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Nigeria: The world’s most crypto curious country

By Carine Lee

05:26, 3 August 2022

BTC on Nigerian flag
The African nation’s SEC recently published crypto regulatory framework – Photo: Shutterstock

The crypto winter may be gripping large swathes of the globe but Africa’s most populous country's interest in digital assets continues.

A study revealed that Nigeria ranks the highest as the most cryptocurrency curious nation in the world since the market crash in April.

The African nation topped the list with a total Google search score of 371 for its population having the highest search levels for phrases such as ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide.

The Nigerian population search for the Solana (SOL) is the third most worldwide.

SOL to US dollar

The research examines Google Trends data of search terms frequently used by people interested in crypto.

These terms were then combined to give each English-speaking country a ‘total search score’ to identify which countries have been the most interested in crypto since April.

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Nigeria issues crypto rulebook

Nigeria's Securities and Exchange Commission (SEC) recently published its "New Rules on Issuance, Offering Platforms and Custody of Digital Assets" signalling that the African nation is trying to find a middle ground between a ban on crypto assets and their unregulated use.

SOL/USD

178.98 Price
+2.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.13 Price
-1.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.62 Price
+2.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,331.11 Price
-4.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

The document states digital asset registration requirements, offerings and custodians, and even classifies the assets as securities regulated by the SEC.

This move is in marked contrast with the US where Ripple, backers of XRP, are locked in a legal tussle with the US SEC over the same issue.

XRP to the US dollar

With the SEC regulating the use of crypto in the nation, it would be good news to Bundle CEO Emmanuel Babalola, whose firm operates in Nigerian and Ghana.

“This new industrial revolution is already here, and the countries that position themselves to support and grow will benefit,”he said In an interview with Capital.com earlier this year.

A major driver of African crypto uptake is the eye-watering cost of sending remittances, which can reach nearly 14%.

Markets in this article

SOL/USD
Solana / USD
178.9829 USD
4.1303 +2.380%
XRP/USD
Ripple / USD
0.62053 USD
0.0158 +2.640%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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