Nigerians trade N497bn Bitcoin amid CBN ban

Nigerians traded N497.35bn ($1.16bn) worth of Bitcoin from the beginning of 2021 to June 2022, indicating an increasing prominence of the digital currency in the nation.

This is despite the Central Bank of Nigeria’s restriction on cryptocurrencies in the nation.

In February 2021, the CBN had said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

Yet, according to figures from Paxful, one of the major peer-to-peer platforms in the nation, Nigerians have traded $1.16bn in BTC volumes in the last 18 months.

In 2021, Nigerians traded N428.75bn ($760m) in BTC volumes, translating to six million trades over the course of the year – at about 16,000 trades per day. The firm further stated that Nigeria became its largest country based on trade volumes within the year.

The firm said, “Nigeria is our largest country based on trade volume — over $760m in trade volume last year. In 2021, we also saw over 6 million successful trades in Nigeria, which breaks down to over 16,000 trades each day.

“Globally, we saw nearly $3bn in trade volume on Paxful last year.”

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