According to statistics, about 32-33% of crypto users in the world are from Nigeria.
Nigeria is not only the most populous nation in Africa but the most populous on crypto blockchains as well.
Major Updates
- The World Economic Forum (WEF) and Statista organized a survey in 2020 and it's result revealed that Nigerians are the highest partakers in the trade of coins.
- Increase in the use of tokens as means of payment and exchange within Nigeria and between Nigeria and other countries.
- The Central Bank of Nigeria's recent order to effect the close of all Nigerian accounts associated with the trade of cryptocurrency.
- Youth form a higher number of Nigerians participating in asset exchange.
Last year, the World Economic Forum (WEF) in cooperation with Statista, a research platform, conducted a survey that contained between 1000 and 4000 participants from the target countries. These countries include Nigeria, Philippines, Turkey, Peru, Germany, Switzerland, U.S.A, China and Japan.
According to the analysis, close to a third of Nigerians are involved in trade of BTC.
Cryptocurrency has been added as a means of online payment in a lot of platforms. More Nigerians seem to prefer the option because of its low exchange rate internationally. Sending money traditionally between countries is less convenient and more expensive than exchange made on cryptocurrency platforms. Nigerians appear to opt for the better ways to trade and exchange; crypto trading.
Amongst the 33% of Nigerians using tokens, young people form a good part of the population. Trying to meet up with the changing world of trade, more youth in Nigeria are becoming engaged in the crypto world. Nigerian youth are leading the current global chart for Bitcoin searches on Google. Though Nigerians may not own the biggest BTC wallets in the world, they sure lead the crypto market population. While some of them engage in the buying and selling of Bitcoins, others take part in crypto education —teaching others about the market.
The Central Bank of Nigeria recently made a regulation asking that all financial institutions holding accounts related to coins to close down accounts. Of course the demand was not well received by Nigerians as many, being involved in crypto trade were to lose assets.
Although this regulation was made only recently, more awareness about cryptocurrency is still being created amongst Nigerian youth, with more still showing interest. Apparently, the number is set to increase in line with the increase in the population of young people.
