Bitcoin adoption in Nigeria soars as central bank blocks remittances in Naira

Peer-to-peer (BTC) volume in Nigeria continues to rise as Africa’s largest economy remains a bastion for crypto adoption. According to Quartz Africa, data from the Bitcoin P2P marketplace Paxful show the country ranks second only to the United States in trading volume.

Since 2015, Nigerians have traded over 60,200 BTC on the Paxful platform amounting to about $566 million in volume over the period. Data from Coin Dance shows trading activity for the week ending Dec. 12 at 886.3 million naira (about $2.3 million).