Nigeria’s peer-to-peer transactions on p2p crypto exchanges increased by 16% annually despite CBN clamp down on crypto. Nigeria’s P2P volumes on two major P2P platforms (Paxful and Localbitcoins) currently stand at $400 million, followed by Kenya with more than $160 million and South Africa with $117 million.
P2P transaction was on the decline partly because the Central Bank of Nigeria recently ordered commercial banks to freeze the accounts of individuals trading crypto. The directive has once again reiterated its stance in a post-no-debit circular dated November 3rd 2021, issued by J.Y. Mamman, the Bank’s Director of Banking Supervision.
The new report shows that confidence among crypto investors in Nigeria is growing despite the hostile environment created by the Central Bank of Nigeria.
Though banking regulators recently appear to be closing accounts of users and companies that trade cryptocurrencies as part of a broader plan. Banks were forbidden by the central bank from servicing crypto exchanges earlier last year.
Also Read : Nigeria Bitcoin P2P Transaction Volumes Drops As F2F Model Emerges
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