Recently, the Nigeria crypto space was met with a rude awakening when the Central Bank of the country barred financial institutions from providing their services to companies dealing in crypto-related transactions.
However, despite this high level of hostility towards Bitcoin and other crypto assets, the African country has witnessed tremendous growth in P2P trading volume.
Per a local media report, P2P trading in the country has reached new heights, with Paxful alone recording a total trading volume so far of $1.5 billion with over 1.5 million users. This makes Nigeria, arguably, the biggest crypto market in Africa.
The report noted that "Nigeria has emerged as the biggest peer-to-peer market for Paxful amid the CBN's prohibition."
UsefulTulips also released similar data recently, which corroborates the report. According to UsefulTulips, Nigerians on Paxful had carried out transactions worth $6.3 million in the last seven days and more than $77.4 million over the previous 90 days.
Paxful CEO and Co-founder Ray Youssef highlighted that the increase in P2P trading across the world is due to the inability of the traditional financial system to handle the growing financial needs of people around the world.
Globally, over $5 billion worth of transactions have been carried out using P2P platforms.