Economy
Nigeria Records Highest Crypto Ownership, Use in 2022
By Adedapo Adesanya
A new research has revealed that Nigeria topped the countries with the highest rate of cryptocurrency use and ownership in 2022.
Nigeria, Africa’s largest economy, clinched the top spot, with almost half the population having used or owned cryptocurrency.
The study, conducted by an online casino guide Trading Browser, analysed data on crypto ownership and usage. The ranking was done via the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022.
Nigeria tops the list, with 45 per cent of the population using or owning cryptocurrency in 2022. The nation boasts over 90 million people using cryptocurrency – that’s almost 150 per cent higher than the population of the United Kingdom.
From 2019 to 2022, Nigeria saw a 17 per cent total increase in ownership and use from 28 per cent to 45 per cent, equating to over 34 million people adopting cryptocurrency over the three years.
Coming in second place is Thailand. The Southeast Asian country has a massive 44 per cent of its population reporting to using or owning cryptocurrency – equal to just over 30 million people.
Despite being dwarfed by some of the other contenders on the list, Thailand has the biggest uptake in ownership and usage, with a huge 21 per cent increase from 23 per cent to 44 per cent. That’s equal to 14.6 million people, just over one in five of the population of the country, which is the highest percentage of the top ten.
The number three spot belongs to Turkey. The transcontinental country has 40 per cent of its population owning and using cryptocurrency in 2022, equal to over 33 million people. The adoption of cryptocurrency has doubled from 20 per cent to 40 per cent amongst the population from 2019 to 2022 – over 16 million people. This increase from 2019 to 2022 places Turkey second in terms of cryptocurrency uptake.
The first South American country on the list, Argentina, comes in fourth with an ownership and usage rate of 35 per cent in 2022 – almost 16 million people. This may well change in the near future, though, with several draft laws aimed at institutionalising and regulating various aspects of digital assets and the virtual currency industry.
In fifth place comes the United Arab Emirates (UAE). The UAE is hot on the heels of Argentina, with 34 per cent of the population owning or using cryptocurrency in 2022 – just over one in three people of the almost 10 million population.
Minister of State for Foreign Trade, Dr Thani Al Zeyoudi, said in a recent interview with Bloomberg that a key area the UAE is looking to expand into, is cryptocurrencies. So, this might well mean that the 34 per cent figure is set to increase over the coming years.
The remainder of the top ten features the Philippines in sixth place with 29 per cent (15 million) of its population using or owning cryptocurrency. Vietnam is in seventh place with 27 per cent of the population, equalling just over 26 million people using or owning cryptocurrency.
Surprisingly, in joint eighth place, the country with the highest population in the top ten, India, is matched with the country with the lowest population in the top ten, Singapore. Both nations have a rate of 25 per cent of the population owning or using cryptocurrency in 2022, over 341 million and almost 1.5 million, respectively.
In ninth place is Brazil. The second South American country of the top ten has the lowest rate of cryptocurrency ownership and use at only 24 per cent – just over 51 million of the population. Last place in the top ten is South Africa, with a usage and ownership ship of 23 per cent, working out to over 13 million people.
Surprisingly, the United States ranks 22nd on the list, with only 16 per cent of the population owning or using cryptocurrency. That’s equivalent to just over one in six people. The United Kingdom ranks even lower, coming in at 50th place with only 11 per cent of the country owning or using cryptocurrency – equal to just over 7 million people.
Commenting on the findings, a spokesperson for Trading Browser said, “The information presented in the data offers valuable perspectives on the industry’s current status, specifically emphasizing the increasing adoption of digital assets worldwide. It is positive to observe various countries making strides in terms of cryptocurrency regulation and infrastructure. It is hoped that this data will contribute to the further development and widespread acceptance of digital assets.”
The study was conducted by Trading Browser, a one-stop solution for cryptocurrency traders and investors. They have a dedicated team of experienced crypto professionals on hand to guide and help people through cryptocurrency trading. They also provide information on the market, best practices for trading, and useful tools and resources for making informed decisions.
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By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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