Despite an increasing crackdown on digital asset trading platforms, local Nigerians are nonetheless interested in cryptocurrencies. Bitcoin and meme coins like DogeCoin are the most popular in different locations. An survey by a local publication claims that financial gain and hedging against the unstable conditions in Nigeria’s brittle foreign exchange (FX) market are the main driving forces behind cryptocurrency owners and traders.

In addition, the cryptocurrency market has managed to handle transactions worth millions of dollars in spite of challenges such as the recent ban on peer-to-peer trading on exchanges. The usage of cryptocurrencies is also being driven by the strict foreign currency regulations and high transaction costs in comparison to other emerging markets.

When examining the distribution of cryptocurrency popularity across the large nation, it is evident that Nigeria’s traditional northern states of Katsina and Borno have a particular fondness for DogeCoin. Furthermore, these states demonstrate a strong interest in Solana, as do Jigawa, Yobe, and Akwa Ibom.

Nigeria’s Delta State is one of the biggest markets for Bitcoin (BTC), with notable interest also shown in the states of Anambra, Bayelsa, Edo, and Rivers. An apparent association was seen by the analyst regarding the significant preference for Bitcoin in Delta State, the birthplace of several prominent Nigerian economists, including Tony Elumelu, Jim Ovia, and Dr. Ngozi Iweala.

• Nigerians in states with limited banking services tend to prefer the stablecoin, USDT, with the stablecoin said to be highly sought after in the states of Ebonyi, Anambra, Jigawa, Bauchi, and Enugu, the analyst said.
• Meanwhile, Ethereum is the most popular cryptocurrency in the southeast region.
• Lagos, Nigeria’s commercial capital does not feature in the top 10 of any of the cryptocurrency rankings, according to the analyst. This is despite being home to most of Nigeria’s crypto platforms, such as Quidax, and having a robust fintech presence.