Study Reveals 47% of Nigerians Involved in Crypto-Related Pursuits

A recent survey indicates that nearly half of Nigerians, about 47%, are actively participating in cryptocurrency trading, integrating it into their financial activities. The research further reveals a 15% increase in crypto ownership in the country from 2020 to 2023. Hopefully they do more in 2024. 

Cryptocurrencies Shift from Being Viewed as Speculative Assets

Analysis Shows 47% of Nigerians Actively Involved in Crypto Despite Regulatory Hurdles. As per a Coin Journal analysis, approximately 47% of Nigerians are actively participating in cryptocurrencies, viewing them as an alternative to traditional financial systems. The study also revealed a 15% growth in crypto ownership in the country between 2020 and 2023.

Read also: SEC Cautions That Crypto Investments Pose ‘Exceptional Risks’

The increase in the ownership of digital assets by Nigerians persists despite the Central Bank of Nigeria (CBN) attempting to restrict their usage. As reported earlier by News, the central bank actively enforced its decision from February 6, 2021, aiming to exclude cryptocurrency entities from the banking system. 

Yet, the devaluation of the Nigerian currency, intensifying in the latter half of 2023, and the surge in inflation have driven her citizens toward digital assets such as bitcoin (BTC) and USDT.

“The information indicates a notable shift from viewing digital assets only as speculative investments, showcasing a broader transformation in how individuals integrate and include cryptocurrencies into their financial activities.”


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