Economy
Nigeria 5th in Global Bitcoin Interest Despite Crypto Ban
By Adedapo Adesanya
Nigeria is the 5th most country most obsessed with Bitcoin, a new study has shown.
Nigeria, Africa’s largest economy, in February 2021, issued a circular to commercial banks, directing them to close all bank accounts linked with crypto trading.
As a result, Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), and Non-Banks Financial Institutions (NBFIs) could not facilitate the trading of digital currencies leaving Nigerians to resort to other decentralized trading methods, including peer-to-peer trading and Gas Folex.
However, the new study from cryptocurrency betting experts cryptobetting.org sent to Business Post showed that Nigerians remain interested in the asset class. The study also showed that Nigeria is the only African country in the top 20, with the next African country, Kenya, placing 29 on the list.
“The study combined Google trends searches across the globe to see the highest number of countries searching for Bitcoin, alongside this, we obtain data on how many Bitcoin ATMs there are in each country, divided by a population of 100 thousand. Lastly, we obtain data on Crypto ownership per country. We used all these different metrics to build a 10-point scale and gave each country a rating out of 100,” the study noted.
Ahead of Nigeria is the United States in the top position, followed by El Salvador, Vietnam, and Canada.
Nigeria, with a score of 25.31/100, ranked fifth on the list of countries with the most popular Bitcoin usage. The country is the leader in Bitcoin popularity on the continent of Africa, demonstrating a strong trend towards digital currencies in the region.
Nigeria also ranks second globally for Google Trends searches for Bitcoin, further emphasizing the high level of interest and recognition of the digital currency in the country. With a large and growing market, Nigeria is an important player in the world of Bitcoin and ranks fifth on this list.
The study shows 5.7 per cent of Nigerian have invested in cryptocurrency, the majority being Bitcoin. The interest and adoption of Bitcoin in Nigeria is a testament to the growing acceptance of digital currencies as a legitimate form of investment and financial instrument.
Switzerland places sixth on the list and is the European country with the highest interest in Bitcoin, rounding out the top ten is the Philippines, India, Venezuela, and Austria. The United Kingdom places 20th on the list.
Commenting on the findings, a spokesperson for cryptobetting.org said: “Bitcoin is by far the most popular cryptocurrency across the world, this piece places different metrics together to show where in the globe bitcoin there is the highest interest in Bitcoin. While it was expected that the United States would place first. It’s interesting to see that El Salvador places second. This can be explained by the fact that Bitcoin is legal tender. This list shows diversity, with countries from different continents placing on the list showing Bitcoin’s interest is global.”
The study was conducted by cryptobetting.org, which specialises in reviewing cryptocurrency betting websites.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
