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NIGERIANS FLOUT BAN ON USING CRYPTOCURRENCIES

 


Over the last year, the Nigerian central bank opted to issue a ban on crypto transactions. However, this does not stop citizens from continuing to trade cryptocurrencies.


Ban on crypto transactions

The reason for the ban by the Central Bank of Nigeria was that the economy and all investors should be protected. Many crypto investors assumed that this ban would have a negative impact on the market. But a year later it has become clear that the Nigerians will not be impressed by a ban. Peer to peer trading has grown by a whopping 16% .



Taking a look at the crypto platforms Paxful and Localbitcoin, Nigeria is presented as the most invested country in the African region. With a transaction volume of over 400 million dollars, the country is at the top. Far behind is Kenya with a trading volume of 160 million dollars.


P2P crypto platforms popular in Africa


A big problem in Africa is getting money from a bank. The reason for this is the lack of ATMs. Therefore, many Africans prefer to trade directly with each other without a third party (banks) being involved. Bitcoin and Co as digital currencies have found many buyers in Africa. Reasons for the popularity of cryptocurrencies are the increased inflation rates that prevail in the continent due to the corona virus. In Nigeria alone, despite the ban, the use of cryptocurrencies has increased by 20%. With this increase, the country can even overtake the United States.


Nigeria responds with central bank digital currency

The government quickly noticed the disregard for the ban on cryptocurrencies. To remain in control, the government turned to the Central Bank Digital Currency (CBDC) project. The e-Naira project was launched in October last year. With the digital currency, the government is now again regulating the ban on cryptocurrencies. According to authorities, the e-Naira wallet was used more than 500,000 times within the first three weeks of its introduction.


Conclusion on violating the ban on cryptocurrencies


The example of Nigeria shows that even bans imposed by the government cannot hinder the striving for financial freedom of the citizens. Nevertheless, the government found a way to enrich itself. With the introduction of the digital central bank currency, regulations were created that gave the government both control over the financial system and lucrative income from transaction fees.

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