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Economy

Residents of Nigeria, Turkey, and UAE Most Likely to Own Crypto

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Cryptocurrency adoption

Cryptocurrencies, including Bitcoin and various alternatives, are no longer just investments for speculation. They represent a significant change in how people view and use money, providing decentralized options compared to traditional financial systems.

According to a report by CoinJournal, which analysed owners of cryptocurrencies between 2020 and 2023, 47 per cent of Nigeria’s population are actively engaged with crypto, with Turkey experiencing a notable 31 per cent jump in cryptocurrency ownership from 2020 and currently shares the top spot with Nigeria, while 31 per cent of the people in the United Arab Emirates (UAE) own digital currencies in 2023.

  1. Nigeria

Nigeria’s outstanding 15% increase in crypto ownership over the past three years positions it as a frontrunner in cryptocurrency adoption. The substantial 47% engagement rate in 2023 signifies a pervasive enthusiasm, potentially fueled by factors such as increased financial inclusion, economic uncertainty, and a rising interest in decentralized finance. Nigeria’s embrace of digital assets reflects a changing financial narrative within the country.

  1. Turkey

Turkey’s impressive 31% jump in cryptocurrency ownership since 2020, alongside a matching 47% adoption rate in 2023, highlights the nation’s strategic commitment to digital currencies. The resonance with the population suggests that Turkey is emerging as a key player in the global cryptocurrency landscape, showcasing the effectiveness of its efforts in enhancing crypto infrastructure and fostering widespread adoption.

  1. United Arab Emirates

The UAE stands out with a commendable 31% adoption rate in 2023, reflecting sustained interest in cryptocurrencies. The remarkable 21% increase in crypto owners from 2020 to 2023 signals an accelerated pace of adoption, underscoring the technological advancements. The UAE’s embrace of blockchain applications aligns with its commitment to consistent growth in cryptocurrency adoption. The noteworthy increase in crypto owners further emphasizes the accelerated pace of adoption, highlighting the expanding cryptocurrency community within the UAE.

  1. Indonesia

Indonesia’s significant surge in reaching a 29% cryptocurrency adoption rate in 2023 reflects the effectiveness of government initiatives aimed at fostering cryptocurrency inclusion. The substantial 16% jump from 2020 indicates a progressive approach, showcasing the success of government efforts combined with an expanding digital infrastructure. This suggests a growing interest among Indonesians in embracing digital assets as part of their financial portfolio.

  1. Brazil

Brazil’s story of overcoming barriers to achieve a substantial 28% user rate in 2023 signifies resilient progress in cryptocurrency adoption. The remarkable 16% increase from the 12% adoption rate observed in 2020 underscores the impact of structural reforms and increased cryptocurrency literacy campaigns. Brazil’s growing interest in digital assets positions it as a notable player in the cryptocurrency space, highlighting the country’s rapid advancement over the past three years.

“The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.

“The varying percentages of growth across these nations signify the resilience and adaptability of cryptocurrency markets, mirroring changing economic landscapes and the successful implementation of strategic initiatives.

“As cryptocurrencies cease to be mere financial instruments, this data underscores their pivotal role in shaping the future of global finance,” CoinJournal’s Max Coupland said.

Economy

FrieslandCampina, Afriland Properties Weaken NASD Index by 0.24%

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.

FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.

However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.

Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.

The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.

Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.

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Economy

Nigeria’s Stock Market Gives up 0.30% Friday

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stock market how to invest in US stocks in South Africa

By Dipo Olowookere

A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.

This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.

The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.

Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.

The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.

The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.

At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.

The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.

This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.

GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.

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Economy

Naira Now N1,599/$1 at Official Market, N1,605/$1 at Black Market

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Naira-Yuan Currency Swap Deal

By Adedapo Adesanya

The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.

The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.

However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.

At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.

In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.

The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.

The agency and industry have been awaiting congressional action to establish crypto market-structure oversight that will likely set guardrails, and Atkins told an audience at the SEC’s Washington headquarters that the regulator will work toward delivering “a rational, fit-for-purpose framework” for crypto.

Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.

On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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