Nigeria Experiences 15% Increase In P2P Bitcoin Transactions Following CBN Crypto Ban
-The Central Bank of Nigeria (CBN) issued a cryptocurrency ban in February that prevents financial institutions from performing Bitcoin and other crypto-related transactions
-This ban has forced many Nigerians who are interested in Cryptocurrency to switch to another mode of transacting: Peer-to-peer (P2P)
-The switch has led to a surge in monthly P2P volumes in the country
Remember when the CBN issued a Crypto ban and everyone was worried about finding new ways to trade Crypto?
Latest statistics have shown that Nigerians are coping well despite the ban on cryptocurrency among financial institutions.
Recent research by Nairametrics has shown that there has been a 15% surge in P2P volumes in exchanges, Local Bitcoins and Paxful.
The research shows that Nigerians are not giving up on Bitcoin and crypto trading.
Nigeria has completed the most peer to peer transactions among African countries in the last 30 days, according to Usefultulips
The country completed monthly P2P transactions worth $31 million followed by Kenya with $12.1 million and Ghana on $8 million.
What is P2P exchange?
Peer-to-peer exchange is the exchange of Bitcoin and other cryptos between two parties without the involvement of major authority.
In P2P exchanges, one party sends Bitcoin and receives cash from the other party.
The downside of this form of transaction is that it has increased the risk of scammers’ exploitation.
The bottom line is Nigerians are not giving up on Cryptocurrency as most people find it as a means to generate more income and a hedge against inflation.