More than 90% of Nigeria’s crypto market is dominated by Binance, Bybit, and WhatsApp P2P as local exchanges scramble for market share — Report
- Nearly 80% of Nigerians use Binance for their crypto needs.
- International exchanges dominate Nigeria's centralized crypto market, accounting for about 90% of the market share.
- 83.2% of Nigerian crypto users trade through centralized exchanges.
The dominance of international exchanges in Nigeria's crypto market highlights a significant challenge for local platforms. Without addressing user trust and liquidity issues, local exchanges may continue to struggle, potentially stifling innovation and growth within the local crypto ecosystem. A strategic focus on building user confidence and offering competitive products could be essential for local players to thrive.
