More Nigerians Use Bitcoin Despite CBN’s Ban

More Nigerians Use Bitcoin Despite CBN’s Ban

More Nigerians Use Bitcoin Despite CBN’s Ban

  • A huge number of Nigerians are not giving up on Bitcoin and other cryptocurrencies despite CBN’s ban

  • According to analytics from Usefultulips, BTC peer to peer trading has surged by 27% since the ban on cryptocurrencies

  • Find out so many Nigerian have decided to adopt the use of cryptocurrency

Almost three months after the Central Bank of Nigeria issued a ban on cryptocurrencies in Nigeria, recent data has shown that the citizens have found alternatives.

According to data from BTC analytical provider, Usefultulips, the use of Bitcoin peer-to-peer trading has gone up by 27% in Nigeria since the ban.

BTC transactions worth, $103 million have been done on Paxful and LocalBitcoins alone.

BTC has recorded steady gains in that period and many Nigerians see the crypto as a hedge against inflation.

Even efforts taken by the Federal Government to encourage Nigerians to use official channels like the N5/$ rebate scheme have proven to be futile.

Since the crypto ban in Nigeria, Bitcoin has rallied to a new all-time high of $64,000 before dropping off to $55,000.

Bitcoin Price

Read also: Why the Crypto Market lost $200 million on Sunday

The adoption of cryptocurrency in Nigeria has been facilitated by the growing use of the internet and smartphones.

Follow on our social media handles FacebookInstagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.

Show More

Related Articles

Back to top button