It is safe to say that regardless of the CBN ban on crypto; the currency continues to flourish in Nigeria. Cryptocurrency adoption in Nigeria has increased and more Nigerians are buying and still trading.
Below are some reports with graphs to know the percentage:
Global crypto adoption table
Nigeria takes second place with 27% of Nigerian internet users aged 18+ currently owning cryptocurrency, up from 21% late last year. Germany is at the other end of the spectrum with 6%. According to Finder’s Crypto Adoption August 2022 report, which has so far surveyed 217,947 people in 26 selected countries.
Percentage of Men & women who own crypto
Men are much more likely to own cryptocurrency. 59% of crypto holders are men and just 41% are women.
Global Bitcoin adoption
Bitcoin in Nigeria is by far the most popular coin among Nigerian crypto owners, leading with (47%)
Ethereum’s popularity with crypto owners
Ethereum follows after Bitcoin in the trend with (25%).
Cryptocurrency specialist at Finder, James Edwards, says he’s surprised adoption didn’t decline given the considerable drop in the crypto market.
“We saw huge drops in the price of Bitcoin at the start of May and June which led to declines in crypto ownership in other markets. However looking at Google Trends the search interest for ‘buy Bitcoin’ in Nigeria has actually risen in the past year, suggesting consumers are hoping to buy the dip.”
“This suggests that while some people have sold, others are holding for the long term or may have actually bought cryptocurrency for the first time at what they consider to be a discount.”
Edwards warns new investors that investing in cryptocurrency isn’t for the faint-hearted.
“Cryptocurrency is a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell.”
“Remember that your capital is at risk whenever you invest, so never invest what you can’t afford to lose”.