Chainalysis has reported that Nigeria’s cryptocurrency transaction volume reached $56.7 billion, representing a 9% year-over-year growth between July 2022 and June 2023. This growth occurred despite market turbulence in the cryptocurrency space. According to Chainalysis, Nigeria is one of only six countries among the top 50 globally whose crypto transaction volume increased year-over-year during this period, ranking third among those six countries in terms of growth rate.
Nigerians are increasingly adopting cryptocurrencies as a means to preserve the value of their savings in the face of rising inflation and economic challenges. The country has faced two major recessions since 2016, driven by political instability, the COVID-19 pandemic, and falling oil prices. High unemployment rates have also led many Nigerians to seek opportunities abroad.
As the value of the Naira has declined, interest in Bitcoin and stablecoins has grown. While Sub-Saharan Africa has a relatively small overall cryptocurrency market, Nigeria stands out as the second-highest country globally in terms of crypto adoption. Cryptocurrency has become an important part of many Nigerians’ daily lives, serving as a solution to economic challenges in the country.