Bitcoin, Ethereum peer-to-peer volumes in Nigeria continue surging

Bitcoin, Ethereum peer-to-peer volumes in Nigeria continue surging
фото показано с : cryptoslate.com

2021-7-13 10:03

Despite the crypto ban in Nigeria, the country has recorded massive growth in its peer-to-peer bitcoin trade volumes in recent times. 

Available data has revealed that in the month of June, citizens of the country traded around $38 million worth of digital assets —the second time the country has recorded volume above $35 million. The first time this happened was in March when the country had over $38 million worth of transactions.

Nigeria’s growing crypto use

Per the data, in the months of April and May, trades of $35.2 million and $34.9 million were recorded. The lowest trading volume that has been recorded happened in the month of February where $31 million worth of the crypto assets were traded.

This means that the country’s interest in crypto has continued to grow despite the ban imposed on trading by the apex bank of the country. It would be recalled that the Central bank of Nigeria ordered all financial institutions within the country to stop offering their services to crypto-related firms. The bank went ahead to threaten defaulters with sanctions if they fail to comply with the policy.

Since then, citizens of the country have sought an alternative way of accessing the industry and have consistently recorded growth in their trading volume.

Other African countries follow suit

Nigeria is not the only African country that has continued to record growth in its crypto space. The report also shows that other countries in the continent are also growing massively in the crypto space.

Per the report, Kenya is the second African country to record massive trading volume. Though its volume dropped to around $13 million, this is the first month in which its upward trajectory had declined. This means the country traded volume had been positive for the most part in 2021.

Source: UsefulTulips

Also, Ghana traded volume has usurped that of South Africa. The west African country saw its volume reach double figures for the month of June, making it 3rd on the list. While South Africa now ranks as the fourth with a trading volume of $7.7 million.

The post Bitcoin, Ethereum peer-to-peer volumes in Nigeria continue surging appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 65215.28 (-0.30%)
Объем 24H $32.589b
Изменеия 24h: -1.34 %, 7d: 4.19 %
Cегодня L: $65196.08 - H: $65464.71
Капитализация $1284.692b Rank 1
Цена в час новости $ 33189.59 (96.49%)

country nigeria million bitcoin peer-to-peer recorded volumes

Источник: cryptoslate.com

country nigeria → Результатов: 63


Фото:

Nigerian High School Defies Regulatory Bodies By Accelerating Bitcoin Adoption

Countries like Nigeria, which are classified as emerging markets with weak economies, are seeing a huge surge in crypto activities. As with the case in Nigeria, these activities are usually related to crypto companies and exchanges opening operations in the country and recording significant growth in trading volume. This time though, the news is coming […]

2021-6-28 23:49


Фото:

New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said. In addition, the report says ongoing restrictions on the use and movement of foreign exchange are “further pushing up prices of food and agricultural inputs like fertilizer.” Misaligned Exchange Rates […]

2021-6-22 14:30


Фото:

Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich […]

2021-5-14 10:00


Фото:

Central Bank of Nigeria Blocks Fintech Startups From Accessing KYC Service— Decision Described as an ‘Attack on All Fintechs’

The Central Bank of Nigeria (CBN) has recently suspended the provision of the bank validation number (BVN) service to all fintech and third-party partners. The decision means non-banks entities include crypto startups “have lost one of the most comprehensive means of identity verification in the country.

2021-4-12 21:30


Central Bank of Nigeria Never Banned Cryptocurrency Trading, Clarifies Governor

The Central Bank of Nigeria (CBN) said they never banned the use of cryptocurrencies in the country, and they are not discouraging people from trading with crypto assets either. The clarification came from Godwin Emefiele, deputy governor Adamu Lamtek, on behalf of Godwin Emefiele, the governor of the central bank, at the 30th seminar for […] The post Central Bank of Nigeria Never Banned Cryptocurrency Trading, Clarifies Governor first appeared on BitcoinExchangeGuide.

2021-3-22 16:21


Фото:

Nigeria to Pay 1.2 Cents for Each Dollar Remitted to the Country to Combat Cryptocurrency Use

The Central Bank of Nigeria (CBN) has announced a scheme that seeks to boost international remittances as well as to encourage the use of official corridors when retrieving funds. The CBN’s move to incentivise recipients follows the plummeting of the country’s official remittances inflows as recipients opt for non-traditional corridors such as cryptocurrencies. Declining Remittances […]

2021-3-9 15:00


Фото:

Nigerian Vice President Yemi Osinbajo Contradicts Central Bank, Says Cryptocurrencies Must Be Regulated and Not Prohibited

In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country’s monetary authorities must consider regulating crypto assets. He adds that instead of “killing the goose that might lay the golden egg”, Nigerian monetary authorities must consider providing a “robust regulatory regime” that addresses their […]

2021-2-28 06:30


Фото:

Central Bank of Nigeria Denies It Has Placed New Restrictions on Cryptocurrencies — Uses Debunked Claims to Justify New Directive

Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement. In the latest five-page document, the CBN insists that this directive is intended to protect the country’s financial system from the “risks” that are associated with cryptocurrencies. Debunked Claims Still, the central […]

2021-2-10 12:05


CEO of Nigeria’s Deposit Insurance Corporation (NDIC) Cautions Public of Risks in Cryptocurrencies

Umaru Ibrahim, the CEO and managing director of the NDIC, released a notice warning the public against heavy reliance on cryptocurrencies as payment options in the country. The official press release by the corporation states that the CEO advises ‘maximum caution’ when dealing with cryptocurrencies. The comment were made during a courtesy call by the […]

2019-7-26 19:44


Фото:

Moonday Mornings: Cryptocurrency market at 5-month high, Paxful under fire, and more

It’s Monday which means it’s time for a wrap-up of the weekends top cryptocurrency and blockchain headlines. Here’s Moonday Mornings for you. 1. The United Global Resolve For Peace is petitioning the Central Bank of Nigeria after thousands of the country’s residents claim to have been “defrauded” out of millions of dollars earned from trading cryptocurrencies on exchange service Paxful, The Guardian, a local Nigerian outlet reports.

2019-4-8 11:17


дальше еще 14 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Binance leaves Nigeria, suspending all naira services

Cryptocurrency exchange Binance announced that it will stop providing all services related to the Nigerian naira (NGN). According to the platform’s announcement on March 5, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts…

Binance начала рассылать россиянам требование срочно вывести средства с биржи

Криптовалютная биржа Binance в четверг, 28 декабря, начала рассылку российским клиентам уведомлений о необходимости закрывать аккаунты и выводить средств с площадки. Срок дается кратчайший: до 29 декабря.