Although cryptocurrencies are already well known in many parts of the world, some parts of the world are still preparing for the greater adoption of cryptocurrencies. However, Nigeria is one of the few African countries to be an exception, as according to a recent survey, one-third of Nigerian citizens somehow own cryptocurrencies, which only shows how popular cryptocurrencies are in Nigeria. As a bonus, Nigeria, along with Kenya and South Africa, ranks in the top 10 countries for the use of cryptocurrencies. We can see that Nigeria is no newcomer to the crypto world.
“The Nigerian currency, Naira, has depreciated by over 209% in the past six years.”
This recent survey was conducted by the KuCoin crypto exchange, which found that as many as 33.4 million citizens between the ages of 18 and 60 reportedly either owned cryptocurrencies or had experience in trading. This represents about 35% of the population. According to many, the reason for such an increase in popularity is rising inflation in the country. Another very interesting and positive news is that half of Nigeria’s crypto investors are women. It is also interesting that the number of digital asset transactions across the continent has increased by 1,386.7% in the last year and the number of users has increased by 2,467.2%.