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Cryptocurrency

$38 Million Worth of Bitcoin Was Traded by Nigerians in June Despite CBN Ban

$38 Million Worth of Bitcoin Was Traded by Nigerians in June Despite CBN Ban

  • There was an increase in Nigeria’s peer-to-peer Bitcoin trading volume in June despite a restriction on Crypto activities by the Central Bank
  • Citizens of Nigeria traded around $38 million worth of crypto assets in June the joint highest recorded by the country in 2021, along with March
  • The latest data has shown that the use of cryptocurrencies in the country has grown despite the government’s efforts to clamp down on cryptocurrency

Latest data has shown that the use of cryptocurrency in Nigeria has continued to grow despite a government-issued ban on crypto transactions in the country.

Bitcoin

According to information from Usefultulips, Nigerians traded almost $38 million worth of cryptocurrency in June via peer-to-peer.

This is the second time that that country’s p2p trading volume in a month has surpassed $35 million. The first time was in March when over $38 million worth of transactions were carried out.

After a great trading increase in March, trading volume fell in April and May as $35.2 million and $34.9 million were recorded respectively.

The increase in trading volume has shown the willingness of citizens of the country to invest and utilise digital assets.

It will be remembered that the CBN of Nigeria issued a ban on cryptocurrencies among financial institutions in February this year.

CBN governor Godwin Emefiele

This forced people to look for alternatives to access the crypto market.

Nigeria was followed by Kenya as the country with the second-most Bitcoin trading volume with $13 million traded.


The West African country was followed by Ghana and South Africa with $11.2 million and $7.7 million traded respectively.

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