Nigerians trade N92.25 million bitcoins on Paxful despite the ban

Nigerians traded over N92.25 million ($ 225,000) in bitcoin volume on Paxful, a cryptocurrency trading platform, between March and June 2021. This comes from a source by Paxful.

Nigerians trade N92.25 million bitcoins on Paxful despite the ban

Source Paxful added that the volume of trade from Nigeria was around N73 million from November 2020 to February 2021.

In a letter emailed, the source said, “From March to June 2021, Paxful had a bitcoin trading volume of over $ 225,000 in Nigeria.

“It’s best to compare November 2020 with February 2021; both are four months. For this date range, we have a bitcoin trade of nearly $ 180,000. “

In April, Paxful announced that Nigeria was their largest crypto market with a volume of $ 1.5 billion and 1.5 million users.

Earlier in the year, Paxful said it expected 23% more trade volume from Nigeria than in 2020.

Between 2015 and 2020, Nigerians traded $ 566 million worth of bitcoins through various cryptocurrency trading platforms, making the country the second largest peer-to-peer bitcoin market after the United States, according to news.bitcoin.com.

Nigerians trade Paxful N92.25 million bitcoins, despite the Nigerian central bank banning cryptocurrency trading in February

The response of the Nigerian government to the increasing adoption of cryptocurrencies in the country was the sudden release of the policy on January 5, 2021.

The policy directed depositors, non-bank financial institutions and other financial institutions to close the accounts of crypto exchanges owned by their banks. According to the announcement, any organization that does not adhere to this new rule will face harsh penalties.

The published statement does not answer the question of why Nigeria is banning cryptocurrency trading, but that information has been confirmed by Nigerian Central Bank spokeswoman Osita Nwanisobi.

The policy is mentioned in a letter signed by Bello Hassan, Director of Banking Supervision, and Musa Jimoh, Director of Payment Systems. The authorities have ordered the immediate closure of accounts owned by trading institutions or company exchanges and refer to the 2017 order release: FPR / DIR / GEN / CIR / 06 0110 warns all financial institutions of the public danger of cryptocurrencies.

The ban was immediately received with panic and outrage in the citizens’ social media with the trend “Nigeria bans crypto” and #freeourcrypto. Everyone has a guess as to why these drastic measures were taken after many well-known exchanges like Binance disabled naira’s fiat deposits. However, the Central Bank of Nigeria insisted that this was just an indication of a previously released statement and did not comment.

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