For years, the story of cryptocurrency in Nigeria was defined by speculation, volatility, and regulatory friction. It was a market driven by hype, peer-to-peer transactions, and a buzz that often seemed louder than the fundamentals. But a newly released study, State of Crypto Adoption in Nigeria 2025, is reshaping that narrative. The report reveals a maturing ecosystem where digital assets are no longer just a speculative gamble, but a practical financial tool used by everyday Nigerians to save, invest, and move money.
Government behavior is shifting, too. The Federal Government has set up a committee to study stablecoin adoption, while President Bola Tinubu has urged the judiciary to deepen crypto literacy as part of the country’s push against financial crime. For the first time, policymakers and market participants appear to be moving in parallel, not in conflict.
In a conversation breaking down the data, Tochy Emereole, Marketing Lead at Quidax API Business, explained that Nigeria’s crypto evolution has surpassed expectations. “When we began this study, we did not expect the numbers we saw,” Emereole said. “The average transaction we recorded was between ₦15,000 and ₦25,000, mostly retail. That means it’s everyday people driving this market, not just big businesses.” The report shows that 26.3 million Nigerians have used or are using cryptocurrency, with a staggering $57.1 billion in recorded transaction volume between July 2024 and June 2025. By percentage of population, Nigeria now ranks as one of the world’s leading crypto adoption markets.
What stands out most is purpose. Crypto in Nigeria is no longer dominated by quick-profit traders. The findings reveal that 1 in 4 Nigerian adults now uses cryptocurrency, 67% are long-term investors building wealth through assets such as stablecoins, 18% use crypto for daily transactions, including business payments and transfers, and only 14% trade actively. USDT (Tether) leads as the most-used asset by volume, and crypto-driven remittances are rising, with more inflows than outflows. “It is the Uber driver, the tailor, the salon owner,” Emereole noted. “People are using crypto to receive money, to avoid chargeback issues, and to bypass broken payment channels. Nigeria has become a remittance economy for crypto.”
The user demographics add another layer of insight. 43% of users are students, 81% fall between ages 18 and 34, 85% earn below ₦250,000 a month, and 67% are male, though women are joining the space more rapidly than ever before. A few years ago, women made up less than 20% of Nigeria’s crypto users. Emereole says participation is growing because stability is replacing chaos. “Countries like El Salvador, Singapore, Germany, and even the U.S. are embracing regulation and ETFs. Once trust enters a system, stability follows,” she said.
Platform preferences also reflect a maturing market. The study shows 83.2% of Nigerian users now prefer centralized exchanges for their simplicity, security, and customer support. Peer-to-peer usage has dipped to 10.7%, while decentralized exchanges remain niche at 2.6%. Binance is used by 79% of Nigerian investors, though local exchanges are steadily winning trust through relatable branding and localized engagement. Despite previous regulatory battles, Emereole believes the future now points toward productive cooperation between industry players and government. “With clearer policies and time, Nigerian exchanges will thrive. The demand is here. The users are here. The market is here,” she said.
The data suggests a new chapter for Nigerian crypto: less chaos, more clarity; less hype, more utility. What began as a wild frontier is gradually becoming an organized marketplace — one powered not by elites, but by millions of everyday citizens who now see digital assets as a lifeline, an investment, and a tool for practical financial freedom.
