Nearly 3 out of 5 Nigerians Ready for a Global Digital Currency, Latest Luno Survey Reveals

[PRESS RELEASE:30 November 2020]

Luno, the Africa-focused crypto platform, has today announced the findings of a new global survey which revealed that nearly 3 out of 5 Nigerians (59%) are ready to adopt a global digital currency, reflecting the country’s growing interest in cryptocurrencies since the start of the global pandemic.

Nigerians also rank higher than the global average of 37 percent for openness to digital currency adoption.

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The survey, which included 15,000 respondents from South Africa, UK, France, Italy, Indonesia, Malaysia and Nigeria, was first conducted in 2019 and then repeated in 2020. It also forms the basis of Luno’s “Trust and Uncertainty in 2020” report which explores how the attitude towards governments, money and the decision making by central banks, have changed since last year.

Below is the percentage of the respondents that think a single global currency would make their financial system better:

  • 54% of Africans
  • 41% for Asia
  • 35% for Europe

Looking at the responses in total, across all the countries in the survey, respondents expressed a more negative sentiment on the development of their local currency than last year.

Below are more stats from the report:

  • 40% believe their local currency will decrease in value over the next year
  • 31% think it will stay the same
  • Only 29% see an increase going forward
  • 52% of Nigerians believe the local economy is performing poorly vs 36% worldwide
  • 44% of Nigerians believe the Naira will decrease in value over the next 12 months – double the number from 23% in 2019

Hence, the majority are anticipating a decrease in their local currency which is leading many to explore alternatives.

Speaking on the rising interest for cryptocurrencies in Nigeria, Owen Odia, Luno’s Country Manager for Nigeria, says:

“This year, we’re seeing a level of uncertainty that hasn’t been seen since the 2007-8 global recession and with this, there’s been a wave of Nigerians making their first steps to learn about cryptocurrencies. The growing interest in cryptocurrencies represents a new openness to look beyond the traditional ways of managing and getting the most out of your money, and exploring other useful opportunities.”

~ Luno Country Manager, Nigeria

RECOMMENDED READING[WATCH] Luno Launches a Savings Wallet to Enable African Customers Earn Interest on Bitcoin

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