Tue. May 21st, 2024

Over N20.2 Billion Exchanged in Bitcoin P2P in Nigeria in July.

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Statista reports on Bitcoin peer-to-peer trading has shown that nearly N20.2 billion worth of Bitcoin was moved in the last 30 days by Nigerian Bitcoin investors.

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The figure aligned with Nigeria continuous growth in P2P crypto transactions since government financial apex regulator put restrictions on financial institutions from providing their services for crypto transactions.

The absence of financial institutions in the trading sector of the asset gave rise to the need for an alternative method of trading—P2P— Peer to Peer.

Data from the analytics platform, UsefulTulips, revealed Nigerian fiat currency (Naira) was the most traded for BTC in the last 30 days between July 4 and August 4, 2021, in which an equivalent of over $38 million was traded by Nigerians on two local P2P platforms, Paxful and LocalBitcoins. While the previous record of June 4 to July 4 saw over $37 million.

Ranked second with significant volume for Bitcoin among currencies in Africa is Kenya Shilling (KES). Kenya’s trading in the last one month amounts to an equivalent of $14,054,477. 

While in June to July record, the Kenya volume moved around $13,433,999. Ghana Cedis followed with $11,614,047 in the last month, against the June-July record of #11,367,511. What this means is that the Sub-Saharan African countries have increased their Bitcoin trading volume in p2p markets.

In countries where there is a high level of crackdown towards crypto, users of the digital assets have always adopted the P2P trading method as a way of subverting regulations . 

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