Ihemeje J.C. PhD & Obiekwe C.J. PhD
Department of Banking and Finance
COLMAS, Michael Okpara University of Agriculture, Umudike
📧 Email: ihemejejames@gmail.com
Abstract
This study explores the impact of cryptocurrency adoption on financial inclusion in Nigeria, with a focus
on the role of regulatory clarity and macroeconomic stability. Using time-series data from 2016 to 2025
and applying the ARDL model, the study finds that cryptocurrency adoption positively and significantly
affects financial inclusion. Regulatory clarity also enhances inclusive access, while inflation and exchange
rate volatility exert negative effects. The results suggest that digital financial transformation—when
supported by clear regulation and macroeconomic stability—has strong potential to shape Nigeria’s
financial future.
Keywords: Cryptocurrency, Financial Inclusion, Regulation, ARDL Model, Inflation, Exchange Rate