Nigeria and five other African countries contributed to 90 percent of the continents crypto interest in H1 2023

By: Dickson Arinze

Nigeria and five other African countries contributed to 90 percent of the continents crypto interest in H1 2023

July 19, 2023 6:51 AM

According to the latest Coingecko analysis, Nigeria had 66.8% of Africa's overall interest in cryptocurrency between January 1 and July 4, roughly eight times greater than that of second-placed ranked South Africa. South Africa, together with Morocco, Ghana, Egypt, and the Ivory Coast, made up 23.8% of the continent's cryptocurrency interest in the year to date (YTD).


Nigerians' interest in cryptocurrency is being fueled by high inflation and currency woes.

According to the most recent Coingecko Africa crypto study→, Nigeria has "the highest level of crypto interest" on the continent, with a share of 66.8%. The West African country's proportion of the continent's crypto interest is over eight times that of South Africa, the next highest-ranked country.


Nigeria's status as Africa's leading crypto nation, in terms of user curiosity and traded volumes, has been confirmed by statistics from the latest Coingecko study. 
According to the survey, poor traditional finance infrastructure, excessive inflation, and currency devaluation are some of the elements that explain Nigerians' unique affinity for cryptocurrency.


Meanwhile, the data shows that no other African country had a level of interest in cryptocurrency that exceeded 10% between January 1 and June 4. During the same time period, the degree of interest in cryptocurrency in South Africa was 8.36%. Third place goes to Morocco (5.43%) and fourth place goes to Ghana (5.24%), both of which imprisoned cryptocurrency traders in 2021. Egypt, which is suffering from high inflation, rounds out the top five, with a crypto interest rate of 2.74%.


According to the report's numbers, South Africa, Morocco, Ghana, Egypt, and the Ivory Coast accounted "for 23.8% of the continent's interest in crypto YTD [year-to-date]." According to the research, the top six countries accounted for more than 90% of Africa's overall crypto interest over the time period under consideration.


According to the statistics, just eight countries had a level of interest in cryptocurrency that exceeded 1%. South Sudan, Sierra Leone, and Mozambique had the least interest in cryptocurrency among the African countries polled, according to the research.