Despite a national internet penetration rate of only 40%, less than half the population having access to a bank account, and a government ban on banks from dealing with cryptocurrency that stood from February 2021 until late 2023, Nigeria is one of the world-leaders in terms of crypto adoption.

In fact, Nigeria sits in second place on the global crypto adoption index - behind only India - with a thriving, young and tech-savvy population increasingly turning to cryptocurrency to meet their financial needs.

As of mid-2023, Nigeria's volume of crypto transactions grew 9% year-on-year to $56.7 billion, bucking the global bear market trend. Whilst some of this growth is due to the weakening of the Naira increasing interest in cryptocurrencies as a store of value, cryptocurrency often serves a range of different financial purposes in Nigeria.

Going by this trend in few years to come Bitcoin will increase more