Nigeria’s Bitcoin P2P Trading Climbs 25% as Naira Falls

Nigeria’s Bitcoin P2P Trading Climbs 25% as Naira Falls

  • Nigeria’s Bitcoin P2P trading has increased by 25% over the past 2 years.
  • The country has $219 million in P2P trade on Paxful and Localbitcoins.
  • Paxful revealed that Nigerians carried out over 16,000 deals each day in 2021.

Despite the Central Bank’s crackdown on crypto trades in Nigeria, people residing in the country have found ways to carry out crypto transactions.

Bitcoin P2P Trading

A recent report showed that Nigeria’s Bitcoin P2P trading has increased by 25% with over $219 million traded on Paxful and Localbitcoins. The country is followed by Kenya with a $92 million trade volume, while Ghana has $69 million.

According to Paxful, Nigeria had over 16,000 deals every day across the country in 2021. The increased use of cryptocurrency among the country’s inhabitants has been attributed to several factors, one of which is the depreciation of the Naira.

A recent Chaninalysis research showed that emerging economies have taken to cryptocurrencies to protect their funds from depreciation. The report also says that many now use digital assets to send and receive remittances and conduct business transactions.

Read also: eBay Launches NFT Collection, Jumps Into Digital Market

Despite the CBN’s best effort, the naira has continued to weaken, crashing to N610 against the dollar last week. Many Nigerians now see Bitcoin and other crypto-asses as a safe haven from the falling legal tender.

A Statista report showed that Nigeria is one of the African countries with the highest number of cryptocurrency adopters. Another report from Google Trends claimed that Nigeria had the third-highest number of Bitcoin searchers globally. This indicates a rise in Nigerians’ interest in cryptocurrency and its utility in the economy.

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

Show More

Related Articles

Back to top button