Crypto & Bitcoin Adoption Statistics in Nigeria (2025)

In 2025, Nigeria is still one of the biggest crypto markets in the world.

Many people now use Bitcoin, stablecoins, and other digital assets for savings, trading, and even sending money across borders.

With rising inflation and limited access to foreign exchange, crypto has become a practical solution for millions of Nigerians. In this article, we’ll look at the latest statistics, who is using crypto the most, and what the future of adoption in Nigeria might look like.

Overview of Crypto Growth in Nigeria

TL;DR

Early Origins: Interest Sparks (2015–2017)

• 2015–2016: The Nigerian cryptocurrency movement began picking up momentum, spurred in part by Ponzi schemes like MMM that drew attention to Bitcoin. That same period saw LocalBitcoins in Nigeria rank second globally in P2P trading volume. Between 2015 and 2020, Nigerians traded roughly $566 million worth of Bitcoin on various crypto platforms
• 2016: NCBI reported that the Bitcoin market in Nigeria reached a capital market value of around $1 billion, and the country became the second-largest in peer-to-peer Bitcoin trading globally.
• 2017: The Central Bank of Nigeria (CBN) issued a caution, warning commercial banks to avoid facilitating cryptocurrency transactions, marking the beginning of official resistance

Full Overview of Early Origins of Crypto/Bitcoin in Nigeria: Interest Sparks & Challenges (2015–2017)

The story of crypto in Nigeria doesn’t start with high-tech traders or polished exchanges. It started with curiosity, financial desperation, and word of mouth.

Back in 2015 and 2016, Bitcoin first grabbed attention in Nigeria, though not always for the right reasons.

The infamous MMM Ponzi scheme, which promised crazy returns, introduced many Nigerians to the concept of Bitcoin as a way to make payments.

For many, it was their first time hearing about this “digital money” that didn’t require a bank. Even after MMM collapsed, the awareness it created stuck.

During this period, Nigerians began experimenting with peer-to-peer (P2P) platforms like LocalBitcoins, and the adoption was staggering.

In fact, Nigeria quickly climbed the charts, becoming the second-biggest market for P2P Bitcoin trading in the world.

Between 2015 and 2020, Nigerians exchanged roughly $566 million worth of Bitcoin on platforms like LocalBitcoins and Paxful .

By 2016, this underground buzz was too big to ignore.

NCBI reported that the Nigerian Bitcoin market was estimated at nearly $1 billion, cementing the country’s place as a global crypto hotspot.

This wasn’t just about hype anymore. It was becoming an alternative financial system in a country where access to dollars and reliable banking was already difficult.

But with growth came resistance.

In 2017, the Central Bank of Nigeria (CBN) stepped in with its first warning, cautioning banks and financial institutions not to facilitate cryptocurrency transactions.

For many governments, crypto was still a threat, not an opportunity, and Nigeria was no different.

Yet, rather than slowing things down, this warning only seemed to push Nigerians further toward P2P platforms, where they could keep trading away from the watchful eyes of regulators.

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Explosive Growth of Bitcoin in Nigeria & Grassroots Momentum (2018–2022)

TL;DR

• 2020: A survey suggested that 32% of Nigerian participants reported using cryptocurrencies, with total crypto transaction volumes estimated around $400 million, placing Nigeria third globally behind the U.S. and Russia.
• 2021: P2P Bitcoin trading in Nigeria ballooned, with some quarters seeing trading volumes as high as $1.5 billion. Nigeria was now on par with top players like China, the U.S., and India (Source: NCBI)
• 2021–2022: Crypto use surged further. 35% of Nigerian adults were reported as crypto investors, and over 52% of these investors were under 30 years old (Source: RedditInvezz).
• In 2022, among Nigerian crypto investors, Bitcoin remained dominant (76%), followed by Ethereum (50%) and Binance Coin (45%)

Full Overview of the Explosive Growth & Grassroots Momentum of Crypto & Bitcoin in Nigeria

From 2018 onwards, crypto was no longer just for tech-savvy early adopters. It began to spread among young Nigerians looking for ways to protect their savings, trade online, and even receive remittances from abroad.

