Nigeria Won't Use Cryptocurrency in Purchasing Vehicles

In March 2021, some users claimed that Nigeria’s indigenous car manufacturer, Innoson Motors, had entered into a partnership with the recently launched Nigerian cryptocurrency Zugacoin. Claims that cryptocurrency will be in exchange for the purchase of cars and other equipment.

In a report published by a leading Nigerian news platform, Vanguard, the founder of Zugacoin, Archbishop Sam Zuga, was quoted as saying that the partnership was “to alleviate poverty and unemployment in Africa.” Adding that other merchants were already warming up to become a part of Zugacoin’s growing number of partner businesses.

Archbishop Zuga also noted that the coin recorded its first successful conversion into fiat currency on March 3, 2021.

It was perceived by many as an attempt to increase the sales of locally assembled vehicles.