HomeNigerian NewsNigerian Bitcoin Peer To Peer Weekly Trading Volume Drops By 43% As...

Nigerian Bitcoin Peer To Peer Weekly Trading Volume Drops By 43% As CBN Hits Hard On Crypto

Information currently reaching SeniorNG media desk, has confirmed that the Nigerian bitcoin peer to peer weekly trading volume drops by 43% as the Central Bank of Nigeria hits hard on Crypto.

This is widely believed to be as a result of the harsh regulations of CBN against cryptocurrency traders and investors in the country. The CBN had earlier banned the trade of cryptocurrency and ordered all Banks to shut down any account linked with Crypto transactions.

Nigerian Bitcoin Peer To Peer Weekly Trading Volume Drops By 43% As CBN Hits Hard On Crypto

In the last week, Nigeria’s peer-to-peer transactions dropped by 43%. Nigerians posted weekly P2P volumes of about $9.4 million, followed by Kenyans and South Africans with nearly $2.8 million and $1.8 million respectively.

Peer to peer in BTC refers to an exchange of BTC between parties (such as individuals) without involving a central authority. Peer to peer exchange of Bitcoins between individuals and groups takes a decentralized approach but still, a growing number of Nigerians use their banks to settle in cash while carrying out their P2P trading.

The new rules by the CBN has made most Crypto investors look for other options as to settle their final cash. Most banks has begin carrying out the directives from the apex bank and most Nigerians are not happy about it.

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Source: www.seniorngr.com

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