New findings reveal that most Nigerians participating in cryptocurrency trading come from modest financial backgrounds rather than affluent circles.
A collaborative report by Quidax and IFS Insights, titled The State of Crypto Adoption in Nigeria 2025, highlights that nearly 85% of retail crypto investors earn less than ₦250,000 monthly, placing the majority within the low to middle-income bracket.
Surveying over 1,850 participants nationwide, the study underscores that Nigeria’s crypto ecosystem is largely fueled by younger individuals rather than wealthy elites.
Students make up 43% of crypto users, while the rest predominantly consist of freelancers and independent professionals.
The report stresses, “This investor group is not part of the high-net-worth segment. Our data confirms that about 85% of retail crypto investors earn below NGN250,000, situating most of the crypto community within the low to middle-income range.”
These insights shed light on the broader landscape of cryptocurrency adoption across Africa.
While Africa ranks among the leading continents in crypto adoption, it paradoxically hosts the smallest crypto economy worldwide.
Between July 2022 and June 2023, sub-Saharan Africa accounted for just 2.3% of global cryptocurrency transactions. This indicates that although crypto usage is widespread, transaction volumes remain relatively low compared to regions like the United States, which dominates 24% of worldwide crypto activity.
Data from Quidax also reveals that crypto engagement is widespread across Nigeria’s states, with Lagos alone representing nearly a quarter of respondents.
Other states such as Kaduna, Enugu, Abuja, and Osun also show significant crypto participation, demonstrating that the trend extends beyond Nigeria’s main economic centers.
The report estimates that around 26.3 million Nigerians have interacted with cryptocurrency, positioning Nigeria as one of the largest crypto markets globally by user base.
Many investors use crypto assets primarily for savings, payments, and as a hedge against the naira’s depreciation rather than for speculative trading. Notably, stablecoins are the most commonly utilized cryptocurrencies in the country.
This aligns with findings that 80% of investors engage with crypto for practical purposes beyond speculation, driven by inflationary challenges and limited access to international financial services. With the naira’s persistent devaluation and rising inflation, digital currencies like USDT (Tether) have become essential tools for wealth preservation and payment facilitation among Nigerians.