By 2020, Nigeria had become a global leader in crypto usage.

A survey suggested that 32 percent of Nigerians were already using or owning cryptocurrencies, and transaction volumes for the year reached around 400 million dollars. That placed Nigeria third in the world for Bitcoin trading, behind only the United States and Russia.

Crypto in Nigeria hit a boom in 2021.

P2P Bitcoin trading volumes hit new highs, with some quarters seeing as much as 1.5 billion dollars’ worth of trades.

Despite regulatory pushback, Nigerians found ways to continue trading, often using WhatsApp or Telegram groups to connect buyers and sellers before settling payments with bank transfers.

By 2021 and 2022, crypto had gone mainstream in Nigeria. Reports showed that 35 percent of adults were now crypto investors, and more than half of them were under 30 years old.

Among these investors, Bitcoin was the clear favorite, held by 76 percent, followed by Ethereum at 50 percent, and Binance Coin at 45 percent (Source: Invezz).

This wave of young adoption positioned Nigeria as one of the fastest-growing crypto nations in the world.

Skyrocketing Adoption of Crypto: Bitcoin & USDT in Nigeria: From Underground to Mainstream (2023–2025)

TL;DR

• July 2023–June 2024: Nigeria processed approximately $59 billion in crypto transaction value, making it the world’s No. 2 country in crypto adoption (behind only India). A huge 85% of these transactions were valued under $1 million, signaling strong retail participation
• By 2025: Around 22 million Nigerians, equivalent to 10.3% of the population held cryptocurrencies. This compares to just 0.4% a decade earlier. Twenty-two million users reflect a major leap in adoption.
• Ownership breakdown: Among Nigerian adults, 35% have invested in crypto, and 52% of them are under age 30. Stablecoins like USDT now play a critical role. They accounted for 43% of sub-$1 million transactions, as Nigerians hedge against naira instability. (Source: Mular).
• Market outlook: Nigeria is projected to generate US$2.4 billion in cryptocurrency market revenue in 2025, with user penetration at 11.66%, growing to 11.83% in 2026. Estimated users are expected to reach 28.7 million by 2026

Skyrocketing Adoption and Mainstream Use of Bitcoin and Stablecoins in Nigeria(2023–2025)

Between July 2023 and June 2024, Nigeria’s crypto economy recorded about 59 billion dollars in transaction value, making the country the second biggest in the world for adoption, only behind India.

What stood out was that 85 percent of these transactions were below one million dollars, proving that the bulk of activity came from everyday Nigerians rather than just big institutions.

By 2025, an estimated 22 million Nigerians, or 10.3 percent of the population, owned or used cryptocurrencies.

A decade earlier, that number was closer to 0.4 percent. In other words, in just ten years, crypto went from a fringe experiment to something used by one in ten Nigerians.

Stablecoins also became a major part of the story. With the naira losing value year after year, many Nigerians began saving in dollar-pegged stablecoins instead.

These stablecoins accounted for about 43 percent of retail transactions under one million dollars, showing just how much ordinary people relied on them to protect their money.

Looking at the big picture, the market outlook is still growing.

In 2025, Nigeria is projected to generate around 2.4 billion dollars in cryptocurrency revenue, with a user penetration rate of 11.6 percent. By 2026, that number is expected to rise to almost 29 million users, according to Statista

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Bitcoin & Stablecoins Adoption in Nigeria at a Glance

The First Wave: Tech Enthusiasts and Graduates (2015–2017)

In the earliest days, crypto in Nigeria appealed mostly to tech-savvy young people; often men with university degrees.

A 2021 academic survey found that about 83 percent of crypto users were male, while only 16 percent were female.

Most were in professions like ICT, engineering, and business intelligence.

