26 crypto adoption in Nigeria statistics, facts & usage trends 2025

Nigeria, with nearly 200 million population, is Africa’s top cryptocurrency economy. The tech-savvy youth in the country has eagerly embraced crypto to bypass slow and costly traditional banking and staggering inflation. As a result, literally everyone (99%) in the country knows about cryptocurrencies, and almost half (46%) own some. 

Invezz.com predicts a cryptocurrency future brimming with promise in Nigeria. We did this research & statistics article to look deeper into the high-potential emerging market, and here is what we found. 

Key takeaways

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• Crypto ownership among Nigerians was 46% in 2023.
• 90% of Nigerians are planning future cryptocurrency investments, the highest globally.
• Nigeria ranked second globally for crypto adoption in 2023.
• Nigeria ranked first globally for P2P cryptocurrency transactions in 2023.
• Bitcoin adoption rate stands at 76% among Nigerian crypto investors.
• Crypto adoption in Nigeria increased by 15% between 2020 and 2023.
• Nigeria has the highest level of cryptocurrency awareness globally, reaching 99%.
• In Nigeria, there is no gender gap in cryptocurrency adoption, with a 50-50 split between men and women investors.
• Most Nigerians want to use crypto profits to start a business (40%) and improve their families’ lives (40%).
• Volatility in the cryptocurrency market is the biggest barrier to crypto adoption in Nigeria.

General crypto statistics

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1. Nigeria ranked second for crypto adoption globally in 2023.

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According to the Chainalysis’ 2023 global report, India, Nigeria and Thailand were the top 3 countries in terms of grassroots crypto adoption. The New York-based research firm used data from average, everyday people and transactions to identify the countries that are most enthusiastic about cryptocurrency.

Lower middle-income (LMI) countries led grassroots crypto adoption, envisioning a future where cryptocurrency will play a significant role. In fact, LMI is the only group of countries where grassroots adoption is above where it was in Q3 2020.  

Source: Chainalysis

2. In 2023, Nigeria had the highest P2P exchange volume in the world.

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The same report revealed that Nigeria had the highest peer-to-peer (P2P) exchange volume globally, followed by India.  

Findings show that Nigerians are investing the largest share of their income and wealth into  P2P cryptocurrency transactions. Using P2P platforms helps to avoid the traditional financial sector when making crypto exchanges.

Source: Chainalysis

3. Nigeria’s volume of crypto transactions surged 9% year-over-year to $56.7 billion for the year to June 2023.

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Crypto adoption statistics from Chainalysis reveal an ascending crypto adoption curve for a few countries only, and Nigeria is among them. Its growth rate of 9% places the African country third, surpassed only by Saudi Arabia and Vietnam.

Source: Chainalysis

Crypto adoption rate statistics

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4. The rate of crypto adoption in Nigeria was 46% in 2023.

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About 7 in 10 Nigerians reported owning or having owned cryptocurrencies in 2023, according to crypto adoption statistics by Consensys and YouGov. At the time of data collection, 46% owned cryptocurrency, and another 30% had bought some in the past but no longer have any.

This is particularly remarkable considering the fact that internet penetration in Nigeria stood at 55.4% in 2023. In a country where the local currency is unstable, digital currency is in heavy demand to protect against inflation and access global capital.

Source: We are social, Consensys

5. Crypto adoption in Nigeria surged by 15% between 2020 and 2023.

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Another estimate by Coin Journal suggested that 47% of Nigerians were actively engaged in crypto in 2023, up from 32% in 2020. Data suggests a steep crypto adoption curve between 2020 and 2023.

Source: Coin Journal

6. 90% of Nigerians are planning to invest in cryptocurrencies. 

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When looking at the future of crypto adoption, Nigeria is the country where people are most likely to invest in cryptocurrencies. 2023 crypto adoption statistics by Consensys and YouGov revealed that 90% of Nigerians would definitely or probably buy crypto,  compared to 78% in South Africa, 57% in the Philippines and Vietnam, or 53% in India.

This sharply contrasts with Europe and Japan, where a higher portion of respondents said they definitely won’t invest. 

