Facts About Nigerians And Cryptocurrency (Statistics, Facts & Usage Trends)

Trends indicate that Nigerians are exhibiting a high interest and involvement in the market for digital currencies, which positions them at the forefront of cryptocurrency adoption around the world. The facts about Nigerians and cryptocurrency, as contained in this post, will reveal how Nigerians are among the countries that are leading in terms of crypto adoption and involvement.

This article delves deeply into the statistics, facts, and usage trends that vividly depict Nigerians and their relationship with cryptocurrencies.

How Many People Use Cryptocurrency In Nigeria?

Among Africa’s cryptocurrency economies, Nigeria stands out due to its large population of 228,235,234.

Cryptocurrency has been quickly adopted by the country’s tech-savvy youth as a means to sidestep the painfully slow and expensive traditional banking system and the skyrocketing inflation.

It was stated by ITEdgeNews that in 2023, an astounding 46 percent of Nigerians disclosed that they owned cryptocurrency.

Being in this position puts them at the forefront of cryptocurrency ownership on a worldwide scale.

Remarkably, 90% of cryptocurrency owners in Nigeria intend to make additional investments, which demonstrates their long-term trust in the technology.

This is the biggest number of people who intend to invest in the future worldwide.

Check also:  Number Of Active Bank Accounts In Nigeria 2024

What Is Nigeria Ranked In Cryptocurrency?

At the moment, Nigeria is in the enviable position of being the second most popular in the adoption of cryptocurrency in the world in the year 2023.

The position of Nigeria in crypto adoption demonstrates that cryptocurrencies are in widespread use and have gained universal acceptability.

Statistics On The Ownership Of Cryptocurrencies In Nigeria

More than 35% of Nigerians between the ages of 18 and 60 personally invest in cryptocurrency, according to research in April 2022 by Kucoin.

In the same reports, over half of the investments made by Nigerian crypto investors (52 percent) are held in cryptocurrency.

At 52%, the average age of a cryptocurrency investor in Nigeria is under 30.

When these numbers are considered in context with the fact that just 51% of Nigerians have access to the internet, the country’s enormous potential becomes clear. 

How Many Nigerians Own Bitcoin

According to several sources, including Finder’s analysis, which demonstrated that 47 percent of cryptocurrency owners in Nigeria held Bitcoin [Punch Newspapers],

Bitcoin is the cryptocurrency that is most often owned in Nigeria.

According to Invezz, the percentage of Nigerian cryptocurrency investors who have adopted Bitcoin is currently at 76%.

Bitcoin.com reports that the poll also found that “of the 1 in 4 persons in Nigeria who own cryptocurrency, bitcoin is the most popular coin in Nigeria, with 66.5% of crypto owners.

However, at 23.8%, ethereum (ETH) appears to be the second most popular coin among cryptocurrency holders in Nigeria, according to the survey reports from Bitcoin.com.

Gender Equality on Cryptocurrency Ownership In Nigeria?

The adoption of cryptocurrency in Nigeria is not limited to a specific gender.

Men and women invest in cryptocurrency at nearly equal rates, demonstrating that the industry welcomes diverse perspectives.

Also, according to Kucoin, there was 50% female ownership of cryptocurrencies in Nigeria, but in some other reports, the percentage of female ownership of cryptocurrencies is slightly less than 50%.

The numbers shows that gender isn’t a factor in the country’s adoption of new money systems, unlike in other countries.

Awareness and Widespread Knowledge of Cryptocurrency

A staggering 99% of Nigerians are aware of cryptocurrencies, making them the country with the highest level of crypto awareness globally.

This demonstrates that Nigerians have a profound comprehension of the idea of digital currencies and familiarity with them.

Nigerians, as reported by CoinGecko, seem to be the most interested in searching for the terms “cryptocurrency,” “invest in cryptocurrencies,” and “buy cryptocurrencies.”

The Top 10 Crypto Adoption Indexes for 2023

COUNTRY	REGION	OVERALL INDEX RANKING	P2P EXCHANGE TRADE VOLUME RANKING
India	Central & Southern Asia and Oceania	1	5
Nigeria	Sub-Saharan Africa	2	1
Vietnam	Central & Southern Asia and Oceania	3	2
United States	North America	4	12
Ukraine	Eastern Europe	5	11
Philippines	Central & Southern Asia and Oceania	6	19
Indonesia	Central & Southern Asia and Oceania	7	14
Pakistan	Central & Southern Asia and Oceania	8	9
Brazil	Latin America	9	15
Thailand	Central & Southern Asia and Oceania	10	44

Source: Chainalysis

First and foremost, it is important to note that the Central and Southern Asia and Oceania (CSAO) area is dominant at the top of the index. This is because six of the top ten countries are in this region.

