1 in 5 Nigerians (20%) Hold Cryptocurrencies, Says Chapter 54 Survey

One third of the population (64%) stated that they know someone who has been a victim of a crypto fraud. Social Media (76%) Family and friends (48%) Blogs (15%) were found to main ways to gather crypto info.

According to a recent survey by Chapter 54, an African tech advisory by Partech Ventures, Nigeria continues to have one of the highest rates of crypto adoption in the world with 1 out of 5 people holding cryptocurrencies.

The survey, whose goal was to shed light on the current state of cryptocurrency adoption in Nigeria, also determined that 9 out of 10 people (93%) know about cryptocurrency at least by name with only 7% of the population having never heard of it.


“With the rising popularity of crypto in Nigeria, there has been a lot of information and misinformation circulating in the media, making it difficult to discern the actual trends and patterns of crypto adoption in the country.”



Nigeria’s adoption rate of 18% is substantially greater than the global adoption average of 10%, with the West-African nation only bettered by South Africa in Africa.

Social media was found to be the main channel for people to gather information about cryptocurrencies with 76% of the population using it. Below is a breakdown of how people learn about crypto in Nigeria:

  • Social Media (76%)
  • Family and friends (48%)
  • Blogs (15%)
  • Radio, TV, press (13%)
  • YouTube (5%)

According to Chapter54, the main motivation for cryptocurrency use in Nigeria is to generate income while the second motive is to hedge against Naira’s volatility (24%). Here is a breakdown of the key motivations for crypto use:

  • Generating income (39%)
  • Foreign exchange volatility (24%)
  • Diversify my investments (20%)
  • Anonymity (17%)
  • Send/Receive money abroad (11%)
  • Avoid banks (decentralized) (11%)
  • Send/Receive money locally (10%)
  • Other (9%)

Here are some interesting stats from the report:

  • 70% of Nigerians have invested less than 50k naira ($108.34)
  • 30% have invested over 50K Naira

The median salary in Lagos, Nigeria is estimated at around N161K ($348.46) a month, according to Paylab.com.

Based on the survey, Nigerian crypto-holders prefer traditional assets like Bitcoin, Ethereum & USDC while 10% own NFTs even though just 4% consider themselves NFT collectors.

When it comes to holding crypto:

  • Crypto-users generally hold their money in Exchange platforms (c.49%) which corresponds to the main identified motive (income generation)
  • 15% of them use hardware wallets (Ledger or others)
  • Software wallets are used by 27%
  • Mobile apps like Chipper are used by 26%

Security, availability of transactional services, and easiness to use are top-3 key features Nigerian crypto users look for in a wallet.

Finally, one third of the population (64%) stated that they know someone who has been a victim of a crypto fraud, as opposed to 36% who do not.




Follow us on Twitter for latest posts and updates