Source: Consensys

7. In Nigeria, most people aim to start a business (40%) or improve their families’ lives (40%) with crypto profits.

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Many Nigerians (40%) saw crypto as a pathway for achieving their entrepreneurial goals in 2022. Just as many (40%) were looking for ways to improve the family living conditions, according to crypto adoption statistics by the crypto exchange Kucoin.

Significantly fewer respondents stated that crypto profits will help them make money without having to work. 

Source: Kucoin

Bitcoin adoption statistics

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8. Bitcoin adoption rate stood at 76% among Nigerian cryptocurrency investors in 2023.

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This coin remained the most popular cryptocurrency in Nigeria. According to the 2023 study Consensys/YouGov, about 76% of Nigeria own or have owned Bitcoin. Ethereum (50%), Binance (45%), Dogecoin (37%), and Tether (27%) made up the top 5.

Source: Consensys

9. South Africa and Nigeria topped the Bitcoin adoption ranking in 2023.

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Consensys and YouGov studied 15 markets globally, discovering that South Africa and Nigeria had the steepest Bitcoin adoption curve. In these countries, 78% and 76% of investors owned Bitcoin, respectively.

In comparison, in Western markets like the UK (63%), the US (58%), Germany (58%), and France (50%), Bitcoin was far less popular, with other cryptocurrencies stealing its market share. 

Crypto investors statistics

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10. Crypto adoption in Nigeria is dominated by investors younger than 30 years old.

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Nigeria’s population is among the world’s youngest, with approximately 70% younger than 30 years. It comes as no surprise that as of 2022, the majority of crypto adopters (52%) were aged below 30, too. 

In such a young country, findings from Kucoin’s survey support the view that crypto investors are proportionally distributed among age groups.

Source: Population Pyramid, Kucoin

11. There is no gender gap in cryptocurrency investment in Nigeria.

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The exceptionally high crypto adoption rate in Nigeria supports gender parity in cryptocurrency investment. The 2022 Kucoin survey among Nigerian investors discovered that 50% were women, and 50% were men. 

Source: Kucoin

12. 58% of Nigerian crypto investors had annual income of above $10k in 2022.

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Moving on with Kucoin’s 2022 report, findings showed that crypto investors had significantly higher income than the national average of $2,160 that year. 

Source: Kucoin

13. Most Nigerian investors (73%) bought cryptocurrencies with fiat money in 2022.

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There are various types of crypto trading, but fiat deposits are overwhelmingly popular in Nigeria. As of 2022, 73% of Nigerian investors deposited fiat money into cryptocurrencies. Among them, 65% do so via peer-to-peer transactions.

Results can be explained by the National Bank of Nigeria’s 2021 ban on bank-enabled crypto transactions. The institution warned that cryptocurrency trading brings risks such as investment loss and money laundering. This pushed Nigerian investors to look for alternative methods of making transactions, such as peer-to-peer platforms. The ban was lifted in December 2023.

Source: Kucoin

14. The average crypto investor in Nigeria allocated about 60% of their assets to cryptocurrency.

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The same study among crypto investors shed light on what an average asset portfolio looks like in Nigeria. About 60% are allocated to crypto, followed by cash and bank deposits (20%), and foreign currency (7%). 

Source: Kucoin, World Bank

15. As of 2022, more than a third of crypto investors in Nigeria have been trading for more than 3 years.

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The young and tech-savvy population of Nigeria has eagerly adopted cryptocurrency early on.  Crypto adoption statistics by Kucoin revealed that 37% of crypto investors have been trading for 3+ years. At the same time, 6% of the sample have traded for 6+ years. 

The COVID pandemic and economic downturn in 2021 accelerated crypto adoption in Nigeria. In 2022, some 40% reported starting cryptocurrency trading within the past year.

Source: Kucoin

16. As of 2023, the majority of crypto owners spent less than N50K (about €100).

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The remaining 30% spent more than €100 on crypto, according to a 2023 survey by the African tech advisory Chapter 54. To set this in context, the average salary in Lagos was about €300 at that time.

