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Cryptocurrency

Nigerians Invest Heavily in Bitcoin as Transactions Reach $39 Million in July

Nigerians Invest Heavily in Bitcoin as Transactions Reach $39 Million in July

  • The interest of Nigerians in cryptocurrency keeps increasing despite a ban on cryptocurrency in the country
  • In July, $39 million worth of Bitcoin P2P transactions were completed in Nigeria, an increase of 3% from June
  • The ongoing foreign exchange crisis in the country has forced residents to turn to cryptocurrency as a means of payment

There’s no stopping cryptocurrency in Nigeria as the crypto community keeps growing.

A recent report has shown that about $39 million worth of Bitcoin transactions were completed by Nigerians in July 2021.

The latest transaction update shows an increase of 3% from the transactions completed in June ($37.95 million).

Nigeria has been dealing with a foreign exchange crisis that has forced individuals and businesses to utilize cryptocurrency for the completion of transactions.

The report has shown that Nigeria is leading in the use of Bitcoin to carry out international currency transfers.

The increase in Bitcoin p2p has been aided by a ban on cryptocurrency which was imposed by the Central Bank of Nigeria in February.

Peer-to-peer transactions allow Nigerians to send and receive cryptocurrency without interference from the CBN.

Bitcoin

The latest update means that $244.82 million worth of Crypto transactions have been completed by Nigerians in 2021.

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