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Dollar Crisis: Nigeria Rated Most Crypto-Obsessed Nation in the World

While the government has had a tough stance against cryptocurrencies since banning them in 2021, adoption continues to grow.

Nigeria has emerged as the most crypto-obsessed nation in the world based on the increasing number of Nigerians searching the Internet for crypto-related trading, the crypto price tracker, CoinGecko, has revealed.

According to the latest CoinGecko survey, the global crypto market crash in April saw most cryptocurrencies lose over 60 per cent of their valuation from the top, leading to an overall downturn in trading activity, investor interest and venture capital investment.

However, CoinĢecko reported that a recent study highlighted nations’ growing curiosity and interest in crypto after the April crash.

The research was based on Google Trends data of popular crypto search terms often reflecting increased interest in the crypto market.

The search history of each nation was compiled to give an overall search score, indicating that the countries at the top of the list appear to be most eager to buy the dip.

The CoinGecko research highlighted a significant rise in curiosity among Nigerians after the crypto market downturn in April, adding that the Nigerian population searched the term “cryptocurrency,” “invest in crypto,” and “buy crypto” most among the 15 countries part of the survey.

The report revealed that two Google trend charts show the data for “invest in crypto” searches in Nigeria compared to the world.

The search density for the term had seen similar interest rates after the April downfall in Nigeria, while the worldwide search density has seen a constant decline in comparison.

“Nigeria’s growing interest in crypto is fueled by inadequate financial services in the country, something that has been a key reason for crypto adoption across Africa. As Cointelegraph reported in April, nearly 17.36 million, or 52 per cent of Nigerian crypto investors, have allocated over half of their assets to cryptocurrencies,” explained the report. “Nigerians started using crypto as a viable alternative to store and transfer assets.”

Among the top 15 countries most interested in cryptocurrencies, Nigeria dominates the world despite tumbling prices. The countries are the United Arab Emirates (UAE), Australia, Canada, Lebanon, US and Kenya. Others are Trinidad and Tobago, Cyprus, New Zealand, Singapore, United Kingdom, Ireland, Georgia and Pakistan.

Overall, Nigeria was found to be in a league of its own with a score of 371, followed by UAE with a score of 271, “which did not come as a surprise to many, given the country’s recent push for crypto adoption.”

The report said, “People in Nigeria are reported to embrace cryptocurrencies, thanks to a local currency that has lost much of its value to the dollar in 2022, making it an unworthy store of value for many in the oil-rich nation. According to the latest statistics, the naira was found to be trading at N670 to the dollar.”

While the government has had a tough stance against cryptocurrencies since banning them in 2021, adoption continues to grow. Even after the country became the first in Africa to roll out a Central Bank Digital Currency (CBDC), Nigeria has since partnered the Algorand blockchain to develop a national system for tokenising intellectual property rights.

The Nigeria Stock Exchange (NSE) also wants to adopt blockchain technology with the over-the-counter trading securities exchange saying it seeks to launch a tokenised securities market in 2023.

Ndubuisi Francis