Nigeria Turns Out to be the Most Crypto-Aware Country

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As per the recent research by the Web3 software firm Consensys, Nigeria leads all other regions in terms of cryptocurrency consciousness, having 99% of the population familiar with the concept and 91% being willing to make an investment.

Nigeria Crypto Stats

Consensys evaluated the gathered data on the basis of gender and area in collaboration with market studies and statistical analytics company YouGov for a true assessment of all national demographics. In total, 15,158 people from 15 different countries—including the United States, United Kingdom, Argentina, France, India, Japan, Mexico, South Korea, the Philippines, and Nigeria, completed the poll online between April 26 and May 18, 2023. 

4 Out of 5 Nigerians are Familiar with Crypto

The company discovered that four out of five Nigerians are familiar with cryptocurrencies as well as practically all of them had heard of them. They view cryptocurrency as a substitute for conventional finance. Additionally, nearly 58% of Nigerians aged above 18 and below 65 who participated in the study believe cryptocurrencies will be the next form of money.

Primary Obstacles

However, as acknowledged by 63% and 52% of the people surveyed, respectively, the notion of an uncertain market and the threat of frauds are the primary obstacles preventing acceptance into the cryptocurrency ecosystem.

According to a research released by the cryptocurrency price tracker CoinGecko in August of last year, Nigeria was recognised as the nation showing the most interest in cryptocurrencies globally. 

The majority of Nigerians acquire cryptocurrency to expand their holdings. Also due to the volatility of the local currency, the Nigerian naira, several people have ventured in the new industry. 

CBDC Plans

The Central Bank of Nigeria (CBN) took a step forward in July this year to encourage the use of the e-Naira, its central bank digital currency (CBDC). In the past, there have been doubts about Nigeria’s CBDC’s success. Nevertheless, the country has worked hard to introduce the eNaira after receiving authorization from the Federal High Court.

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