Calculate trading volumes in dollars will be no value given the volatility of the value of bitcoin but inflation is what paid people to buy bitcoin more than not to love the government.
I do not remember that there are people from Nigeria who were arrested because of crypto trading but easy for governments to freeze bank accounts.
Overall, it is good to see more adoption on the African continent.
Topic: Nigeria Became 2nd In The World For Bitcoin Trading - page 2. (Read 336 times)
have the government of Nigeria persecuted any citizen for cryptocurrency trading, I have been following up with the events from the central bank of Nigeria and the accountant general of the federation and have seen no one being arrested or in court for cryptocurrency trading in Nigeria. what the federal government was trying to do was to warn citizen about volatility and animosity of cryptocurrency.
I am not surprised to see Nigeria becomes 2nd in rank for bitcoin trading volume. It's written in the news early this year that the surge for bitcoin traders in the country has been recorded. There are a lot of people there that became engaged in bitcoin trading because the profit that they want from it is enough to sustain their needs and every expense that they have. And that's why many of them have learned how to trade and that made their government look at it as a threat.
But I am thinking if we can focus more on the recent article which is addressing the reason Central Bank of Nigeria banned cryptocurrencies in the country, from there I realized it could be as a result of high trading volume of cryptocurrencies in Nigeria.
This could be one of the reasons but I feel they were misinformed on how cryptocurrency works, remember there was a time they banned spraying of dollar at events in attempt to save the Naira against the US dollar.Quote
Nigeria emerge the second with the highest trading volume, while some people think EndSARs has triggered the reason as Bitcoin was used after banks block the bank accounts used for EndSARs funding.
No doubt the EndSARs protests did play a vital role in the high adoption of bitcoin in Nigeria, there were several people who made their first bitcoin transaction during the protest donations and we both know the government hate whatever they don't have control over.Quote
But, I still do know that Nigerian government are not hostile against Bitcoin and cryptocurrencies generally, only CBN do not show support.
Top government officials are still into cryptocurrency; the ban decision was made by few people. 
When I click on the link you provided below, this is the article title, 'Out of control and rising: why bitcoin has Nigeria’s government in a panic'. The Paxful link you posted more addressed your topic, and this is now stale because the article was released early this year. But I am thinking if we can focus more on the recent article which is addressing the reason Central Bank of Nigeria banned cryptocurrencies in the country, from there I realized it could be as a result of high trading volume of cryptocurrencies in Nigeria, especially as Nigeria emerge the second with the highest trading volume, while some people think EndSARs has triggered the reason as Bitcoin was used after banks block the bank accounts used for EndSARs funding. But, I still do know that Nigerian government are not hostile against Bitcoin and cryptocurrencies generally, only CBN do not show support.
Is no longer news that cryptocurrency is banned in Nigeria and there is a serious penalty for anyone caught in crypto or linked to crypto transactions. The ban led to many bank accounts being frozen, many arrested and persecuted but that only motivated Nigerians because they believe whatever the government is against is the real deal, the love for Bitcoin in Nigeria is beyond imagination. According to the bitcoin trading platform Paxful, Nigeria is now second only to the US for bitcoin trading. The dollar volume of crypto received by users in Nigeria in May was $2.4bn, up from $684m last December, according to blockchain research firm Chainalysis
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