Despite that crypto trading has been illegal in Nigeria for over a year and a half, Nigerians continue to deal in crypto utilizing various P2P sites.
Throughout January and March 2022, Nigerians transacted a $185 million value of bitcoin on Paxful, one of the continent’s most popular P2P crypto marketplaces.
According to Paxful, this represents a 5.71 percent growth over the $175.3 million in bitcoin moved in the same timeframe in 2021.
Furthermore, Nigerians averaged 16, 000 daily trades in 2021, making the West African country the top provider of trades on the P2P network.
Nigerian transactions amounted to 25.87 percent of the total value of BTC traded on the exchange in Q1 2022.
Meanwhile, Paxful said that the total value of bitcoin transactions on its network during this time was $715 million.
Regardless of government steps restricting crypto trades within financial institutions, this positive number has emerged.
Furthermore, throughout the time period under consideration, the market capitalization of bitcoin fell by $36.90 billion, from $902.10 billion on January 1, 2022, to $865.20 billion on March 31, 2022.
The Central Bank of Nigeria (CBN) ordered banks in the country to stop trading in and with companies transacting in crypto assets in February 2021.
The ban prohibits all financial institutions in the country from supporting crypto exchanges, with CBN Governor Godwin Emefiele accusing cryptocurrencies of posing a danger to the country’s financial industry.
Since the embargo was implemented, the CBN has penalized five large Nigerian banks a total of $3.4 million for violating its standards, including Access Bank, GT Bank, and Fidelity Bank.
Nigeria became the leading country in the globe to launch a retail Central Bank Digital Currency (CBDC) in October 2021, and the bank is now ramping up public awareness campaigns among citizens and businesses, describing the CBDC as “better than bitcoin.”
As reported from Nigeria, blockchain investors in the country are now urging the government to change its attitude, citing the fact that cryptocurrencies have continued to be embraced 15 months after the ban, and the CBN has no serious hazards to be concerned about.
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