Despite the ban on crytocurrency in the country, Nigeria continues to lead in the peer-to-peer bitcoin trading in sub-saharan Africa, according to a data by UsefulTulips.org
UsefulTulips analyses data from LocalBitcoins and Paxful trading platforms.
Sub-Saharan Peer-to-Peer Bitcoin trading has surpassed that from North America, making the region the largest P2P market in the world.
In the last trading week, a total of $17,599,679 was traded in BTC volume from sub-Saharan Africa. For the North American region, $17,540,134 was traded in BTC volume.
Nigeria led sub-Saharan charge with $8,761,051 in BTC traded volume. Kenya and Ghana were distant second and third with $3,613,004 and $2,882,710 in traded BTC volume for the period.
The United States led the North American charge with $16,752,803 in BTC volume for the period.
In terms of monthly averages for August, North America was marginally above sub-Saharan Africa. A total of $73,529,843 has been traded in BTC volume from North America, while $73,420,672 has been traded in BTC volume from sub-Saharan Africa.
Since the Central Bank of Nigeria banned cryptocurrency in Nigeria in February, P2P trading has surged in the country.
In April 202,.global cryptocurrency trading platform, Paxful, had announced that trading volume from Nigeria had hit $1.5 billion with 1.5 million users.
Between 2015 and 2020, Nigerians traded $566 million worth of bitcoin, only behind the United Stated in the peer-to-peer bitcoin market.
According to a source in Paxful, Nigerians had traded bitcoin volumes of over $225 million between March and June 2021. The source added that only $180million was traded in BTC volume from November 2020 to February 2021.