Cryptocurrency Adoption Grows In Nigeria despite Tough Government Measures

Despite the ban on cryptocurrencies in Nigeria, the country has seen a significant increase in peer-to-peer bitcoin trading volumes lately, and especially in June 2021.

Available data showed that in June, citizens of the country completed transactions in digital assets worth about $ 38 million – this is the second time that the country recorded a volume over $ 35 million. This happened in March when more than $ 38 million were made in the country.

Investment in cryptocurrencies is on the rise in Nigeria

According to the data, in April and May, trades for BTC to Naira were registered in $ 35.2 million and $ 34.9 million. The lowest trading volume was recorded in February when crypto-assets were sold for $ 31 million.

This means that interest in cryptocurrencies in the country continues to grow, despite the ban imposed on cryptocurrency trading by the country’s Supreme Bank. As a reminder, the Central Bank of Nigeria has ordered all financial institutions in the country to stop providing their services to cryptocurrency-related firms. The bank threatened defaulters with sanctions if they did not comply with this policy.

Since then, the country’s citizens have been looking for an alternative way to access the industry and have consistently recorded trade increases. Most of the bitcoin traders have found a solution by using P2P Crypto exchanges and using it to buy dogecoin with PayPal .

Protests and cryptocurrency

The confluence of political and economic crises has spurred local cryptocurrency adoption, including social repression, foreign exchange controls, and rampant inflation.

Tensions in Nigeria have escalated since October following massive public protests against police brutality.

During the EndSars protests, protesters were attacked with tear gas and water cannons. As a result, on October 20, more than 50 civilians were killed.

Government repression also led to economic repression. Community organizations supporting the protesters with essential assistance quickly found bank accounts frozen. Also, protesters decided to invest in cryptocurrency to take their economic activities out of the reach of the government.

However, the steadily growing P2P Bitcoin volumes in Nigeria indicate that the country’s growing cryptocurrency user base has largely gone underground, trying to gain access to crypto assets from outside the purview of the government.

The government’s crackdown on cryptocurrencies has also drawn domestic criticism. Vice President Yemi Osinbajo publicly denounced the ban in February.

Nigeria is currently exploring the possibility of creating a central bank digital currency (CBDC).

The central bank of Nigeria has announced plans to begin testing its CBDC from October 1 this year.

Other African countries are following suit.

Nigeria is among African countries to continue to show growth in the crypto space. The report also indicates that other countries on the continent are also showing a significant increase in the crypto space.

Kenya became the second African country to record a huge volume of trade, according to the report. Although its volume has declined to about $ 13 million on BTC to KSH, this is the first month in which its upward trajectory has declined. This means that in 2021, the country’s trade volume was positive most of the time.

In addition, Ghana’s trade volume exceeded South Africa’s trade. The West African nation’s trading volume reached double digits in June, placing it third on the list. While South Africa is now ranked fourth with a trading volume of $ 7.7 million.

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