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Author: Admin | 2025-04-28
CoinMarketCap takes a look at some of the most popular cryptocurrency apps in Nigeria. [Updated Sept. 9, 2021]The growing adoption of Bitcoin (BTC) and cryptocurrencies in Nigeria has spurred more crypto exchanges and platforms to establish themselves locally in order to meet rising demand.There is a misconception that Nigerians rely upon outdated cell phones with a limited internet connection. While this may have been true a decade ago, the number of smartphone users in recent years has risen sharply in Africa's most populous nation. As of Apr. 1, 2021, approximately 170 million cell phone users had active internet subscriptions.Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?According to Chainalysis 2021 global crypto adoption index, Nigeria is the top sixth globally in overall rankings. The index aims to capture the total cryptocurrency activity and volume of peer-to-peer (P2P) trading.Another report from Statista aims to find out how common crypto are in selected countries, by surveying respondents on whether they used or owned cryptocurrencies. Nigeria came first at 32%.On Feb. 2021, the Central Bank of Nigeria (CDN) instructed all banks and financial institutions to close down accounts of users transact cryptocurrencies or or entities that operate crypto exchanges. This means Nigerian users are not able to use their credit or debit cards to purchase Bitcoin, or deposit and withdraw in NGN.Despite a government crackdown, Nigerians interest for buying and trading Bitcoin continues to grow. Bitcoin P2P trading using the Nigerian naira has grown significantly, and Nigeria is the second-largest country for Bitcoin P2P trading, behind only the United States. In fact, the rise in trading Bitcoin directly could be attributed, to a certain extent, to the ban implemented by the Nigerian government.To start buying Bitcoin or other cryptocurrencies in Nigeria, you could use a cryptocurrency exchange. Thankfully, most exchanges are mobile-friendly and easy to setup. Apart from that, Nigerians can use P2P trading to obtain Bitcoin. Some of
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