EFFECT OF CRYPTO CURRENCY ON THE DEVELOPMENT OF NIGERIA BANKING SYSTEM WITH PARTICULAR REFERENCE TO THE FIRST BANK NIGERIA PLC.

Abstract

The study examined the effect of crypto currency on the development of Nigerian banking system with particular reference to the first bank Nigeria Plc. The study specifically examined the effect of Bitcoin (BTC) payment system Litecoin (LTC) payment system on the profit for the year of first bank Nigeria Plc. Data for the study was sourced through annual reports and accounts of first bank Plc for a period of 10 years, data collected were analysed using multiple regression analysis. Result of the analysis shows that Bitcoin (BTC) payment system has a positive and significant effect on the profit for the year of first bank Nigeria Plc. It was also observed that Litecoin (LTC) payment system has a negative significant effect on the profit for the year of first bank Nigeria Plc. The study concluded that a significant number of people are now fully persuaded that the digital currency is genuine and has value. It was recommended that there is need for Nigerian Government to set up policies that will be very favourable for Bitcoin (BTC) payment system in the country and that regulatory agencies should help in the implementation of Litecoin (LTC) payment system to enhance Nigerian international transaction base