Nigerians Trade $169 Million Bitcoin in 5 Months Despite CBN Ban

• $169 million worth of Bitcoin was traded in Nigeria between January and June, according to data released from usefultulips.org

• The country had the most trading volume in May ($38.5m), with April, March, February and January having $33.1m, $33.6m, $31.9m, and $31.9m respectively

• Nigeria leads the continent in crypto trading volume despite a ban imposed by the Central Bank on cryptocurrency in February

Nigeria remains the continents leading cryptocurrency trader despite a ban from the Central Bank.

According to a report by www.usefultulips.org, the country traded $169m in Bitcoin volume in the first 5 months of the year.

The data revealed that the country had a trading volume of $31.9m, $31.9m, $33.6m, $33.1m, $38.5m, in January, February, March, April and May 2021 respectively.

This increase is coming, despite experiencing the worst monthly performance of Bitcoin in almost a decade.

After consolidating above the $50,000 mark for months, BTC experienced a major sell-off that pushed the value below $40,000 on May 19.

The major drop was triggered by Elon Musk’s criticism of the coin and China’s ban on crypto.

Read also: BTC Remains Below $40,000 as the Month Comes to an End

The crypto market has since lost more than $600 bn in market cap after many investors liquidated.

Bitcoin is currently trading at $36,072, down by 0.03% for the day.