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Crypto currency and economic growth in Nigeria

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  • Chi Aloysius Ngong

Abstract

This study investigates the link between crypto currencies and economic growth from 2012Q1 to 2019Q4. GDP per capita measures economic growth. Bitcoin transactions volume, private sector credit and foreign direct investment measured currency circulation using Engle-Granger residual co-integration, fully modified OLS, dynamic OLS and conical co-integration regression. Results unveil long-term relationship between crypto currencies and economic growth. The findings indicate a negative long-run association between LNBVT and GDP. The Central Bank of Nigeria and government should improve the legal system to regulate crypto currencies transactions. This research suggests implementation of effective laws on crypto currencies transactions to limit crypto currencies' negativities in the global economy. This is possible if the crypto currencies' developers create geographically delimited or encrypted protocols. This study recommends that all economic actors should be open-minded towards technological innovations. The suggested policies would improve crypto currency acceptance in the economies globally. The authorities should regulate crypto currencies' usage and security from illegal activities.

Suggested Citation

  • Chi Aloysius Ngong, 2025. "Crypto currency and economic growth in Nigeria," International Journal of Electronic Finance, Inderscience Enterprises Ltd, vol. 14(1), pages 1-21.
    • Handle: RePEc:ids:ijelfi:v:14:y:2025:i:1:p:1-21
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