The Central Bank Allows Crypto Trading in Nigeria
Today, the Central Bank of Nigeria said that Godwin Emefiele will allow crypto trading
Against the background of the falling market and the reduced capitalisation of major cryptos, the lifting of the ban raises a number of questions. Why now? This is probably due to the inefficiency of the ban on the use of digital assets by financial institutions.
Nigerians who trade digital assets have found a way to circumvent the regulatory ban. They withdrew funds to the bank accounts of neighboring countries, traded on the P2P market.
The number of over-the-counter transactions has increased in the 85 days since the ban on banks and platforms to work with digital assets. The number of peer-to-peer transactions increased by 27%.
Nigeria also leads among other world countries in terms of trading volume and interest in Bitcoins and other crypto. That is, the volume of trade in Nigeria has not decreased, just now the state does not get any profit.
And this is in a country where 32% of the population owns Bitcoins and altcoin. Whereas in the United States, one of the largest economies in the world, only 6% of the population has digital assets.
This trend is typical for other African countries, but it is in Nigeria that crypto trading thrives the most. The authorities periodically impose a ban and then, as this week, again allow trade. Let's see how long.
The current price of cryptocurrency can be found on the Huobi exchange. It is the world's largest crypto exchange with profitable trading offers and low commissions.
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