Crypto trading thrives in Nigeria
The Central Bank of Nigeria imposed a ban on cryptocurrencies in February 2021, but it has not significantly curtailed trading. Data from LocalBitcoins and Paxful shows that peer-to-peer Bitcoin trading in Nigeria has increased by more than 15% annually since the country's central bank imposed a crypto ban. The current weekly Bitcoin trading volume is down slightly, likely due to the downturn in the market.Cryptocurrency adoption continued to increase during the year, reaching 24%. This makes Nigeria the country with the highest adoption rate, ahead of Malaysia and Australia. Instead of using exchanges, Nigerians are now paying a premium to access these digital assets, as the only legal option is P2P trading. As such, there have been several recent cases of Nigerian investors complaining about the inability to start or successfully complete transactions on the Binance platform.
Nigeria is more excited about a CBDC instead
However, Nigeria has expressed strong interest in a central bank digital currency (CBDC) and has launched the e-Naira. This seems to be the main focus in blockchain and crypto developments, similar to other countries. The eNaira was developed by fintech company Bitt, which is also behind the creation of the CBDC in some Eastern Caribbean countries, and it will complement cash in Nigeria.There are also some positive signs in the country, as Nigeria's vice president has called on the central bank to regulate cryptocurrencies rather than ban them. Whether this, along with lobbying by crypto advocates, will have any effect remains to be seen.
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