Bitcoin Peer-To-Peer Trading In Nigeria Rises 27% Since Central Bank’s Ban
Nigerians have resorted to peer-to-peer trading after the Central Bank of Nigeria banned regulated institutions from dealing with bitcoin in February.Months after the Central Bank of Nigeria (CBN) released a letter banning regulated institutions from dealing with bitcoin in February, there has been a 27% increase in peer-to-peer (P2P) bitcoin trading in the country, according to data from analytics platform UsefulTulips.The ban came as a follow-up to a previous CBN circular of 2017 that cautioned institutions and the public on the risk associated with transactions in cryptocurrency. With....
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It has been more than six months since the Central Bank of Nigeria (CBN) directed banks to stop serving customers from the cryptocurrency industry. While the measure appears to have succeeded in removing crypto entities from the banking ecosystem, the policy has however led to the growth of peer-to-peer trading. ‘Central Bank of Nigeria’s Actions Led to an Increase in Activity on the Black Market’ As some reports have shown, Nigeria’s position as the biggest cryptocurrency market in Africa remains unchallenged. For its part, the CBN has complemented its regular....
After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had....
Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows. This surge becomes only the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021. March 2021 is the only other period when P2P bitcoin traded volumes nearly surpassed the $38 million mark. Nigerian P2P Growth Unhindered by Central Bank Crypto Restrictions Still, as the data shows, the country’s June volumes surge had been preceded by the marginal drop of traded value to $35.2 million and $34.9 million in the months of April and May....
The Securities and Exchange Commission of Nigeria says it is working with the central bank to create a legal framework for cryptos and digital assets. Lamido Yuguda, the director-general of Nigeria’s Securities and Exchange Commission has said the central bank’s crypto ban has caused significant disruptions to the market.According to a report by The Guardian, the SEC director-general made this assertion known during a press conference organized after the meeting of the Capital Market Committee on Thursday.As previously reported by Cointelegraph, the Central Bank of Nigeria barred....
Nigeria, Africa’s biggest economy and most populous nation, traded more than $566 million worth of bitcoin between 2015 and 2020, making it the world’s second-largest peer-to-peer (P2P) bitcoin market after the U.S., which traded $3.75 billion in the period under review. According to an analysis of bitcoin trading platform Paxful’s database shared with news.Bitcoin.com, Nigeria has traded the equivalent of 60,215.7 BTC – more than any other country in the world. Only the U.S. exchanged more bitcoin – 535,660.3 BTC. With trades of $55.3 million or 5,894.8 BTC,....