A unique study has disclosed a remarkable escalation in crypto adoption throughout Nigeria, powered by restricted access to inexpensive fiat-based financial facilities in Africa. KuCoin (a crypto exchange) developed a report which makes it clear that several residents from Nigeria have initiated utilizing crypto as a profitable substitute to transact and store assets.
As per the report, 35% (nearly 33.4M) out of the cumulative population of Nigeria between the age of 18 and 60 have traded or possessed crypto during the previous six months. Among those people, up to 17.36M (approximately 52% crypto investors from Nigeria) have specified more than 50% of the assets in their possession as cryptocurrencies. One of the chief causes at the back of the worldwide investors’ intention to diversify conventional assets into crypto is to tackle the mounting inflation in fiat currency.
For instance, a group of investors from the United Kingdom was surveyed in the previous month, and a considerable majority of them proposed that the tokens were safer as well as more secure as compared with the traditional investments like real estate, stocks, oil, and gold. The report of KuCoin also indicates that peer-to-peer trading is prestigious among the methods that Nigerian investors utilize to transfer funds from fiat currency into cryptocurrency.
Elevating crypto adoption to its double, nearly 23.38M Nigerian citizens, or 70% among the present investors, will elevate their crypto investments during the coming six months. The value of the country’s fiat currency naira has plummeted to more than 209% during the past six years, playing a significant role in persuading native investors to move towards BTC (Bitcoin) as well as other deflationary assets.
The report also highlights that numerous Nigeria-based crypto investors started crypto investments only six months ago, due to the bull run of the previous year, which witnessed that the mark of $69,000 was briefly crossed by the primary crypto asset. In October of the previous year, Muhammadu Buhari (the president of Nigeria) launched the central bank digital currency of the country under the title eNaira.
Several governments around the world intend to utilize CBDCs to have a digitalized replacement for fiat currency, specifically targeting to minimize the functional charges as well as to bring swiftness in the payments across the borders. It is considered that eNaira is the most advanced CBDC, having scored up to 95 points from 100 throughout both wholesale as well as retail categories in the global index of CBDCs issued by PwC.
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