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| Image: Theguardian.com |
Nigeria is 8th in crypto adoption globally, transacting $43m during the lockdown.
One major driver of crypto adoption in Nigeria is the growing number of tech savvy young people in the country, and also lack of trust in the government's capability to manage the economy well, so people hedge against inflation to avoid "stories that touch".....such as N500 pot of soup for a family of five.
A Report tagged “Trust and Uncertainty in 2020” is a combination of surveys done in 2019 and 2020. It has 15,000 respondents spread across France, Italy, UK, Nigeria, South Africa, Indonesia, and Malaysia. In both years, Luno surveyed 1,000 respondents from Nigeria across different age brackets, bringing the combined total of 2000.
According to 52% of these respondents, the Nigeria economy is performing poorly when compared to the global average of 36%. Forty-four per cent believe that naira will crash even further in the next 12 months. Interestingly, 59% of Nigerian respondents are ready to adopt a global digital currency.
Kelechi Deca
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