Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

Over 33 Million Nigerians Trade Crypto Despite CBN Ban – Report

byGLAMTUSH
April 18, 2022
in Business & Brands
Nigerians Trade Crypto Despite CBN Ban
Share on FacebookShare on TwitterShare on Whatsapp

Over 33 Million Nigerians Trade Crypto despite CBN ban, new reports have revealed.

Glamtush reports that despite the Central Bank of Nigeria’s restriction on cryptocurrencies-related transactions in the banking sector, a report by a crypto platform has said about 33.4 million Nigerians trade or own crypto assets.

READ ALSO

Polaris Bank, Lagos State Employment Trust Fund Launch N1b Fund To Empower Artisans In Lagos

CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services

In its report, ‘Into The Cryptoverse: Decoding The World Of Crypto Consumers,’ KuCoin, a crypto exchange with over 10 million registered users, said the crypto population is largely dominated by 18 to 60-year-olds.

It said, “According to Google Trends, Nigeria was recorded as the country with the highest number of bitcoin searches globally in early 2021, signalling the growing utility of cryptocurrency in the country.

“The data also pointed out that the country’s youth have been the decisive force behind the surge in bitcoin searches. According to our survey conducted in early 2022, 33.4 million Nigerians, which accounts for 35 per cent of the population aged 18 to 60, currently own or have traded cryptocurrencies over the past six months.

“70 per cent of these crypto investors claim that they will likely increase their cryptocurrency assets soon. Another six per cent of the country’s population are interested in investing in cryptocurrency in the coming 6 months, suggesting that the cryptocurrency adoption rate might continue to increase.”

According to the crypto exchange, the depreciation of the naira over the last six years has fuelled the increase in the number of crypto users in the nation.

READ ALSO  Union Bank CEO Emeka Emuwa To Retire After 8 Years, Board Appoints Executive Director, Emeka Okonkwo, As Successor

It added, “The Nigerian currency, Naira, has depreciated by more than 209 per cent in the past six years. Some Nigerians recognised the financial opportunity brought by Bitcoin early on.

“According to our survey, 37 per cent of crypto investors in the country began trading cryptocurrencies more than three years ago. At the same time, 6 per cent started trading cryptocurrencies more than six years ago.

“Meanwhile, as prices continue to rise, with food inflation reaching its highest point since 2008, the challenging economic climate in Nigeria remains and has even worsened by COVID-19, making cryptocurrencies attractive alternative sources of income, particularly in the bullish market in 2021. According to the survey, 26 per cent of crypto investors have begun trading cryptocurrencies in the last 6 months.”

The firm said the average number of monthly transactions across African countries showed a 1,386.7 per cent from January 2021 to January 2022.

It added the number of users also increased by 2,467.2 per cent within the same time period.

According to a report by Chainalysis, a blockchain data platform, the cryptocurrency market in Nigeria and other African countries grew by 1200 per cent in 2021.

The firm added that Nigeria is the sixth leading country in the world in terms of cryptocurrency adoption as a result of its peer-to-peer monetary systems.

The report said the African region, dominated by Kenya, Nigeria, South Africa, and Tanzania, has one of the highest grassroots adoptions of crypto in the world. It added that Africa has the third-fastest growing cryptocurrency economy in the world.

READ ALSO  Heritage Bank Joins In Celebration Of Nigeria @60

The International Monetary Fund recently said the adoption of crypto assets was being driven by emerging markets and developing economies. It added that countries in this region increased their trading volumes in crypto exchanges in 2021.

In February of 2021, the CBN put a restriction on cryptocurrency transactions in the nation. It had said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

Recently, the CBN fined three Deposit Money Banks N800m fine for violating its regulations barring customers from transacting in cryptocurrencies.

Related

Related Posts

Artisans
Business & Brands

Polaris Bank, Lagos State Employment Trust Fund Launch N1b Fund To Empower Artisans In Lagos

May 20, 2022
Open Banking In Nigeria
Business & Brands

CBN Issues Guidelines For Open Banking In Nigeria To Enhance Financial Services

May 19, 2022
Applications Open For Second Cohort Of Google For Startups Black Founders Fund For Africa
Business & Brands

Applications Open For Second Cohort Of Google For Startups Black Founders Fund For Africa

May 18, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 18 May 2022

May 18, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 17 May 2022

May 17, 2022
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 14 May 2022

May 14, 2022
Next Post
Senator Marafa

Senator Marafa Gives Reasons For Dumping APC

Lace Styles
Amosun

Amosun And The Race For 2023 Presidential Ticket

May 21, 2022
JUST IN: Corpse Of Arthur Nzeribe Arrive Nigeria From London

JUST IN: Corpse Of Arthur Nzeribe Arrive Nigeria From London

May 21, 2022
Antecedents

Why Rotimi Amaechi’s Antecedents Places Him Above Other Presidential Candidates In APC

May 21, 2022
Blossom Chukwujekwu

Actor Blossom Chukwujekwu Remarries

May 20, 2022
Bassey Edet Otu

JUST IN: Ayade’s Candidate For Cross River Governorship Bassey Edet Otu Disqualified

May 20, 2022
George Turnah

Court Jails Ex-President Jonathan’s Godson, George Turnah, Four Years

May 20, 2022
Danish Man

Lagos Court Sentences Danish Man To Death For Killing Nigerian Wife, Daughter

May 20, 2022
Buhari Appoints Chief Economic Adviser

Buhari Appoints Tutuwa As Director-General Of Industrial Research

May 20, 2022
BREAKING: Protest In Abuja Over Council Chairmen Tenure Extension

BREAKING: Protest In Abuja Over Council Chairmen Tenure Extension

May 20, 2022
Prostitution

Man Traffics Wife For Prostitution, Sells Son For N600,000

May 20, 2022

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship

© 2022 Glamtush