• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Technology Cryptocurrency

35% of Nigerian adults are crypto investors – New report says

3 years ago
in Cryptocurrency, Features, highlights, Home, home-news, latest News, Technology
2 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

35% of Nigerian adults are crypto investors – New report says

KuCoin, a leading cryptocurrency exchange, has released a new report covering cryptocurrency and blockchain adoption in Nigeria.

The report revealed that Nigerians are embracing cryptocurrencies by virtue of having limited access to affordable financial services. Cryptocurrencies are thus becoming an alternative solution for the storage and transfer of assets.

According to the report titled: Into The Cryptoverse, 33.4 million Nigerians, which accounts for 35% of the population aged 18 to 60, currently own cryptocurrencies or have traded cryptocurrencies over the past 6 months.

The report also noted that 52% of Nigerian crypto investors allocate over half of their assets to cryptocurrencies. At the same time, 65% of Nigerian crypto investors make fiat deposits to cryptocurrencies via peer-to-peer trading.

Another important finding is that 70% of Nigerian crypto investors intend to increase their cryptocurrency investments over the next 6 months, giving reasons to believe that digital asset adoption in the country is accelerating.

The report noted that such rates of adoption could be attributed to the fact that the Nigerian currency, Naira, has depreciated by over 209% in the past six years.

RelatedPosts

GRA Says Cedi Rebound Cuts Government Revenues by 30%

Here’s Why Uber’s CEO Believes China is Winning the EV Race

Appiah Adomako Writes: Ghana Needs a Surgical Approach to Minimum Investment Capital Requirement

Read: Why Uber suspended operations in Tanzania

“With national inflation rates climbing to their highest point since 2008, the challenging economic climate in Nigeria was worsened by the COVID-19 pandemic, making cryptocurrencies an attractive alternative source of income, particularly in the bullish market in 2021,” the report noted.

Further insights from the report showed that Nigerian crypto investors allocate an average of 60% of their portfolios to cryptocurrencies, followed by cash/bank deposits (20%) and foreign currencies (7%), and other instruments.

52% of Nigerian crypto investors allocate over half of their investments to cryptocurrencies, while so-called “super crypto investors”, which account for 22% of total crypto investors in the country, allocate over 90% of their investment portfolios to cryptocurrencies.

Cryptocurrency adoption rate increases in Nigeria are also evident from the previous report, according to KuCoin data, which identified that the average number of monthly transactions across African countries has shown a 1,386.7% increase from January 2021 to January 2022, with the number of users also indicating a 2,467.2% spike over the same period.

The KuCoin Into The Cryptoverse report on Nigeria showcases that cryptocurrencies are becoming an important financial instrument in the African country in times of economic hardship as a means of payment and value storage.

Tags: 35% of Nigerian adults are crypto investors - New report saysBitcoincryptocurrency and blockchain adoptionInto The CryptoverseNigeria
No Result
View All Result

Highlights

Serie A: Jonathan David Shines on Serie A Debut as Juventus Overcomes Parma

La Liga: Mbappe, Vini Jnr on Target as Real Madrid Beat Real Oviedo

Gold Fields CEO Flags Illegal Mining; Backs Ghana’s Push for Fairer Mining Returns but Stresses Investor Appeal

MTN Ghana to Offload GHS 2.83 Million Worth of Shares on the Open Market

CSO Budget Forum Calls for Urgent Reforms in Tax Compliance in Ghana

Government Misses T-Bill Target, Raises GHS 5.75bn at Higher Yields

Trending

A customer counts Ghana cedi banknotes at the Nima market in Accra, Ghana on Monday, March 11, 2024
Business

GRA Says Cedi Rebound Cuts Government Revenues by 30%

August 25, 2025

GRA Says Cedi Rebound Cuts Government Revenues by 30% The sharp recovery of the cedi has dealt...

Here’s Why Uber’s CEO Believes China is Winning the EV Race

August 25, 2025

Appiah Adomako Writes: Ghana Needs a Surgical Approach to Minimum Investment Capital Requirement

August 25, 2025

Serie A: Jonathan David Shines on Serie A Debut as Juventus Overcomes Parma

August 25, 2025

La Liga: Mbappe, Vini Jnr on Target as Real Madrid Beat Real Oviedo

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.