Crypto ownership in Nigeria drops as CBN restriction takes toll

According to the Finder’s Cryptocurrency Adoption Index, which uses surveys to track the rise of cryptocurrencies around the world, ownership of cryptocurrencies in Nigeria has fallen in recent months.

Adult Crypto ownership in Nigeria has dropped to 21 percent according to Finder’s December survey from 24 percent carried out from the survey in October.

Despite the fact that 81 percent of Nigerians believe cryptocurrencies are a smart investment, significantly higher than the global average of 43 percent, crypto ownership has not been widespread in Africa’s most populous country.

This could be due to the CBN’s anti-crypto stance, which has had detrimental consequences in the country’s blockchain/De-Fi space.

Read also: Money laundering accounts for 0.05% of crypto transaction volume in 2021

Finder polled Internet users in 23 countries in November 2021 to see if they’d heard of cryptocurrencies and if they believed they were a decent investment. According to the survey, Nigeria ranks first out of 23 nations in terms of cryptocurrency enthusiasm, with 81 percent of respondents believing it’s a good investment.

Nigeria also has one of the greatest levels of cryptocurrency awareness, with 73 percent of Nigerians claiming they know what cryptocurrencies are, second only to Australia (85 percent ).

This also put Nigeria ahead in Africa for crypto adoption with Ghana, Kenya, and South Africa coming at 17.31 percent, 15.78 percent, and 11.26 percent respectively.

Crypto ownership is dominated by the young, with 56.1 percent of owners being between the ages of 18 and 34. Nigeria is no exception.

In Nigeria, people aged 18-34 account for 71.3 percent of all crypto ownership, while those aged 35-54 account for 14.8 percent of all crypto ownership. With 13.9 percent, those aged 55 and up came in last.

Widget Code-