The cryptocurrency experienced a remarkable 156 percent gain last year, marking its most robust performance since 2020. Currently, it is up 2.5 percent at $45,318, though still significantly below its record high of $69,000 in November 2021.

The second-largest cryptocurrency, Ether, saw a 1.2 percent increase on Tuesday, reaching $2,386.50, following a 91 percent surge in 2023.

Crypto stocks, reflecting bitcoin price movements, saw a surge, with Riot Platforms, Marathon Digital, and CleanSpark gaining between 7 percent and 10 percent after substantial declines on the last trading day of 2023.

Nigeria maintains its status as having the highest cryptocurrency usage in Africa, solidifying its position as one of the most developed countries in terms of crypto adoption.

The Central Bank of Nigeria recently lifted the ban on cryptocurrency transactions, marking a significant change in its stance on digital currencies. The ban, implemented in February 2021, prohibited banks and financial institutions from engaging in or facilitating transactions in crypto assets.

The CBN’s latest circular, issued on December 22, 2023, provides guidelines for banks and financial institutions regarding the opening of accounts, settlement services, and acting as channels for foreign exchange inflows and trade for firms transacting in crypto assets.

Despite previous regulatory restrictions, Nigeria’s crypto market has continued to thrive, with the country’s volume of crypto transactions growing by 9 percent year-over-year to $56.7 billion between July 2022 and June 2023, as reported by New York-based blockchain research firm Chainalysis.