Around 33 percent of users were aged 18–30, while another 56 percent were aged 31–40 (Source: NCBI).

These pioneers were curious, educated, and looking to new digital tools to experiment with.

Youth Take Over: College Students and Young Professionals (2018–2020)

Between 2018 and 2020, the crypto scene shifted toward younger users.

These were students and early-career professionals.

A 2020 survey revealed that 32 percent of Nigerians used or owned crypto, a remarkable rate globally. The users were increasingly young, mobile-first, and seeking alternatives to protect their savings.

Full Youth Momentum: Equal Gender Share (2021–2022)

By 2021 and 2022, crypto was clearly powered by the youth.

Reports showed that 35 percent of Nigerian adults had invested in crypto, and notably, 52 percent of those investors were under 30.

Even more striking, there was a full gender balance. 50 percent of crypto investors were women, matching the share of men. Young adults, both men and women, turned to crypto as a means of financial freedom and innovation.

Everyday Users: Retail Traders and Digital Savers (2023–2025)

From 2023 through 2025, crypto became part of everyday life for millions. The market was driven by small retail trades. 85 percent of transactions were below one million dollars, showing participation by ordinary Nigerians, not just big players.

By 2025, an estimated 22 million Nigerians (10.3 percent of the population) held crypto. Many used stablecoins to shield against the falling naira, and ownership continued to be youth-driven (Source: Mular).

Summary Table: Age and Gender Trends

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Trading Volumes of Bitcoin in Nigeria and Popular Cryptocurrencies

The First Trades: Bitcoin Leads the Way (2015–2017)

In the early years, Bitcoin was the face of crypto in Nigeria.

Most trades happened on peer-to-peer platforms like LocalBitcoins and Paxful.

According to a report by Emerald, Nigerians exchanged around 566 million dollars worth of Bitcoin between 2015 and 2020.

By 2016, Nigeria had already built a Bitcoin market valued at about 1 billion dollars, ranking as the second-largest peer-to-peer Bitcoin trading market in the world. At this point, Bitcoin was almost the only coin most Nigerians knew about.

Growth and Diversification (2018–2020)

As adoption spread, trading volumes continued to rise.

By 2020, Nigeria had climbed to third place globally in Bitcoin transaction volumes, behind only the United States and Russia.

That year alone, Nigerians carried out about 400 million dollars in Bitcoin trades.

Although Bitcoin still dominated, conversations about Ethereum and other altcoins began to pick up among younger traders and online communities.

Peak Volumes and the Adoption of New Favorites like Altcoins (2021–2022)

The years 2021 and 2022 marked the peak of peer-to-peer trading.

Some quarters recorded up to 1.5 billion dollars in Bitcoin transactions as Nigerians turned to crypto during a time of stricter banking limits and inflation pressure.

Surveys showed that 35 percent of Nigerian adults were now crypto investors, and their portfolios revealed the new favorites. According to Invezz,

• 76 percent held Bitcoin
• 50 percent held Ethereum
• 45 percent held Binance Coin (BNB)

This period showed that while Bitcoin was still king, Nigerians were embracing altcoins that offered lower fees, faster transactions, and opportunities for decentralized finance.

Mainstream Transactions and Stablecoin Dominance (2023–2025)

From 2023 to 2025, trading volumes went from impressive to extraordinary.

Between July 2023 and June 2024, Nigeria recorded about 59 billion dollars in crypto transaction value, making it the second-largest country in the world for adoption after India (BusinessDay).

What stood out was that 85 percent of these trades were below one million dollars, proving that everyday people were the real drivers of this growth.

By 2025, around 22 million Nigerians held crypto.

At this point, stablecoins had taken on a starring role.

With the naira losing value, many Nigerians preferred to save in dollar-pegged assets.

Stablecoins made up 43 percent of retail transactions under one million dollars, showing they had become the go-to choice for savings and remittances.

