Nigeria dwarfs Africa in Bitcoin P2P amid CBN crypto ban

The recent CBN crypto ban has not stopped Nigeria from topping P2P transactions in Africa.

by Rate Captain

February 11, 2021

in Cryptocurrency

Reading Time: 1 min read

Despite the regulation released by Nigeria’s apex bank (CBN), six days ago against transacting in cryptocurrency. Nigeria

According to a recent study seen by Nairametrics, data retrieved from Usefultulips (a Bitcoin analytic data provider) revealed that the use of Bitcoin for peer to peer lending in Nigeria surged.

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Nigeria led the pack with about $7.35 million in P2P trading on LocalBitcoins and Paxful, while the closest rival, Kenya, had a transactional value of just $2.86 million during the past week. South Africa came in third with a transactional value of $2.38 million.

Source: Nairametrics

Foreign-owned banks in Nigeria received 73% of capital inflow in 2020 – NBS Report

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