Cryptocurrency in Nigeria

Cryptocurrency Gains Attention but Faces Hesitation

Cryptocurrency, once a niche interest, has become a growing part of many people's digital lives, though it still sparks both curiosity and caution. In Nigeria, around 61% of people are familiar with cryptocurrencies like Bitcoin and Ethereum. While some have engaged with cryptocurrency—either by owning or using it—widespread adoption remains limited. Many Nigerians have yet to own or use crypto, but interest is strong, with 64% expressing a desire to learn more.

Knowledge Gaps and Volatility Hinder Cryptocurrency Adoption in Nigeria

One major hurdle to broader adoption in Nigeria is the lack of understanding. It's clear that even those interested in cryptocurrency might find the learning curve daunting, which only compounds other concerns like security issues and regulatory uncertainty. The volatility of cryptocurrency also remains a major deterrent. Interestingly, though, it’s not all negative. Despite these concerns, cryptocurrency is gradually integrating into everyday transactions. In fact, 21.21% of Nigerians have already used it for purchases. However, cash remains the dominant payment method, even as digital transactions gain traction. Many Nigerians are increasingly using payment apps like Venmo to send money to friends and storing their credit card information on their phones, reflecting a shift toward digital payments.

Binance Leads Nigeria’s Crypto Market

If you’re wondering where people are turning to exchange their crypto, the picture is relatively clear. Binance stands out as the dominant platform. Other platforms, like KuCoin and Coinbase, also have a solid presence, but Binance’s lead suggests it’s the go-to for most Nigerians engaging in crypto trading.