Nigeria has the highest rate of crypto adoption in Africa and the second largest in the world.
According to Chainalysis Nigeria received over $50 billion worth of Cryptocurrencies from July 2022 to June 2023 the highest in Sub-Saharan Africa at the time of study.
Earlier this year, Binance revealed that it recorded a $21.6 billion transaction volume in Nigeria in 2023.
The company disputed the figures by the Central Bank of Nigeria which claimed the crypto exchange made $26 billion from Nigeria in 2023.
The high transaction volume which runs into Billions of dollars reveals the level of crypto transactions going on in the Nigerian crypto space.
Despite mixed signals coming from Nigerian authorities, The crypto industry has continued to thrive in Nigeria as most Nigerians use crypto tokens to mitigate the effect of the devaluation of the nation’s local currency.
Nigerians use a range of apps and resources for their daily transactions. In this Nairametrics article, we will be highlighting the Top crypto apps used by Nigerians based on their Utility and ratings.
Binance
Binance is the largest crypto exchange in the world and by far the most popular in Nigeria.
- Despite the spat between Binance and Nigerian authorities which led to the detention of a Binance Executive for 7 months.
- Binance is still a very useful platform in the Nigeria crypto space with strong utility.
- Asides serving as a Crypto wallet for most Nigerians who do not fancy hard wallets. Binance remains the largest crypto exchange where almost every crypto token can be bought and Sold.
Binance delisted its Naira P2P feature following its dispute with Nigerian authorities but the platform has remained relevant in the Nigerian space due to its many other uses.
The platform can also be used to trade cryptocurrencies of all sorts.
Bybit
Bybit is the second-most popular crypto exchange in Nigeria which gained an advantage after Binance delisted its P2P feature.
- Bybit offers every other thing that Binance offers while still maintaining its P2P feature. Bybit doesn’t charge fees for its P2P trades making it quite attractive to the Nigerian market.
- Crypto traders can also trade cryptocurrencies on Bybit taking advantage of its mobile app designed to optimize that.
Bybit is quite popular in Nigeria but suffers a slightly bad reputation due to the high level of complaints coming from its P2P section.
Koyn
Koyn is the leading go-to app for converting USDT and other top crypto tokens to Naira instantly. USDT is a high-traffic crypto token in Nigeria as many Nigerians use it to hedge against inflation.
Therefore, there is high demand for the conversion of USDT to Naira daily by most Nigerians. Koyn facilitates that transaction using its rate calculator which is consistent with the market rate. Other crypto assets like Bitcoin can be sold or converted on the app too.
The App is quite popular with a 4.2 rating and 1000 votes on Google Play Store.
DexScreener
Dexscreener is popular amongst a distinct section of the Nigerian crypto space. The app is used mostly by Crypto traders and investors for technical analysis and real-time updates on potential 10X tokens.
The app tracks real-time data from tokens on Decentralized exchanges and arranges them in their order of potential.
The DexScreener app is popular in Nigeria for memecoin trading which is one of the activities Nigerians like to engage in. The next 100X token could be any of the many tokens that pop up on the screen when you
Local Traders
In the Absence of Binance Naira P2P which was heavily used by Nigerians. Some P2P platforms are springing up to feel the void created by Binance’s departure.
- Local Traders is a P2P platform that supports Nigerian banks making it easy for Nigerians to withdraw their tokens to their very own bank accounts.
- P2P platforms like Local traders are a much better alternative to direct P2P trading using WhatsApp or Telegram without any escrow.
Nigerians engage in P2P trading daily and platforms like Local traders facilitate a huge percentage of such trades.
What to Know
- Crypto is going nowhere in Nigeria with a massive bull run coming in 2025 Nigeria’s daily crypto transaction volume is set to increase.
- Many Nigerians are also getting interested in crypto trading as a select group of young people have been able to make good money from trading crypto. However, the space is still polluted by bad actors selling exclusive groups or influencers shilling shitcoins to the public. A strong regulatory framework will go a long way in deepening the adoption of crypto in the country.