According to Paxful, a peer-to-peer trading platform, Nigeriaâ€™s cryptocurrency traded volumes on the platform topped $1.5 billion in the first four months of the year 2021. This figure represents almost a third of Paxfulâ€™s global total volume of $5 billion. This latest traded volume figure once again reaffirms Nigeriaâ€™s status as one of the exchangeâ€™s biggest markets globally.
As one report explains, Nigeriaâ€™s latest total traded volume figure was generated by the platformâ€™s approximately 1.5 million users. In total, Paxful had 6 million users globally by the end of April. In addition to Nigeria, the exchangeâ€™s other top four markets globally include the United States, China, India, and Kenya.
In the meantime, the report also shares Paxful CEO, Ray Youssefâ€™s thoughts on why cryptocurrency use continues to grow globally. He said:
Meanwhile, this report is the latest to show that the Central Bank of Nigeriaâ€™s Feb. 6 directive had little success in suffocating the countryâ€™s crypto industry. In April, Bitcoin.com News similarly reported that Nigeriaâ€™s peer-to-peer volumes had surged despite the CBN directive. The new data also lends credence to recent reports that Nigerians are shunning their local currency which has been losing ground against major currencies.
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