Reasons for Crypto’s Popularity in Nigeria

Economic Challenges:

Nigeria is confronted with some economic challenges, including fluctuations in the value of its currency and inflation.

In addition to providing an alternative means of storing money, cryptocurrencies also provide a potential hedge against inflation.

Limited Traditional Financial Services:

Access to traditional banking services may be restricted in certain regions of Nigeria, and this is one of the reasons why traditional financial services are limited. Cryptocurrency offers a financial system that is more open to participation and accessibility.

Remittances:

The term “remittances” refers to the money that Nigerians now residing outside the country give back to their homeland.

When compared to more conventional techniques, cryptocurrency provides a means of transferring funds that may be both quicker and less expensive.

Tech-Savvy populace:

Nigeria’s populace is young and has a strong understanding of technology.

People in this group are more likely to be open to new technologies such as cryptocurrencies.

Social Media Influence:

The influence of social media may be seen in the extensive role that social media plays in disseminating information and establishing trends in Nigeria.

There is potential for interest in cryptocurrencies to be driven by online groups and influencers.

Why Nigerians Are Motivated To Use Cryptocurrency

It is very important to know why Nigerians are interested in cryptocurrencies.

These are some of the reasons why crypto adoption keeps increasing in Nigeria.

Weaker Naira: The Nigerian Naira has lost value over the past few years. Cryptocurrencies are an alternative way to keep value that could help Nigerians avoid inflation.

Limited Traditional Financial Services: Many people in Nigeria still don’t have bank accounts. Cryptocurrencies offer an alternative way to handle money, making it easier to get financial services without going through standard banks.

Transacting across borders: Using cryptocurrencies makes transacting across borders faster and cheaper than traditional methods.

This is especially helpful for Nigerians who work outside of Nigeria and want to send money home.

Soul of an Entrepreneur: Nigerians are known for having the strong soul of an entrepreneur.

Many Nigerians are interested in cryptocurrencies because they can be used to make investments and start businesses.

Challenges and Considerations in Using Cryptocurrency in Nigeria

Even though the use of crypto is growing, Nigerians still have to deal with some problems:

• Volatility Concerns: The biggest reason why more people in Nigeria don’t use cryptocurrencies is that the market is naturally volatile.

Changes in the market can be dangerous for new buyers.

• Regulatory Uncertainty: It is still unclear how cryptocurrencies will be regulated in Nigeria. This can make people who want to spend nervous].
• Scams and Fraud: Nigerians may not want to enter the market because of the rise of crypto scams and fraud.

To solve this problem, educational programs are very important.

What Are The Interesting Key Statistics Of Cryptocurrency?

• In 2023, the percentage of Nigerians who owned cryptocurrency was 46%.
• The percentage of Nigerians planning to invest in cryptocurrencies in the future is 90%, the highest in the world.
• In 2023, Nigeria was rated second internationally for the adoption of cryptocurrencies.
• In 2023, Nigeria was ranked top in the world for P2P cryptocurrency transactions.
• The percentage of Nigerian cryptocurrency investors who have adopted Bitcoin is currently at 76%.
• Between 2020 and 2023, the number of people using cryptocurrencies in Nigeria climbed by 15%.
• The percentage of people in Nigeria aware of cryptocurrencies is the highest in the world, hitting 99%.
• There is not much indication of a gender disparity in the adoption of cryptocurrencies in Nigeria since the proportion of male and female investors is equal or male slightly larger than females.
• 40% of Nigerians want to use the money from cryptocurrency to establish a business, and 40% want to enhance the lives of their family.
• In Nigeria, the market’s constant volatility is the most significant hindrance to the widespread adoption of cryptocurrencies.

Source: invezz

After Thoughts – Facts About Nigerians And Cryptocurrency (Statistics, Facts & Usage Trends)

Nigeria’s experience with cryptocurrency is interesting because it shows that the people there are open to new ways of handling money.

A country on the cutting edge of this technological revolution can be seen by its high ownership rates, planned investments, and world leadership places. But problems like price changes, government oversight, and scams need to be fixed for the cryptocurrency economy in Nigeria to continue to grow.

It will be interesting to see how Nigerians continue to use coins to reach their financial goals as things change.

Having seen the facts about Nigerians and cryptocurrency, the statistics, facts, and usage trends, you will agree that Nigeria is on the right path to becoming the world user of crypto, particularly bitcoin, which is the king of all cryptocurrencies that ever existed.

Disclaimer: This piece is just for your information and shouldn’t be taken as financial advice. Before making any decisions, please talk to a trained financial professional.