Nigeria has emerged as the top country for cryptocurrency adoption in Africa and the second-largest globally, according to recent data from Chainalysis. From July 2022 to June 2023, Nigeria received more than $50 billion worth of cryptocurrencies, the highest in Sub-Saharan Africa during that period.
Binance also reported significant transaction volume in the country, revealing $21.6 billion in transactions for 2023. This is despite disputes between the crypto exchange and Nigerian authorities, which led to Binance temporarily halting its Naira P2P feature. However, the platform remains a major player in Nigeria’s crypto space due to its wide range of services.
Despite regulatory uncertainty, cryptocurrencies continue to thrive in Nigeria as many citizens turn to digital assets to mitigate the impact of the devaluation of the naira. Apps like Binance and Bybit are popular among Nigerian crypto traders, with Bybit seeing increased use after Binance delisted its P2P feature. Koyn, an app for converting USDT to Naira, is also widely used, as many Nigerians rely on the stablecoin to hedge against inflation.
The crypto space in Nigeria is booming, with increasing daily transaction volumes expected as more Nigerians engage in digital currency trading. However, experts suggest that the industry would benefit from a more robust regulatory framework to ensure sustainable growth and curb the activities of bad actors in the market.
