A new report has revealed that most Nigerians investing in cryptocurrency are far from wealthy.
According to The State of Crypto Adoption in Nigeria 2025, published by Quidax in collaboration with IFS Insights, about 85% of Nigeria’s retail crypto investors earn below ₦250,000 per month, placing the majority in the low- to middle-income bracket.
The report, which surveyed over 1,850 respondents nationwide, shows that Nigeria’s crypto market is largely driven by young people. Students alone make up 43% of the crypto population, while the rest are mostly freelancers and self-employed professionals.
“This investor class, however, is not a high-net-worth segment,” the report notes. “Our data shows that approximately 85% of retail crypto investors earn below ₦250,000.”
Despite high adoption, Africa’s crypto economy remains small, accounting for just 2.3% of global crypto transactions between July 2022 and June 2023. Lagos leads with nearly a quarter of Nigeria’s crypto users, followed by Kaduna, Enugu, Abuja, and Osun.
The report estimates that over 26 million Nigerians now use or have used cryptocurrency, with many relying on stablecoins like USDT to hedge against naira depreciation.
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Eight out of ten investors use crypto for savings, payments, and protection from inflation rather than short-term trading, a reflection of how digital assets are becoming a financial lifeline amid Nigeria’s economic challenges.
