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.

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.

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