Breaking: Nigeria Tops the chart with over $1.5 Billion in P2P Trading Volume Regardless Of Crypto Trading Ban By CBN

Despite the recent crypto ban in the country, Nigerians continue to remain bullish and have traded $1.5 billion on Paxful.

Nigeria is unarguably the largest cryptocurrency market in Africa, with millions of the country’s young citizens trying to leverage their power to solve their financial problems as the country currently is experiencing hardship and stagnation in economy. 

However, the central bank said it is okay with cryptocurrencies and is not discouraging people from trading them. The prohibition is only stationed to banks and financial institutions. Furthermore, crypto exchanges and related companies that previously allowed users to deposit or withdraw their funds directly from their bank accounts can no longer do so with immediate effect.

Just after the breaking of the news, the ban became a major barrier as bank transfers via exchanges made it easier for many Nigerians to access crypto services without getting ripped.

However, despite the ban, it never stopped Nigerians from trading, rather the rate at which Nigerians traded doubled in numbers. Furthermore, based on recent report, Nigeria has emerged as the highest peer-to-peer market for Paxful amid the CBN’s prohibition in the country. 

When we all thought trading in the country was over as it seemed all hope were lost, cryptocurrency traders in Nigeria had to find an alternative solution to continue all crypto transactions without the interference of banks via crypto exchanges. Thanks to P2P

Introducing P2P trading which became the order of the day and Paxful, a global peer-to-peer cryptocurrency trading platform, became one of the most used platforms in the country.

Based on the report, Nigerians conducting trades using the Paxful platform were able to hit a remarkable trading volume of $1.5 billion with over 1.5 million users, despite the cryptocurrency ban in the country.

Also in regards to data published by UsefulTulips, Nigerians using Paxful traded over $6.3 million in the last 7 days and over $77.4 million in the last 90 days.