Despite the growing interest in cryptocurrencies in Nigeria, the Central Bank of Nigeria (CBN) ordered financial institutions to discontinue the service for money-related units in early February 2021. These measures took effect immediately and this also resulted in an immediate drop in trading volume on centralized exchanges, but despite the obstacles, Nigerian Bitcoin rose again for P2P trading volume in June.

Nigeria’s Bitcoin P2P trading volume soared again in June despite central bank crypto restrictions

In June 2021, Bitcoin trading volume in Nigeria rose to less than $ 38 million, according to the latest figures. This jump marks the second time Nigerian P2P trading volume exceeded $ 35 million in 2021. March 2021 is the only other period in which the P2P Bitcoin trading volume nearly surpasses the $ 38 million mark.

And yet, just as the data shows domestic trading volume spiked in June before the transaction value dropped to $ 35.2 million and $ 34.9 million, respectively, in April and May. 2021. However, both episodes are still well above the $ 31 million recorded in February 2021.

However, recent data (from two P2P exchanges) shows again that Nigerian interest and use of cryptocurrencies continues to grow despite the central bank’s restrictions on electronic money.

Nigeria’s central bank crypto restrictions

Nigeria’s central bank hit the headlines back in February this year about enforcing cryptocurrency restrictions on the country’s banking sector. In particular, CBN reminded regulated financial institutions to prohibit them from facilitating cryptocurrency transactions or payments on exchanges.

“Cryptocurrencies are very well suited to carry out many illegal activities, including money laundering, terrorist financing, small arms and small arms purchases, and tax evasion. In fact, many reputable banks and investors have been denied cryptocurrency because of the harmful effects of widespread use of cryptocurrency for illegal activities.

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