World Economic Forum Ranks Nigeria 1st In Cryptocurrency Use

Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency. Vietnam, Phillipines, Turkey, Peru, Switzerland, China, US, Germany and Japan complete the top ten respectively.

The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng
The Nigerian Central Bank Governor, Godwin Emefiele / Photo credit: dailypost.ng

The us of Cryptocurrency has continued to be on the rise in the country, with 33 per ceof Nigerians either using or owning cryptocurrency, according to a recent survey.

Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency. Vietnam, Phillipines, Turkey, Peru, Switzerland, China, US, Germany and Japan complete the top ten respectively.

The survey reveals that reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa’s largest economy.

According to WEF, almost a third of Nigerians said this applied to them.

The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families, according to Bitcoin.com.

WEF say Nigerians also often use their phones to send money to each other or to pay in shops.

Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives.

The Central Bank of Nigeria recently banned financial institutions from processing cryptocurrency transactions.

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.