Dec 18, · Nigeria becomes the 2nd Biggest Bitcoin Market Globally December 18, Grace Chukwuma Bitcoin, Nigeria In the previous five years, Nigeria has marketed 60, Bitcoin, rated at over $ million which, asides the US, is the biggest amount worldwide on Paxful, a prominent peer-to-peer Bitcoin marketplace. NairaEx is a leading Nigerian Bitcoin exchange where you can buy and sell Bitcoin, Litecoin, Nigeria's Premier Bitcoin Exchange Nigeria's Premier Bitcoin Exchange Instant Trading: Real-time & Automated Payments. Premium Market Rates. Bitcoin rates do constantly fluctuate but at NairaEX the exchange rate is set at the time of transaction. Dec 18, · In the last five years, Nigeria has traded 60, bitcoins, valued at more than $ million which, apart from the US, is the largest volume worldwide on .
Nigeria bitcoin marketNigeria is now the world’s second-biggest bitcoin market after the US
During the police brutality protests in Nigeria in October, bitcoin saved the day when the government shut out protesters from using local payment platforms for collecting donations to support it. It was just one high-profile example of how young Nigerians increasingly use bitcoin to navigate a complicated and restrictive banking and monetary system.
Read more: Nigeria is No. Email Address:. All Rights Reserved. Peer-to-peer P2P exchanges, which are decentralized platforms that directly connects buyers and sellers without third parties are the most popular way to buy bitcoin in Africa because users do not have to worry about cryptocurrency regulation by the government. The company says Nigerians make up around a quarter of its customer base with 1.
The growing uncertainty and instability around the Nigerian naira, which has had increasingly divergent official and parallel exchange rates with the US dollar, has created an opportunity and practical use case for bitcoin trade in Nigeria. In the last couple of years, other African countries, most prominently Zimbabwe, have seen a spike in cryptocurrency trade led by bitcoin, due to currency fluctuations and uncertain monetary policy.
In some cases limits to the trade has been prompted by a lack of reliable local platforms. Nigerians are often restricted on international platforms such as PayPal, which does not allow payment to Nigeria, and local banks place a cap on international transactions and charge high fees for transactions due to dollar deficiency.
If you block the exchange it moves to Peer-to-peer platforms that are non-custodial. The increased awareness and availability of easy-to-use bitcoin platforms to Nigerians have largely increased bitcoin liquidity in the country, therefore solving the first problem hindering adoption. Nigerians now have several formal and semiformal bitcoin platforms to use, ranging from international platforms including Paxful, Binance, and Luno, and local ones such as Quidax, Busha, and BuyCoins.
However, long-term watchers say most trading in the country is done on informal channels such as Telegram, WhatsApp, and WeChat. I think this shift was inevitable, and it is not a temporary pandemic boost.