A new survey conducted by popular cryptocurrency exchange KuCoin revealed that more than one third of the Nigerian adult population currently hold or have traded cryptocurrencies in the last six months.
35% of Nigerian Adults Are Crypto Investors
According to KuCoin’s latest Into The Cryptoverse report that covers cryptocurrency and blockchain adoption in Nigeria, 33.4 million Nigerians between the ages of 18 and 60 either own at least one crypto asset or have engaged in crypto trading within the last six months.
This figure represents 35% of the adult population in the country.
The report further disclosed that 52% of crypto investors in Nigeria invested more than half of all their assets in crypto, while another 70% of investors plan to invest more of their assets in digital assets within the next six months.
The survey also revealed that 37% of Nigerian crypto investors have been trading cryptocurrencies for more than 3 years, while 6% of them started investing more than six years ago.
Crypto Promotes Gender Equality
Furthermore, 40% plan to start up their own businesses and improve their standard of living, 36% for passive income in addition to their salaries, 34% on a quest to attain financial freedom and 26% intend to rely on cryptocurrencies as their major income stream.
The report also revealed that cryptocurrencies have provided equal opportunities to both men and women alike, as 50% of the crypto investors were women.
Nigeria’s Naira Losing Value
Since 2016 till date, the Nigerian currency, Naira, has depreciated in value by over 209% while national inflation and cost of living have been on an increase since 2008 due to unending corruption. The outbreak of the COVID-19 pandemic in 2020 also contributed to the poor economic condition in the country.
In an effort to find a solution to the financial issues in the country, Nigerian investors have adopted crypto as a source of income, for cross border payment, and to hedge against inflation.
The KuCoin report showed that 53% of Nigerian crypto investors see cryptocurrencies as a reliable store of value and medium of exchange while 50% of them invest in digital assets for higher returns in the long run.
Nigeria Penalizes Local Banks for Enabling Crypto Payments
KuCoin’s Into The Cryptoverse report confirms that Nigerians are adopting cryptocurrencies despite the country prohibiting commercial banks from servicing crypto-related entities since 2021
Interestingly, Coinfomania reported earlier this month that the Central Bank of Nigeria (CBN) imposed a financial penalty on four local banks in the country for facilitating crypto-related transactions after the ban.
The banks affected were Access Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and United Bank for Africa (UBA).
Access Bank received the highest fine of over $1.2 million, Stanbic IBTC with $480.594, UBA was fined $240,298 and Fidelity Bank with $34,362.
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