Study Finds 33.4 Million Nigerian Adults Hold or Have Traded Crypto in Last 6 Months

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Study Finds 33.4 Million Nigerian Adults Hold or Have Traded Crypto in Last 6 Months – According to a new survey from the cryptocurrency exchange Kucoin, 35 percent of Nigerian adults, or 33.4 million individuals aged 18 to 60, own cryptocurrencies or have traded them in the previous six months. According to the report, 52 percent of cryptocurrency investors in Nigeria allocate almost half of their assets to cryptocurrencies.

According to the crypto exchange’s data, over 65 percent of Nigerian crypto investors are known to use peer-to-peer trading platforms to convert money to cryptocurrency.

Nigerian crypto investors’ rising usage of peer-to-peer platforms implies that many financial institutions are following the requirements of a guideline issued by the Central Bank of Nigeria in February 2021.

Also Read: Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 – Central Bank Official

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The CBN issued a guideline instructing financial institutions to restrict or freeze bank accounts linked to crypto businesses. The CBN would sanction financial institutions discovered supporting transactions on behalf of known cryptocurrency firms.

In addition to the directive, officials from the central bank, including the governor, Godwin Emefiele, have urged Nigerians against dealing in cryptocurrency.

Despite the governor’s and others’ cautions, the study’s findings imply that Nigerians are going to boost their crypto investments. According to the report:

“Another interesting result is that 70% of Nigerian bitcoin investors plan to grow their holdings in the next six months.”

Also Read: Tourism Minister of El Salvador Reiterates Effect Bitcoin Has Had on the Sector

Study Finds 33.4 Million Nigerian Adults Hold or Have Traded Crypto in Last 6 Months – Meanwhile, the report cites the dropping value of the naira as one of the factors driving Nigerians’ rapid embrace of cryptocurrencies. According to the survey, the naira has depreciated by 209% in the last six years, which is why 37% of respondents began dealing in cryptocurrencies three years ago.

This is a big increase from the 6% of people who invested six years ago. The research also mentions the Covid-19 outbreak as another issue that drove 26% of respondents to buy in cryptos in the last six months.

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