Nigerians Trade N92.25m Bitcoin in 3 Months
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Bitcoin worth over N92.25m was traded by Nigerians on cryptocurrency trading platform Paxful between March and June 2022
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This despite a ban that was placed on Bitcoin and crypto trading in Nigeria by the CBN
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Paxful announced in April that Nigeria was its biggest crypto market with a market value of $1.5bn
Cryptocurrency trading platform Paxful has disclosed that N92.25m worth of Bitcoin and other cryptocurrencies between March and June 2022.
This represents an increase to the N73.8m that was traded between November 2020 to February 2021.
This news follows a recent announcement by the trading platform that Nigeria was its biggest crypto market.
Statistics revealed by Paxful state that 1.5 million Nigeria users currently use the platform, with a volume of $1.5bn.
Read also: Billionaire Mircea Popescu Dies Along With Keys to $1 Billion Worth of BTC
There has been a growing market for cryptocurrency in Nigeria. $566m worth of Bitcoin has been traded on Paxful by residents of the country between 2015 and 2020.
The cryptocurrency trading volume of the country has not declined as many would have expected following a ban on Crypto exchange by the Central Bank of Nigeria.
The CBN issued a ban on crypto exchange in February 2021, preventing banks and other financial from conduction crypto transactions.
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