor, Michael Ebuka (2023) Adoption of Digital currency in Nigeria and the Effects on the Economy. Masters thesis, Dublin, National College of Ireland.
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Abstract
The swift development of digital currency has attracted attention in the contemporary financial environment and has important ramifications for economies all over the world. The adoption of digital currency in Nigeria and its subsequent consequences on the economy are examined in this thesis. Nigeria serves as an engaging case study in digital financial transformation because it is the largest economy in Africa and a center of technical innovation. This paper explores the many facets of adopting digital currency through a thorough literature review. The study draws attention to the development of digital payment systems, cryptocurrencies, and Nigeria's establishment of a Central Bank Digital Currency (CBDC). We examine the technology infrastructure, legal frameworks, and financial literacy as driving forces for its adoption. The researcher collected primary data from respondents using a questionnaire on google forms. The data collected from respondents was examined using descriptive analysis and statistics, normality tests were carried out using the Shapiro-Wilk and Kolmogorov-Smirnov statistics. Economic growth can be stimulated by effective government policies, but context and unexplained variables have an impact on importance. Data-driven, flexible policies are essential. Economic growth in Nigeria is driven by human behavior and digital currency education. Further research into the effects of blockchain on policy is required. Based on research, policymakers must design plans for sustainable development.
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