The new alternative, Peer-to-Peer, introduced for trading cryptocurrency months ago on crypto exchanges, following the Nigerian government restriction is experiencing much acceptance as Bitcoin P2P Trading goes up by 27%.
Nigerian crypto traders woke up to the shocking news of the restriction imposed on all financial institutions by the apex bank of the country, stopping them from crypto-related deals, which necessitated the new development in P2P trades.
An analytics platform UsefulTulips, said Bitcoin P2P trading has risen by 27% in the African country. This is quite notable because the surge occurred despite the restriction imposed by the apex bank on all crypto-related transactions in Nigeria.
Currently, Nigeria tops the list of Bitcoin P2P trading in Sub-Saharan Africa, particularly on Paxful, a leading P2P exchange, with about $103 million within the last 90days, showing that crypto is gaining more traction. Followed by Ghana and Kenya whose records are also on the rise.
Crypto is Thriving in Nigeria due to faltering economy
Paxful spokesperson noted that stringent capital controls on the outflow, exorbitant transaction fees on international transfers, and transaction limits on many international exchanges, and most especially Nigerian currency instability are the major factors contributing to the increasing popularity of crypto, since there is a projection of an aggressive increase in the country’s poverty level by 2022.
Danny Oyekan, CEO and founder of Dan Holdings who said in February that the ban will be tackled, has attributed the great deal of transactions on his payments app to Nigerian users.