Nigeria ranks as the most active crypto country amid CBN ban on transactions

In spite of the challenging period in the cryptocurrency market known as the crypto winter, Nigeria has consistently demonstrated unwavering enthusiasm and curiosity regarding Bitcoin, Ethereum, and other cryptocurrencies.

According to Leverage Trading, Nigeria emerged as the country with the most notable interest in three search terms as citizens continued to actively participate in purchasing, trading, , and exploring information pertaining to Bitcoin.

During the ongoing period of volatility in the cryptocurrency market often referred to as the "crypto winter," market participants across the globe have adapted in diverse ways.

Although the majority of 2022 witnessed a downward trajectory in prices, certain nations displayed resilience by persistently engaging in activities such as purchasing, trading, and acquiring knowledge about cryptocurrencies.

During the period, an analysis of Google search volumes for several transactional cryptocurrency terms, including "Buy Bitcoin," "Trade Crypto," and "How to Buy Bitcoin" was conducted.

According to the Google Trends search scores for the search term "Buy Bitcoin," Nigeria emerged as the country with the highest level of interest, achieving a perfect score of 100.

This observation indicates that despite the challenging crypto winter and the continuous decline in prices, Nigerians displayed a remarkable inclination to invest in Bitcoin.

Notably, the presence of Cameroon, St. Helena, Ghana, and Cyprus on the list suggests that these countries also maintained involvement in the cryptocurrency space, albeit to a lesser degree.

In relation to the search term "Trade Crypto," Nigeria once again emerges as the frontrunner, achieving a perfect score of 100, indicating a strong inclination to to both buy and trade digital currencies.

Singapore, Lebanon, the United Arab Emirates, and Kenya also displayed notable activity during this period, despite the predominantly declining prices.

These countries displayed resilience in their active involvement in crypto trading, underscoring their unwavering interest in digital assets.

When examining the search term "How to buy Bitcoin," which typically indicates a desire for educational information, Nigeria continues to maintain a leading position with a perfect score of 100.

This further underscores the country's consistent and enduring interest in expanding their knowledge of the dynamic cryptocurrency market.

Additionally, Cameroon, Ghana, St. Helena, and Cyprus also appear on the list, showcasing their active pursuit of information related to buying Bitcoin, even amidst the challenging period of the crypto winter.

In spite of the Central Bank of Nigeria's directive to deposit money banks and other financial institutions to refrain from enabling cryptocurrency transactions, there continues to be a notable increase in the popularity of digital currencies.

This trend gained traction, particularly in a nation grappling with a significant poverty rate, escalating inflation, and a rapidly devaluing currency.

Cryptocurrencies emerged as a more favorable means to safeguard funds and preserve their financial worth.

During the peak of the cryptocurrency surge, a report by global research firm Morning Consult revealed that approximately half of Nigerian adults engage in cryptocurrency trading on a monthly basis, making it the highest proportion among any population worldwide.

According to Quartz, the notable increase in enthusiasm towards cryptocurrencies observed in Nigeria can be attributed to the nation's rapidly expanding population.

In fact, Nigeria has been identified as one of the eight countries expected to undergo significant population growth by 2050, as projected by Axios in their latest report in 2022.

Other factors responsible for the remarkable increase in cryptocurrency adoption are difficulties with remittance processes and the emergence of local cryptocurrency exchanges.

Commenting on the trend, Nnamdi Uzo, a marketing agent of Nigerian crypto exchange, Quidax, told Legit.ng that the interest in crypto amongst Nigerians is not going away anytime soon.

He said: Nigeria consistently emerges as an actively engaged nation across all three search terms, indicating a growing appetite for alternative financial solutions within the country.

Despite the market downturn and heightened volatility, Nigerians are still eager to purchase, trade, and expand their knowledge of crypto.

This I can confirm going by the patronage of our own exchange. Similarly, Singapore, Lebanon, the United Arab Emirates, and Kenya have also exhibited continued activity during this period of recession.

These regions have demonstrated their unwavering commitment to crypto trading, defying the challenging market conditions.