The founder and Chief Executive Officer of Furex Technologies, Fure Eviosekwofa, has said the ability to trade in dollars and beat naira devaluation are key factors fuelling Nigerians’ interest in cryptocurrency.
New York-based blockchain research firm Chainalysis recently disclosed that naira depreciation pushed Nigeria’s crypto transaction volume to $56.7bn in one year. The report added that transactions grew 9% year-over-year between July 2022 and June 2023.
Eviosekwofa in an interview with Daily Trust during the launch of Furex app in Lagos, said in addition to this, crypto is attractive to Nigerians because it provides financial inclusion.
“The adoption of cryptocurrency has become widespread in Nigeria and Africa because it serves against currency devaluation. We know the current situation of the economy.
“Cryptocurrency gives users the ability to buy and sell in dollars to beat devaluation. So users are protected from the volatile nature of the market. Crypto helps to save in dollars,” he said.
The Product Manager at Furex, Damilola Olatoye, added, “The Furex app is designed to simplify crypto trading. It eliminates the need for users to wait for suitable buyers and sellers and automates the trading process, making it accessible to users of all levels.”
