Nigerians Traded Around $38 Million Worth of Crypto in June

Nigerians interest in the crypto space doesn’t look like abating anytime soon as a recent report has indicated that the country’s P2P trading volume spiked to around $38 million for the month of June. This is the second time that the country’s figure has broken the $35 million mark. The first time it happened was in March when the country recorded over $38 billion worth of trades.

According to the data, the country’s June volumes surge occurred after a drop in traded volumes for the months of April and May. Then, citizens of the west African country had traded around $35.2million and $34.9 million respectively. However, those months still surpassed that of February when the country had recorded just $31 million worth of trades.

What this data shows is that the African country’s interest in crypto has continued to grow despite the level of hostilities shown towards it by the authorities. We earlier reported that the central bank of Nigeria had threatened to sanction financial institutions within the country if they offered their services to crypto-related transactions.

Due to this ban, citizens of the country had sought an alternative way of trading crypto which is the P2P method that has increased as the year progressed.

It is important to note that other African countries like Ghana, Kenya and South Africa have also recorded growth in their crypto usage. Per the data, Kenya’s trading volume dropped to $13.4 million while that of Ghana increased to $11.2 million and South Africa recorded a volume of $7.7 million.

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