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Naira touches N700 to a dollar today on the crypto p2p market after touching an N690 low yesterday, a 0.01014%  increase from yesterday’s low.

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Naira to USDT market opened at N687 to a dollar at the beginning of the week and is now at N700, a 0.01065% increase. 

Data collated from Usefultulips, a Bitcoin p2p analytic provider (aggregating through Paxful and Localbitcoins), shows Nigeria dwarfs the rest of Africa combined on the use of bitcoin for peer-to-peer transactions. For instance. in the last 7 days, its closest rival in P2P BTC transactions, Kenya, totaled over $2m while Nigeria at over $4m in volume.

Read More: Nigeria Rejects Naira Exchange Rate Unification Call From IMF

A significant number of young, internet-savvy Nigerians are using crypto to move capital, amid a period of great technological and sociological change in Africa’s largest country. A declining local currency and antagonistic government have made Nigeria into a proving ground for Bitcoin’s big ideals

Nigeria’s peer-to-peer transactions rose by 16% on an annual basis. Nigeria’s P2P volumes on two major P2P platforms (Paxful and Localbitcoins) currently stand at $400 million, followed by Kenya with more than $160 million and South Africa with $117 million.

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By Tony Chimdiuto

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