It was back in February 2021, when the Central Bank of Nigeria (CBN) had surprised the entire cryptocurrency community in the country. After four years, the Central Bank of Nigeria reinstated a law that was passed and signed by the president of CBN back in 2017. The law signed by the CBN President banned the dealing of cryptocurrencies in the country in any way.
The banks and any other payment/financial service companies in the country were not authorized to deal in cryptocurrencies.
However, the cryptocurrency industry in Nigeria is still making a lot of progress and development. The data shows that the cryptocurrency user base in Nigeria is at an all-time high. This means that the Central Bank of Nigeria can no longer change the mind of people in Nigeria who are now used to cryptocurrencies.
The data around the Bitcoin peer-to-peer (p2p) trades is showing that the trade volume has been experiencing a high trend. The data shows that it is the second week in a row when the adoption and trades for Bitcoin are at a record high figure in the country.
Google Trends has also gone ahead with providing details around the trends currently being observed in Nigeria in terms of crypto-adoption. The trends show that despite the ban in Nigeria, the search rate for Bitcoin and its services on the Google search platform in Nigeria is still the highest.
This means that the people of Nigeria are more interested in the adoption of Bitcoin and altcoins. Nigeria, the largest country by population in Africa is currently running shoulder to shoulder with any country that has shown great adoption for BTC and altcoins.
As of writing, the country that still ranks number one in terms of searching for the keyword “Bitcoin” is indeed Nigeria. Even the all-out ban imposed by the Nigerian Central Bank has failed to stop the locals from taking interest in Bitcoin and altcoins.
The data shows that at present, the Nigerian crypto-market dominates Bitcoin trading when it comes to peer-to-peer (p2p) BTC trading. The data from the on-chain firms has revealed that the p2p BTC trading for the Naira (Nigerian) has been increasing significantly. The year 2021 has turned out to be the most remarkable in terms of the p2p BTC trade. At present, Nigeria is only second to the United States when it comes to BTC for peer-to-peer trading.
As a result of the contribution from the Nigerian public in Bitcoin, Sub-Saharan Africa (SSA) has successfully become a region that is currently leading the p2p volume.
The data shows that over $18.8 million in terms of weekly volume has been achieved by SSA, beating North America, whose weekly volume is $18 million for the running week.