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Nigeria has exchanged a total of 60,215 Bitcoins worth $566 million in the last five years. During the country's lockdown at the height of the pandemic, Bitcoin trade volume increased by 30%, reaching a new high.
According to forexbroker.ng, the tremendous increase in Bitcoin usage among Nigerians has become the country the world's second largest market for this ground-breaking digital currency. Just look at the variables that contributed to Bitcoin's rise in Nigeria in this article.
The viability and practical use case for Bitcoin trade in Nigeria is growing due to the fluctuating official and parallel currency prices between the Nigerian naira and the US dollar.
The disparities in rates have been increasingly obvious as Nigeria’s financial authorities have attempted to micro-manage the supply of foreign cash during the last half-decade.
Because users do not have to worry about government regulation of cryptocurrencies, P2P exchanges, which are decentralized platforms that connect buyers and sellers directly without the participation of a third party, are the most popular means of obtaining Bitcoin in Nigeria.
Due to the low amount of dollars in the country’s currency, PayPal does not accept payments to Nigeria, and local banks prohibit international transactions and charge high fees.
In Nigeria, increased understanding and availability to simple Bitcoin platforms has essentially eliminated the main barrier to widespread adoption of Bitcoin in the country.
Nigerians now have a number of local platforms to select from, including Quidax, Busha, and BuyCoins, in addition to international platforms like Paxful, Binance, and Luno.
During an era of fast technological and societal change in Africa’s largest country, many young, internet-savvy Nigerians are adopting bitcoin to move money. Nigeria has become a testing ground for Bitcoin’s broad aims due to its declining native currency and antagonistic government.
The cryptocurrency world suffered a big defeat when Nigerian regulators banned Bitcoin in February 2021.
Despite the market’s turn from optimistic to negative, top crypto brands such as Paxful, FTX, and Crypto.com are also joining the fold, demonstrating that Nigerians’ use and awareness of alternative funding methods has expanded.
P2P transactions have increased as a result of the central bank’s decision to bar the country’s institutions from performing crypto transactions.
Remittances through traditional methods plummeted drastically during the pandemic, fueling the rise of Bitcoin. According to the World Bank, remittances to Nigeria are predicted to drop by 27.7% in 2020.
Despite a recent government prohibition on the central bank’s use of Bitcoin, the leading digital currency has proven to be a game-changer for many Nigerians, propelling the country to second place in the world in terms of Bitcoin usage.
Nigerian company owners and people have resorted to Bitcoin for its decentralized transactional capabilities, which are being hampered by a weak national currency and severe limitations on traditional commercial transactions.