{"id":41244,"date":"2021-04-22T16:02:20","date_gmt":"2021-04-22T13:02:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=41244"},"modified":"2025-08-30T17:55:25","modified_gmt":"2025-08-30T14:55:25","slug":"nigerias-p2p-trading-volume-rises-27-after-bitcoin-exchange-accounts-were-closed","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nigerias-p2p-trading-volume-rises-27-after-bitcoin-exchange-accounts-were-closed\/","title":{"rendered":"Nigeria\u2019s P2P trading volume rises 27% after Bitcoin-exchange accounts were closed"},"content":{"rendered":"

Three months after the Central Bank of Nigeria (CBN) barred banks from servicing crypto-related companies, Nigeria’s peer-to-peer trading volume rose by 27%. \u0441\u043e\u043e\u0431\u0449\u0430\u0435\u0442<\/a> Decrypt.<\/p>\n

According to \u0434\u0430\u043d\u043d\u044b\u043c<\/a> analytics platform UsefulTulips, over the past 90 days residents on Paxful and LocalBitcoins peer-to-peer platforms sold cryptocurrency for nearly $103 million. Three months ago this amount was $80.6 million.<\/p>\n

A similar uptick is seen in Ghana and Kenya.<\/p>\n

\n

\u201cStrict controls on capital outflows, high transaction costs for international transfers, and a $100 minimum card-transaction limit for payments on international sites are among the factors fueling the popularity of cryptocurrency in Nigeria,\u201d Paxful said.<\/p>\n<\/blockquote>\n

Analysts also point to Nigeria’s financial instability and unemployment running at about 33% as reasons for interest in digital assets.<\/p>\n

Earlier in February the CBN banned commercial financial institutions from providing services<\/a> to cryptocurrency exchanges and companies dealing with digital assets. The regulator said this was necessary to safeguard the domestic economy from risks.<\/p>\n

Later, the Nigerian Senate proposed that the CBN regulate the sector, rather than restrict it<\/a>.<\/p>\n

Follow ForkLog’s news on Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three months after the Central Bank of Nigeria (CBN) barred banks from servicing crypto-related companies, Nigeria’s peer-to-peer trading volume rose by 27%.<\/p>\n","protected":false},"author":1,"featured_media":41245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[150,455,1526],"class_list":["post-41244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nigeria","tag-p2p","tag-paxful"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=41244"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41244\/revisions"}],"predecessor-version":[{"id":41246,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41244\/revisions\/41246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/41245"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=41244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=41244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=41244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}