TechBookyBusiness
No Result
View All Result
Sunday, June 26, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Cryptocurrency

Nigerians Traded N92.25m Bitcoin On Paxful Despite The Ban

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
July 6, 2021
in Cryptocurrency
Share on FacebookShare on Twitter

Earlier this year, the Central Bank of Nigeria banned cryptocurrency operations in the country and ordered that all accounts operating on cryptocurrency be closed by commercial banks.

Despite this ban, Nigerians found a loophole in peer-to-peer transactions. Before the ban, Nigeria Traded Over $500m In Cryptocurrency and was one of the leading countries globally in terms of trading volumes.

Nigeria traded more than $500 million worth of Bitcoin between 2015 and 2020  across various cryptocurrency trading platforms and was the second-largest peer-to-peer Bitcoin market after the United States.

According to crypto exchange platform Paxful, Nigerians have traded Bitcoin volumes of over N92.25m ($225K) on Paxful from March to June 2021. The platform also mentioned that trading volumes from Nigeria from November 2020 to February 2021 were worth N73.8m.

“From March through June 2021, Paxful had a bitcoin trading volume of over $225K in Nigeria. It’s best to compare Nov 2020 to Feb 2021; they are both four months. From this date range, we have Bitcoin trading of nearly $180K”, Paxful mentioned in an email statement.

Paxful, a few months ago mentioned that Nigeria was its largest crypto market with volumes of $1.5 billion and a user base of 1.5 million. The exchange believes that the figures can still grow irrespective of the Federal Government ban.

Although cryptocurrency is banned in Nigeria, the Central Bank has announced plans to launch an indigenous digital currency before the year comes to an end. According to the CBN Governor, the reason for the ban of cryptocurrency in Nigeria was because it was fuelling money laundering and terrorism in the country. He also showed huge concerns about the volatility of cryptocurrency and how the influences of people such as Elon Musk could make or mar the market. “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”, he said.

The figures by Paxful show that irrespective of the ban, Nigerians still continue to go about cryptocurrency-related operations both on Paxful and across other various platforms.

Total
0
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Cryptocurrency Continues To Thrive With Peer-to-Peer Transactions In Nigeria Amid Ban
    Cryptocurrency Continues To Thrive With Peer-to-Peer…
  • Nigeria's SEC Puts Plans To Regulate Cryptocurrency On Hold After CBN Ban
    Nigeria's SEC Puts Plans To Regulate Cryptocurrency On Hold…
  • Despite Government Restrictions, Bitcoin Peer-to-peer Transaction Surged 25 Percent In The Last Six Months
    Despite Government Restrictions, Bitcoin Peer-to-peer…
  • Godwin Emefiele, CBN Governor Defends Ban, Says Cryptocurrency Has No Place In Nigeria
    Godwin Emefiele, CBN Governor Defends Ban, Says…
  • Nigerians Had Traded Over $500m In Cryptocurrency Before The CBN Ban
    Nigerians Had Traded Over $500m In Cryptocurrency Before The…
  • Report Shows That Africa Has The Smallest Cryptocurrency Economy Even With Its Impressive Cryptocurrency Achievements
    Report Shows That Africa Has The Smallest Cryptocurrency…
  • Former Presidential aspirant, Moghalu Says over $500m Worth Of Bitcoin In Nigeria In The Past 5 Years
    Former Presidential aspirant, Moghalu Says over $500m Worth…
  • Breaking: The Nigerian Government Has Put Its Cryptocurrency Ban On Hold
    Breaking: The Nigerian Government Has Put Its Cryptocurrency…
Tags: bitcoincrypto bancryptocurrencynigeriapaxful
Previous Post

Andy Murray’s Wimbledon NFT Sells For $178k

Next Post

Sales Volume Of NFTs Jumps To $2.5b In The First Half Of 2021

Next Post
Sales Volume Of NFTs Jumps To $2.5b In The First Half Of 2021

Sales Volume Of NFTs Jumps To $2.5b In The First Half Of 2021

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round
  • Nigeria’s Healthtracka Raises $1.5 Million In Seed Funding

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$21,247.000.53%
  • ethereumEthereum(ETH)$1,221.801.96%
  • tetherTether(USDT)$1.00-0.06%
  • usd-coinUSD Coin(USDC)$1.00-0.10%
  • binancecoinBNB(BNB)$237.571.38%
  • rippleXRP(XRP)$0.3633441.32%
  • Binance USDBinance USD(BUSD)$1.00-0.38%
  • cardanoCardano(ADA)$0.503.48%
  • SolanaSolana(SOL)$40.20-0.55%
  • dogecoinDogecoin(DOGE)$0.07372110.48%
  • polkadotPolkadot(DOT)$8.010.66%
  • Shiba InuShiba Inu(SHIB)$0.0000121.68%
  • AvalancheAvalanche(AVAX)$20.450.73%
  • matic-networkPolygon(MATIC)$0.580.43%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....