Nigerian Crypto Users Hit 33.4 Million Despite CBN Ban

• A new KuCoin  report has revealed that approximately 33.4 million Nigerians have traded or held cryptocurrencies over the past 6 months

• The report also divulged that about 52% of Nigerian crypto users allocate over 50% of their assets to cryptocurrencies

• Overall, the report shows that despite a ban imposed on cryptocurrencies by the Central Bank of Nigeria, crypto enthusiasts have devised ways to trade crypto assets within the country

A new report that was curated and released by Kucoin has revealed that 35% of Nigerian adults (33.4 million people aged between 18 and 60) are holders or traders of crypto assets.

The report also went on to indicate that 52% of Nigerian crypto users allocate over half of their assets to cryptocurrencies, despite the best efforts of the Central Bank to limit crypto usage in the country.

In fact, 70% of Nigerian crypto investors intend to increase their cryptocurrency investments over the next 6 months.

Another eye-opening statistic is that more Nigerians have seized peer-to-peer (P2P) trading platforms as methods for swapping money for crypto. About 65% of Nigerian crypto users are known to convert from fiat to cryptocurrency via P2P.

The crypto exchange’s study indicates that the steady declining value of the Naira has forced more Nigerians to take crypto as a hedge against inflation.

Read also: Bitcoin Crashes Below $40,000 as Bearish Market Concerns Emerge

In the past six years, Nigeria’s Naira has declined by more than 200%. This study shows that around 37% of respondents began investing in cryptocurrencies around that time to safeguard their liquid cash from the effects of inflation.

To end, the uncovered the pandemic had played its part in crypto adoption as well, prompting 26% of the respondents to invest in cryptos in the past six months.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news and entertainment gist.