The Nigerian cryptocurrency market is expected to show a compound annual growth rate (CAGR) of 12.66% by 2028. The projected market size for 2024 is US$32.6m and it is anticipated to rise to a projected total amount of US$52.5m by 2028. This is according to market research platform, Statista.

By global comparison, it is shown that the highest revenue in 2024 will be reached in the United States at US$23,220.00m. In the Cryptocurrencies market, the number of users is expected to amount to 6.32m users by 2028.

This market scope is focus only on cryptocurrency exchanges, online trading platforms, and neobanks that provide either exclusively B2C or both B2B and B2C services and the key players in this market are Coinbase, Binance & Robinhood.

According to this forecast by Statista, user penetration in 2024 is to be 2.03% and is expected to hit 2.52% by 2028. There will be increased regulation where the Nigerian government will consider regulation, impact exchange operations and potentially slow down growth.

There will be a rise of stablecoins. Stablecoins pegged to fiat currencies might become popular due to their relative stability. The potential launch of the Central Bank Digital Currency (CBDC) could compete with other cryptocurrencies but also increase awareness and infrastructure. Blockchain technology beyond just speculative trading will likely gain traction.

In the midst of all of these, scams and fraud remain a major concern, highlighting the need for user education and secure platforms. Unclear tax regulations will create uncertainty for investors and lack of bank integration and payment gateways might hinder mainstream adoption.