Nigeria tops list of global crypto usage despite CBN ban

Nigeria tops list of global crypto usage despite CBN ban

Despite the ban placed on cryptocurrency trading by the federal government, Nigeria topped the list of countries where citizens use cryptocurrency regularly.

According to data presented by, Nigeria and Turkey lead in crypto ownership, with 47 per cent and 31 per cent of the population respectively owning a cryptocurrency in 2023.

The United Arab Emirates (UAE) follows with 31 per cent, while Indonesia and Brazil are listed fourth and fifth, with 29 per cent and 28 per cent, respectively.

The analysis shows that China and Japan have the smallest share of crypto adoption among their population, with 10 per cent and six per cent ownership respectively.

The survey revealed that the global crypto market revenue is expected to double to  nearly $38 billion in 2023 compared to the revenue generated in 2022.

The analysis states that half of 2023 cryptocurrency value will come from the United States and the United Kingdom; both countries are not in the top 10 list of cryptocurrency adoption. 

The data shows that developed countries have four times smaller crypto adoption. In the United States, only 16 per cent of the population uses or owns cryptocurrencies, ranking behind countries like Switzerland, South Korea, and Norway. 

Germany, United Kingdom, France, and Italy have even lower crypto adoption rates in 2023.

In 2021, Godwin Emefiele, the governor of the Central Bank of Nigeria placed a ban on cryptocurrency trading by restricting financial institutions from approving transactions. 

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