According to the latest data, Nigeria’s peer-to-peer bitcoin transaction volume rose to slightly less than 38 million U.S. dollars in June 2021. This surge became the second time that Nigeria’s P2P transaction volume exceeded the 35 million U.S. dollar mark in 2021. March 2021 is the only period when P2P Bitcoin transaction volume almost exceeds the 38 million U.S. dollar mark.
Nigeria’s P2P growth is not hindered by central bank cryptocurrency restrictions
Nevertheless, as the data shows, before the country’s June transaction volume surged, the transaction volume fell slightly to 35.2 million U.S. dollars and 34.9 million U.S. dollars in April and May 2021, respectively. Nevertheless, these two transaction volumes are still higher than the more than 31 million U.S. dollars recorded in February 2021.
Nevertheless, the latest data (from two P2P exchanges) once again show that despite the central bank’s restrictions on crypto assets, Nigeria’s interest in and use of cryptocurrencies continues to grow.
In early February 2021, the Central Bank of Nigeria (CBN) instructed financial institutions to stop providing services to entities involved in cryptocurrencies. These measures took effect immediately, which also led to an immediate drop in the trading volume of centralized exchanges. On the other hand, the increase in P2P transaction volume seems to indicate that traders have turned to platforms that CBN has no control or censorship.
Ghana overtakes South Africa
The same data shows that the second-ranked Kenya’s transaction volume in June fell from US$16.5 million in May to US$13.4 million. However, this decline represents the first time that the country’s sales growth trend so far this year has been broken.
At the same time, the latest data shows that Ghana has replaced South Africa as the country with the third highest P2P Bitcoin transaction volume after its transaction volume exceeded 11.2 million U.S. dollars in June. With a transaction volume of 7.7 million USD, South Africa is currently ranked fourth on the African continent. The Central African Republic had a transaction volume of less than US$50,000 in June 2019 and ranked fifth after a transaction volume of US$1.85 million in June 2021.
What is your opinion on the latest African P2P Bitcoin transaction volume? Tell us what you think in the comments section below.
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