Africa sets a new All-Time high Record of N5.076 Billion Naira in peer-to-peer Bitcoin trades across 18 African countries with Nigeria covering over N3.631 Billion Naira.
From the data provided by crypto data analytics site, Useful Tulips, Bitcoin traders in Africa covering across 18 Africa countries exchanged the equivalent of more than N5.076 billion naira across P2P platforms, such as LocalBitcoins and Paxful.
The new volume record of about $3 million surpass the previous record of $10 million and the regional P2P scene in Latin America.
Latin America Bitcoin trades was at over N4.295 billion naira~$11 million at press time while Africa recorded over N5.076 billion.
Nigeria saw a significant growth among other African countries recording over N3.631 billion naira~$9.3 million in weekly trading volume, that’s 400 percent more than South Africa, Nigeria’s closest competitor in Bitcoin trading across Africa.
The significant growth in Bitcoin trading in Nigeria can be attributed to the increase in inflation rate on month-on-month basis. The inflation rate in Nigeria has increase 12.3% in 2020.
Volumes on peer-to-peer exchanges is still the highest in Africa though some centralized exchanges like binance has a volume of over N900,000,000 naira in Bitcoin to Naira market at press time.