Summary Table: Trading Volumes and Popular Coins

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Regulatory Environment and Government Stance on Bitcoin Adoption in Nigeria

First Warnings (2017–2019)

The Nigerian government’s first reaction to cryptocurrency was caution.

In 2017, the Central Bank of Nigeria (CBN) issued a warning to banks and the public, saying that digital currencies like Bitcoin were risky and should not be used as legal tender.

Commercial banks were told not to process crypto transactions.

The Securities and Exchange Commission (SEC) also released statements reminding people that cryptocurrencies were unregulated and carried high risks.

At this stage, the government’s position was simple: “Be careful, we do not recognize crypto.”

The Banking Ban (2021)

Things escalated in February 2021.

The CBN sent a circular to all commercial banks, ordering them to stop facilitating crypto transactions completely. Accounts suspected of being linked to crypto trading were closed.

This decision created a storm. Many young Nigerians, who had turned to crypto for savings and trading, felt shut out of the financial system.

But instead of killing crypto adoption, the ban pushed people even deeper into peer-to-peer (P2P) trading, which only made crypto harder to control.

Launch of the eNaira (2021–2022)

Later in 2021, the government introduced the eNaira, Nigeria’s own central bank digital currency (CBDC). The goal was to provide a state-backed digital alternative and reduce reliance on cryptocurrencies.

However, adoption of the eNaira was slow. Most Nigerians preferred existing stablecoins like USDT, which were easier to use for saving and trading across borders. Despite government promotion, the eNaira struggled to gain traction.

A Shift Toward Regulation (2023–2025)

By 2023, the government began to soften its stance.

The SEC announced plans to create a regulatory framework for digital assets, and discussions started about licensing exchanges.

At the same time, crypto activity continued to grow. Between July 2023 and June 2024, Nigeria recorded about 59 billion dollars in crypto transactions, proving that the industry was too big to ignore.

In 2024 and 2025, regulators began focusing on balancing control with innovation.

Talks about taxing crypto gains and licensing exchanges gained momentum.

The government still viewed cryptocurrencies as risky, but it also recognized that banning them outright was no longer practical. Instead, the conversation shifted toward how to regulate the market while protecting consumers.

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Summary Table: Regulation Timeline

Future Outlook: What’s Next for Crypto in Nigeria?

Looking ahead, Nigeria’s crypto story is only just beginning.

With 22 million Nigerians already using digital assets in 2025, adoption is likely to grow as technology, regulation, and real-world use cases expand.

2025–2026: Strong Retail Momentum

The current trend of young people driving adoption will continue.

By 2026, the number of active crypto users in Nigeria is projected to rise to 27–30 million, with stablecoins remaining the most popular choice for everyday transactions. Remittances and small business payments will fuel this growth, especially as inflation and currency depreciation keep pushing people to hedge with digital money.

2027–2028: Institutional Entry

Around this time, we may begin to see more structured involvement from banks and fintechs.

If the Central Bank of Nigeria provides clear licensing rules, local financial institutions could start offering custody and crypto payment services. This could push adoption past 35 million users, with larger volumes of stablecoin and Bitcoin transactions moving through semi-formal channels.

2029: Widespread Utility

By 2029, crypto in Nigeria may no longer be seen as an “alternative” system but rather part of daily financial life. School fees, small imports, and freelancer payments could regularly happen in USDT or BTC. Some Nigerian businesses may even hold part of their reserves in stablecoins. Transaction volumes could exceed 100 billion dollars annually if global and local market conditions remain favorable.

Nigeria as Africa’s Crypto Hub

By 2030, projections suggest Nigeria could have 40–45 million active crypto users, which would be about 20 percent of the population. With this scale, Nigeria would remain Africa’s largest crypto market. Stablecoins will likely dominate, but Bitcoin and emerging Web3 applications such as tokenized assets, blockchain gaming, and decentralized finance (DeFi) will also have strong communities.

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