Nigeria is unarguably the largest cryptocurrency market in Africa, with millions of the country’s young citizens trying to leverage their power to solve their financial problems. Despite the recent cryptocurrency ban placed by the Central Bank of Nigeria that had threatened to reduce the size of the crypto market, Nigerians continue to remain bullish and have traded $1.5 billion on Paxful.
At the backdrop, the Central Bank said its okay with cryptocurrency and is not discouraging people from trading. The prohibition is only applicable to banks and financial institutions. In other words, crypto exchanges that previously allowed users to deposit or withdraw their funds directly from their bank accounts can no longer do so.
However, when the ban went into effect, cryptocurrency traders in Nigeria had to devise a means to continue trading without the interference of the banks via crypto exchanges. Peer-to-Peer (P2P) trading became the order of the day and Paxful, a global P2P cryptocurrency trading platform became one of the most used platform in the country. This made Nigeria emerged as the biggest Peer-to-Peer market for Paxful.
Amid the Nigeria victory, Paxful revealed that it has seen an impressive trading volumes from other countries like Kenya, China, India and United States of America.