Nigeria | 2022

Digital currency Adoption and trends in Nigeria in 2022

10.34

%

of Nigerians
own digital currency

How many digital currencies owners are there in Nigeria?

It is estimated that over 22 million people, 10.3% of Nigeria’s total population, currently own digital currency.

State of Digital currencies in Nigeria

As of Q3 2022, Africa is currently the fastest-growing digital currency market among developing economies and the third-fastest growing market in the world. At this rate, many have poised Africa to be the next hub of digital currencies and blockchain development. At the centre of all this, Nigeria is one of the main African countries driving Africa’s digital currencies growth, having ranked 6th worldwide in terms of digital currencies-related use according to a report done by Chainalysis, a US blockchain data platform. Cointelegraph reported that according to Google and other search engine’s data, Nigerians are the most “digital currencies-crazy” nation as they rank first among 15 countries surveyed. This surge in digital currencies adoption amongst Nigerian could be attributed to a lack of access to traditional financial services. Additionally, the depreciation of their domestic currency, the Naira alongside rising inflation could be another major factor contributing to Nigerians holding digital currencies as their main form of assets

Nigeria Digital currencies Ownership Demographics

According to an April report done by Kucoin, more than a third of Nigerians aged between 18 to 60 invest in digital currencies themselves. A majority of Nigerian digital currencies investors are below the age of 30 (52% of its investor). However, Nigeria as a country shows huge potential as these figures are gathered when only 51% of the entire population of Nigeria has access to the internet.  Furthermore, Kucoin reported that digital currency ownership in Nigeria showed 50% gender parity, which, unlike in other countries, demonstrates that gender demographic plays no role in the country’s adoption of the evolving monetary system.

Digital currencies’s rising popularity in Nigeria

  • Nigeria Plans to Create a Virtual Free Zone With Binance Digital currencies Exchange – September 2022
    The Nigerian Export Processing Zones Authority (NEPZA) is in discussions with Binance to create a virtual free zone on blockchain and digital economy. NEPZA wishes this project to be somewhat parallel to Dubai’s virtual free zone. Ultimately, NEPZA’s partnership with Binance is aimed to take advantage of the booming blockchain and digital economy.
  • Nigeria Leads Global Search for Digital currency Information – August 2022
    Despite being in the midst of digital currencies winter, Nigerian digital currencies enthusiasts are still in full throttle. According to CoinGecko, the Nigerian population searched the most for the terms ‘digital currency’, ‘invest in digital currencies’, and ‘buy digital currencies’. 
  • KuCoin’s Into The Digital currenciesverse Report Reveals 35% of Nigerian Adults are Digital currencies Investors – April 2022
    A world-leading digital currency exchange, Kucoin has reported that Nigerians are amongst the most zealous nationality when it comes to digital currencies adoption. For many, it has become the preferred choice for storage and transfer of assets. In 2021 alone, Nigeria witnessed a 2,467.2% spike in their number of users in the course of a year. 

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