Nigerian BTC Peer-to-Peer Volumes Nearly $400M in H1 of 2022 — Significant Growth in Kenya and Ghana Volumes
Nigeria’s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful’s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange’s second-largest African market, and fifth overall. Financial Exclusion Driving P2P Bitcoin Traded Volumes According to the latest data from the peer-to-peer crypto exchange platform Paxful, Nigeria’s bitcoin traded volumes in the first half of 2022 nearly topped $400 million. When combined with the $760 million in trade volumes which were seen in 2021, it means the West African nation is now the crypto exchange’s biggest market globally. Nigeria’s growing volume of bitcoin traded via the peer-to-peer (P2P) exchange comes at a time when regulators are clamping down on financial institutions that are violating the Central Bank of Nigeria (CBN)’s February 5, 2021 directive . The directive bars banks and other regula