Last updated on October 14th, 2022 at 10:40 am
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The Nigeria market boosts of over 50 percent of the bitcoin trading volume in Africa with the Nigeria Naira listed on two top cryptocurrency exchanges.
Among the top Peer-to-peer digital currency trading platforms like Localbitcoin and Paxful. Nigeria accounts for up to 50 percent of the trading volume among top African countries on this platforms.
Nigeria accounts up to 8.27 million dollar trading volume on Localbitcoins according to coindance. Kenya is second on the list with a trading volume of 968,521 thousand dollar trading volume.
Among the top cryptocurrency exchanges in Africa like Luno.com. Nigeria Naira trades against bitcoin with a 24 hour volume of 360,000.41 USD. South African Rand tops Naira with a 24 hour volume of 3.98 million USD.
Nigerians trading behavior shows traders favourably trade on Bitcoin trading platforms with minimal fee charge. This is why Nigerians always top the P2P trading charts on Peer-to-peer cryptocurrency trading platforms in Africa.
Diutocoinnews previously reported increase in online VAT charges by the Central Bank of Nigeria on Nigerians. This and more accounts for the popular use of Peer-to-peer trading platforms in Nigeria for cryptocurrency transactions.
Moreso, Nigeria traders preferably avoid the use of cards for cryptocurrency transactions. The fee charge by banks for online transactions using cards like mastercards,visa cards etc accounts for this.
Moreover, when it comes to international digital currency trading platforms in the world. Nigeria Naira is listed against BTC. Latest listing was Binance.com which is offering 10,000 USD giveaway of zero fee deposit for all Nigerian Naira deposits.
