In the face of a dire economic situation, crypto has become a lifeline for Nigerians who are now actively seeking employment opportunities and earning their living within the space.
Data provided by Google reveals that Netherland, Singapore, and Australia have shown the highest interest in Cryptocurrency in the past twelve months. Interestingly, Nigeria, which continues to lead Africa’s crypto adoption through several initiatives, narrowly makes it to the top five behind Belgium.
Nigeria takes the top spot among African countries, with Morroco, South Africa, and Kenya respectively ranked in 19th, 27th and 44th positions. However, a look at the general interest level in the space in the past year shows a significant decline. The current level of interest is more than 50% lower than in April last year. The state of interest somewhat mimics the general price trends that have been witnessed in the space over the same period.
Source: Google Trends
Growing Interest Has Nigeria Ranked High For Interest In Crypto Jobs
According to research conducted by Coinmarketcap, the search volume for crypto jobs has increased by almost 1000% since 2020. Singapore has led the charge closely, followed by Bulgaria and Ireland, with Nigeria fourth. Nigeria’s high ranking among countries interested in crypto has also seen her line up among countries with the highest search for crypto jobs.
Consequently, Nigeria accounts for a decent slice of paid and withdrawn salaries. The high level of inflation that the West African country faces as an emerging economy has seen more and more citizens flock to crypto jobs.
The salaries paid within the industry have seen a 10% month-0n month increase making it significantly lucrative. This increase is aided by the improved ability of fiat to crypto on/off ramps and the growing awareness about the sector.
From the data available, Latin America leads in terms of crypto withdrawal (52%), with Brazil and Argentina helping significantly. Europe, the Middle East and Africa come second with 34%, while North America and Asia pacific have 7%, respectively.
Depreciating Naira Pushing More Nigerians To Crypto
More Nigerians continue to flock to crypto as the local currency further depreciates against the dollar. Reports suggest that the exchange rate is at risk of surpassing ₦600/$1 in the unofficial FX market. This prediction is due to foreign investors who were paid dividends for the 2021 financial year seeking to repatriate their earnings.
Currently, the Naira trades at a record high of ₦588/$1 on the black market as demand pressure pushes the rate higher. Similarly, on peer-to-peer exchange markets, the exchange rate stands at ₦583/$1.
Most of the large corporations in the country, including MTN, who recently entered the metaverse, have declared dividends to their shareholders. Foreign investors looking to take home their earnings are bound to increase demand, further pushing the rates higher.
Therefore, with an election around the corner, it is expected that demand for foreign currencies will increase, taking the rates up too. Due to the depreciating value of the Naira, more Nigerians have continued to adopt cryptocurrencies to hedge against the dire economic situation. This has seen them continue to seek employment opportunities while equipping themselves with the required skills to prosper in the space.
Do you think the depreciating value of the Naira is pushing more Nigerians into the crypto space? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