Source: Chapter 54  

Cryptocurrency awareness statistics

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17. At 99%, Nigeria was the world’s most crypto-aware population in 2023.

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The recent global survey by Consensys and YouGov demonstrated that almost the entire population (99%) of Nigeria has heard of cryptocurrencies. 

To set this in context, the global average stands at 92%. In advanced economies like Japan, just 1 in 3 respondents said they know what crypto is.

Source: Consensys

18. As many as 4 in 5 Nigerians have a clear understanding of cryptocurrencies.

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What’s more, the majority (78%) were not only aware of crypto but also clearly understood how it works. This was significantly higher than what Consensys and YouGov found in South Korea (63%), South Africa (61%), Brazil (59%), and India (56%). 

Source: Consensys

19. The majority of the Nigerian population (59%) has heard about bankruptcies in the crypto industry.

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In 2022 some centralized cryptocurrency exchanges like FTX and Celsius crashed, and most people across Vietnam (61%), the US (60%), and Nigeria (59%) were aware of the crisis. 

On the contrary, just 1 in 5 respondents in the global 2023 survey by Consensys/YouGov reported having heard about it.

Source: Consensys

20. Social media is the key source of information about crypto in Nigeria.

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As of 2023, about 76% of Nigerians used social media to keep themselves informed on the cryptocurrency ecosystem. Other common information channels were relationships with friends, family, and colleagues (48%), blogs (15%), mass media (13%), and YouTube (11%).

Source: Chapter 54  

21. YouTube, Telegram, and Facebook are the top social media for crypto information in Nigeria.

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The 2022 Kucoin survey further revealed the top 3 information sources across popular social media sites in Nigeria. 

Source: Kucoin

22. Almost 1 in 5 Nigerians daily inform themselves about crypto.

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A significant proportion (19%) of Nigeria’s population kept up with crypto news almost on a daily basis in 2023. Another 12% informed themselves once or twice per week.

Data from the local accelerator Chapter 54 reveals that the majority (69%) seldom looked for cryptocurrency information.

Source: Chapter 54  

Cryptocurrency attitudes statistics

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23. 86% of Nigerians believe that crypto is an environmentally friendly technology.

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Overall, the study by Consensys and YouGov revealed that global respondents have overall favorable perceptions about the environmental impact of crypto. 

This is mostly the case across emerging economies in Asia, South America, and Africa. But in the US, Japan, South Korea and European countries respondents were far more skeptical. 

Source: Consensys

24. Diversifying portfolios was the top motivation for Nigerian investors to buy crypto, at 19%.

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As of 2023, the second biggest reason was storing value in a county where local currency is unstable (14%), closely followed by the more abstract dream of building an inclusive financial ecosystem (14%).

 Source: Consensys

25. Positive crypto sentiments dominate in Nigeria, with people seeing cryptocurrencies as the future of money (58%).

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The sentiments on crypto adoption in Nigeria are remarkably positive, with most people saying that crypto is the future of money (58%), the future of digital ownership (48%), a way to access global capital (43%), and alternative to the traditional financial system (43%). 

Negative sentiments are far less popular. Just 9% associated crypto with speculation or crime, and even less (6%) with scams and phishing.

Source: Consensys

26. The volatility of the cryptocurrency market was seen as the biggest barrier to crypto adoption in Nigeria.

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In 2023 about 63% of Nigerians identified high volatility/risk as the key obstacle to crypto adoption, followed by fears of scams (52%). 

Despite the remarkably high levels of awareness and understanding, not knowing where to start was the third biggest barrier at 42%, followed by a lack of understanding of the technology’s purpose (41%).

Significantly less popular barriers were perceived complexity of the technology (33%), regulatory issues (26%) or high price (21%).  

Source: Consensys

Final notes

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Nigeria’s high crypto adoption rate is not only reshaping its investment landscape but also illustrating a broader shift towards digital financial solutions in lower middle-income countries. The African country saw a remarkable crypto adoption curve, driven by a young and tech-savvy population that lacks access to affordable traditional finance. Data indicated high hopes for cryptocurrency as the future of finance for Nigerians, dreaming about starting a business and improving the lives of their families.

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