Nigeria has been leading the way for Bitcoin adoption in Africa despite its goverment’s recent efforts to reduce access to Bitcoin services to its people. In February, the Central Bank of Nigeria (CBN) reinforced legislation from 2017 that prohibits regulated financial institutions from dealing with bitcoin or facilitating payments for bitcoin exchanges. Notwithstanding the ban, Nigerians have resorted to peer-to-peer (P2P) trading and moved almost $40 million in BTC volume in the last 30 days.
According to data from analytics platform UsefulTulips, the Nigerian naira (NGN) has been the Sub Saharan African fiat currency most traded for BTC in the past two periods of 30 days. From July 4 to August 4, 2021, Nigerians have traded a USD equivalent of $38,083,688 in two P2P platforms, Paxful and LocalBitcoins. In the previous 30-day period, from June 4 to July 4, bitcoin trading in the main P2P markets in Nigeria amounted to $37,761,748.