Nigeria in pole position among African countries?

The Nigerian Securities and Exchange Commission has put in place a series of regulations to limit crypto trading. These measures are intended to protect citizens and monitor the growth of blockchain technology. Despite this situation, many Nigerians have continued to invest in bitcoin and altcoins, especially with the weakening of the naira.

P2P bitcoin transactions expand in Nigeria

According to a tweet from Bitcoin Magazine on July 27, “over 2 million Nigerians traded bitcoin (BTC) P2P last year“. You should know that in 2021, more than 16,000 crypto transactions were made per day in Nigeria. In fact, Nigerians have more and more use of cryptos because of the country’s economic situation. Indeed, there is a strong depreciation of the national currency. So, the people of Nigeria are using bitcoin (BTC) and altcoins to send and receive funds as well as to trade.

Read also: Bitcoin (BTC) in the Central African Republic: the central bank recommends CDBCs

In May 2022, a study revealed that P2P transactions are known a 25% increase in 180 days pendant that the naira was falling. At that time, Nigeria recorded $219 million in P2P transactions, on the Paxful and Localbitcoins platforms. Meanwhile, the transaction volume was $92 million in Kenya and $69 million in Ghana. The three countries were the only ones where such significant crypto activity could be observed, in Africa.

The naira continues to weaken in Nigeria. To protect their assets and continue to receive or send funds, Nigerians are turning to cryptocurrencies despite the various measures taken by the authorities to regulate them. The data they have is more than 2 million to have exchanged bitcoin (BTC) in P2P last year.

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