Nigeria’s P2P Bitcoin trading volume rose again in June despite central bank crypto restrictions – markets and prices Bitcoin News

Nigeria’s peer-to-peer Bitcoin trading volume soared to just under $ 38 million in June 2021, the latest data shows. This surge marks only the second time Nigerian P2P trading volume has exceeded $ 35 million in 2021. March 2021 is the only other period in which the P2P Bitcoin trading volume nearly surpassed the $ 38 million mark.

Nigerian P2P growth unhindered by central bank crypto restrictions

However, as the data shows, the country’s increase in volume in June was preceded by a slight decline in trade value to $ 35.2 million and $ 34.9 million in April and May 2021, respectively. Even so, both volumes are still above the over $ 31 million recorded in February 2021.

Still, the latest data (from two P2P exchanges) again suggests that Nigerian interest and use of cryptocurrencies continues to grow despite the central bank’s restrictions on crypto assets.

In early February 2021, the Central Bank of Nigeria (CBN) ordered financial institutions to cease serving companies involved in cryptocurrencies. The measures took effect immediately and this also led to an immediate decline in the volumes traded on central exchanges. On the other hand, the growth in P2P volume seems to show that traders have switched to platforms that the CBN cannot control or censor.

Ghana overtakes South Africa

The same data shows that second Kenya traded volumes in June fell to $ 13.4 million from $ 16.5 million recorded in May. However, this decline marks the first time the country’s upward trend in volume growth has been broken this year.

Meanwhile, the latest data shows that Ghana has now overtaken South Africa as the country with the third highest P2P bitcoin trading after its volume exceeded $ 11.2 million in June. With a trade volume of 7.7 million US dollars, South Africa now ranks fourth on the continent. The Central African Republic, which recorded less than $ 50,000 in volume in June 2019, ranks fifth after recording $ 1.85 million trades in June 2021.

What do you think of the latest African P2P bitcoin trading volumes? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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