Nigeria is a country with a population of over 200 million people, and a GDP of about $477 billion. It is also a country with a high level of inflation, currency devaluation, poverty, unemployment, corruption, and political instability. These factors have created a fertile ground for the adoption of cryptocurrencies, which offer an alternative way of storing and transferring value, as well as accessing financial services and opportunities.

Nigeria had the highest proportion of cryptocurrency users in the world, with 32% of the respondents saying they used or owned cryptocurrencies. From July 2022 to June 2023, Nigeria witnessed a 9% year-over-year growth in cryptocurrency transactions, amounting to $56.7 billion. A study also found that even in 2023, about 35% of Nigerians aged 18 to 60 were actively trading or investing in Bitcoin and other cryptocurrencies. In 2023, Nigeria witnessed a 9% year-over-year growth in cryptocurrency transactions, reaching a total of $56.7 billion. This made Nigeria one of the-largest market for cryptocurrency trading in the world.