This increase surpassed the trading volume of $35.2 and $34.9 recorded in the month of April and May respectively.
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Peer to peer trade volume in Nigeria cryptocurrency market surpassed it’s previously $35 million mark to upsurge to near $40 million in the past week.
The updated data is sourced from P2P trading activities of only two most commonly used cryptocurrency exchanges in Nigeria. Based on the restrictions on bank to engage in cryptocurrency transactions, the continuous rise is expected.
In February 2021, the federal government directed financial institution in Nigeria to disengage any organisation or persons involve in using banking platforms to trade cryptocurrency. The restrictions necessitated switch by cryptocurrency traders to Peer to Peer platform.
Finance pundits believed that the restrictions may decrease interest in cryptocurrency in Nigeria, but facts showed that trade volume grew exponentially since the restrictions were implemented.