TL;DR—With ~22 million holders and US $59 billion in on-chain value last year, Nigeria now ranks #2 worldwide for crypto adoption. Stablecoins and youth-driven mobile payments—not speculative trading—explain much of the growth. Here’s the data, the drivers, and what it means for everyday Nigerians and for businesses building on Mular.
How Many Nigerians Own Crypto in 2025?
Nigeria has the highest number of crypto owners in Africa with about 47% of the population (22 million people) owning cryptocurrencies, according to recent Forbes analysis. This staggering figure places Nigeria far ahead of the global average cryptocurrency ownership rate of 6.8%, with over 560 million cryptocurrencies users worldwide.
- 22 million Nigerians—about 10.3 % of the population—now hold digital assets, up from just 0.4 % a decade ago. CoinLedger
- 35 % of Nigerian adults report having invested in crypto at some point; 52 % of them are under 30. CoinLedger
- Nigeria received US $59 billion in on-chain value between July 2023 and June 2024, and fully 85 % of that flow was in transfers under US $1 million—showing retail, not whales, drive the market. Chainalysis
| Metric (2024) | Value |
|---|---|
| Ownership rate | 10.3 % of population |
| Total owners | 22 M |
| On-chain value (12 mo) | US $59 B |
| Stablecoin share of sub-$1 M tx | ~43 % |
Projected Growth Trajectory
The momentum shows no signs of slowing with the number of users is expected to amount to 25.86 M by 2025. The user penetration rate will be 11.02% in 2025, according to Statista projections. More remarkably, 90% of Nigerians are planning future cryptocurrency investments, suggesting that current adoption rates may only be the beginning.
Demographic Insights and User Behavior
Nigeria’s crypto adoption isn’t uniform across all demographics. According to Statista, a whopping 47% of Nigerians between 18-64 have used cryptocurrency before, indicating that younger, working-age populations are driving adoption.
The philosophical divide between Nigeria and Western countries regarding cryptocurrency’s future is stark. 58% of Nigerians, 47% of South Africans, and 45% of Filipinos view cryptocurrencies as “the future of money.” In contrast, only 19% of British respondents and 17% of Germans share this belief.
Why the Surge? Three Structural Drivers
- Currency pressure & inflation
Nigeria’s persistent inflation and currency devaluation have pushed citizens toward alternative stores of value. The naira lost a third of its value in H1 2024; while stablecoin inflows below US $1 M spiked to almost US $3 billion the same quarter, indicating that Nigerians see cryptocurrency as an attractive hedge against local economic instability and are dollarising their savings with USDT/USDC. admin.lexikon.com.mxCryptoSlate - Remittances Revolution
Nigerians living abroad use crypto assets to send money to their families back home, avoiding the high fees and slow processing times of traditional remittance services. This use case has been particularly compelling for Nigeria’s large diaspora population. - Financial Inclusion
With significant portions of the population underbanked or unbanked, cryptocurrency provides direct access to global financial systems without traditional banking infrastructure. - Mobile-first, under-banked youth
Nigeria’s median age is 18. Many of this young population are increasingly skipping traditional banks entirely, turning smartphones + crypto apps into their de-facto current accounts. - Regulatory thaw
CBN’s 22 Dec 2023 VASP guidelines replaced the 2021 banking ban with a licensing regime, allowing banks to open accounts for exchanges—critical for fiat on- and off-ramps like Mular. cbn.gov.ng
Deep-dive on the new rules in “Crypto in Nigeria 2025: What’s Legal, What’s Not”
How Nigerians Actually Use Crypto
- Salary hedging & savings—teachers and freelancers convert a slice of monthly pay into USDT to dodge naira swings.
- Micro-imports & e-commerce—importers buy inventory on Alibaba in USDC, then sell locally in naira, pocketing FX spreads.
- P2P remittances—family in the UK sends £ to Binance/Bybit; recipient swaps to NGN in under 10 minutes, beating Western Union fees.
- Everyday spend—busha, Bitmama, and Mular let users pay airtime bills or POS merchants straight from stablecoin balance.
Competitive Landscape & What Sets Mular Apart
| Need | Typical Work-around | Mular Edge |
|---|---|---|
| Dollar safety net | OTC dealers, P2P groups | Sub-30 s bank payout, flat 1 % fee, in-app NGN/$ stable-rate quotes |
| FX for imports | Bureau-de-Change queues | USDC→USD wire via VASP-licensed partners |
| Pay global freelancers | Crypto escrow sites | Instant USDT→NGN to 1400+ banks, no charge-backs |
| Off-ramp speed | 1-2 h exchange withdrawals | Mular reverses failed withdrawals instantly |
More articles to explore
- “Stablecoins Explained: How to Save in Dollars and Protect Your Naira”
- “How to Buy and Sell Crypto in Nigeria: A Step-by-Step Guide”
Risks & The Road Ahead
- Policy whiplash: SEC’s provisional VASP licence (June 2025 draft) could raise capital requirements—smaller OTC desks may fold.
- Energy costs: Grid shortages raise miner overhead; look for solar-backed mining co-ops in northern states.
- Scams: Rug-pulls still proliferate. Always use Tier-1 exchanges or insured wallets (Mular cold-stores 98 % of assets offline).
Challenges, Risks & The Road Ahead
Despite remarkable adoption, Nigeria’s crypto ecosystem faces several challenges:
- Regulatory Uncertainty: While the 2024 framework provides more clarity, the relationship between traditional banking and cryptocurrency remains complex.
- Technical Infrastructure: Power outages and internet connectivity issues can impact crypto trading and storage.
- Education Gaps: Technological complexity (10%) remains a barrier for some potential users.
- Security Concerns: As adoption increases, so do risks from scams and fraudulent schemes targeting inexperienced users.
Opportunities for Growth
The Nigerian cryptocurrency market presents several growth opportunities:
- Institutional Adoption: As regulations clarify, more businesses may begin accepting cryptocurrency payments.
- DeFi Development: Nigeria’s abundant tech talent could drive indigenous DeFi solutions tailored to local needs, especially if regulation streamlines accessibility to these solutions.
- Cross-Border Commerce: Cryptocurrency could facilitate easier trade relationships with other African countries.
- Financial Services Innovation: Traditional banks may develop crypto-adjacent services to serve customer demand.
Conclusion: Nigeria as the Crypto Future
Nigeria’s cryptocurrency revolution represents more than just high adoption rates—it demonstrates how digital assets can address real economic needs in emerging markets. With nearly half the population already using cryptocurrencies and 90% planning future investments, Nigeria has become a living laboratory for cryptocurrency’s potential.
The country’s experience offers valuable lessons for other African nations and emerging economies considering their own digital finance strategies. As regulatory frameworks continue evolving and infrastructure improves, Nigeria’s position as a cryptocurrency leader seems likely to strengthen further.
For businesses, investors, and policymakers, Nigeria’s crypto ecosystem represents both a model for digital financial inclusion and a glimpse into the future of money in developing economies. The revolution is already underway—the question is how quickly the rest of the world will follow Nigeria’s lead.