Home - Blockchain - 35% of Adults in Nigeria Bought Crypto in the Past Six Months


April 12, 2022

35% of Adults in Nigeria Bought Crypto in the Past Six Months

According to a new poll performed by prominent cryptocurrency exchange KuCoin, more than one-third of Nigeria adults presently own or have traded cryptocurrencies in the last six months.

According to KuCoin’s newest Into The Cryptoverse research on cryptocurrency and blockchain adoption in Nigeria, 33.4 million Nigerians between the ages of 18 and 60 hold at least one crypto asset or have engaged in crypto trading in the last six months.

According to the survey, 52 percent of crypto investors in Nigeria have put more than half of their total assets in crypto, and another 70 percent aim to invest more of their assets in digital assets within the next six months.

According to the report, 37 percent of Nigerian crypto investors have been trading cryptocurrencies for more than three years, while 6 percent have been investing for more than six years.

Furthermore, 40% expect to start their own enterprises to better their standard of life, 36% intend to earn passive income in addition to their salary, 34% want to achieve financial freedom, and 26% intend to rely on cryptocurrency as their primary source of income.

The survey also indicated that cryptocurrencies have provided equal chances to both men and women, with women accounting for half of all crypto investors.

Since 2016, the Nigerian currency, the Naira, has declined in value by more than 209 percent, while national inflation and the cost of living have been rising since 2008 as a result of ongoing corruption. The breakout of the COVID-19 pandemic in 2020 also contributed to the country’s bad economic situation.

Also Read:  What does Facebook Becoming Meta Mean?

Nigerian investors have used cryptocurrency as a source of income, for cross-border payment, and to hedge against inflation in an effort to find a solution to the country’s financial woes.

According to the KuCoin survey, 53 percent of Nigerian crypto investors consider cryptocurrencies as a trustworthy store of wealth and medium of exchange, while 50 percent invest in digital assets for higher long-term profits.

According to KuCoin’s Into The Cryptoverse research, Nigerians are adopting cryptocurrencies despite the country’s ban on commercial banks servicing crypto-related organizations since 2021.

Interestingly, Coinfomania reported earlier this month that the Central Bank of Nigeria (CBN) fined four local banks in the country for assisting crypto-related transactions after the prohibition was lifted.

Access Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank, and United Bank for Africa were among the banks affected (UBA).

Access Bank was fined more than $1.2 million, followed by Stanbic IBTC ($480.594), UBA ($240,298), and Fidelity Bank ($34,362).