Study Finds 33.4 Million Nigerian Adults Hold or Have Traded Crypto in Last 6 Months

According to a caller report, astir 33.4 cardinal Nigerians, oregon 35% of the country’s big population, are holders of cryptocurrencies oregon person traded them successful the past six months. The study attributes the increasing adoption of cryptocurrencies to rising ostentation and the plunging worth of the section currency.

Converting From Fiat to Crypto via P2P Platforms

A caller study by the cryptocurrency speech Kucoin has recovered that 35% of Nigerian adults, oregon 33.4 cardinal radical aged betwixt 18 and 60, are holders of cryptocurrencies oregon person traded the aforesaid successful the past six months. The study besides says astir 52% of Nigerian cryptocurrency investors “allocate implicit fractional of their assets to cryptocurrencies.”

As noted successful the crypto exchange’s report, astir 65% of Nigerian crypto investors are known to person from fiat to cryptocurrency via peer-to-peer (P2P) trading platforms. The accrued usage of peer-to-peer platforms by Nigerian crypto investors suggests galore fiscal institutions are adhering to the requirements of a directive that was issued by the Central Bank of Nigeria (CBN) successful February 2021.

In this directive, the CBN told fiscal institutions to artifact oregon frost slope accounts that are associated with crypto entities. As shown by a caller Bitcoin.com News report, fiscal institutions caught facilitating transactions connected behalf of known cryptocurrency entities volition beryllium penalized by the CBN. In summation to the directive, cardinal slope officials including the governor, Godwin Emefiele, person warned Nigerians against dealing successful cryptocurrencies.

Naira Depreciation

Despite the warnings by the politician and others, however, the survey findings suggest Nigerians are successful information readying to summation their investments successful crypto. The study states:

Another important uncovering is that 70% of Nigerian crypto investors mean to summation their cryptocurrency investments implicit the adjacent 6 months.

Meanwhile, the survey points to the plunging worth of the naira currency arsenic 1 of the reasons down the accelerated adoption of cryptocurrencies by Nigerians. The study said successful the past six years alone, the naira has depreciated by 209% and this is the crushed wherefore 37% of respondents began investing successful cryptocurrencies 3 years ago. This fig is importantly higher than the 6% of adults that invested six years ago.

The Covid-19 pandemic is besides named successful the study arsenic the different origin that prompted 26% of the respondents to put successful cryptos successful the past six months.

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