Topic: Nigerian volumes of crypto transactions are becoming increasing (Read 377 times)

I can’t really remember when this current administration talk say crypto Dey illegal for dis country, Wetin I know say the administration Dey fight na p2p service because dem Dey reason say dem Dey use am manipulate dollar to naira rate, so if you check most exchanges, na just their p2p service dem close, but trading and other things still Dey go well, if to say na crypto dem wan ban, then all those exchanges no go work for dis country again, if we wan use am, maybe ma VPN we go Dey use be that.

And I no go lie plenty youths now na crypto dem Dey use hold body as job no really Dey dis country, even some youth wey we think say na fraud dem Dey do, make I no lie na crypto some of them Dey do. So even if government ban crypto, Dey no fit stop people from making use of crypto, because we go find way access exchange.

We can't leave the government out of this because they're the ones to legalize it and not you and I. We can only keep grabbing our share of the crypto goodies, but we can't internalize it in our environment unless the government consents it, else little or no average person would accept it in exchange for their goods and services.

A whole lot of service providers would love to accept crypto as a means of payment, but the government would be very resistant tho grant them license, so when it wouldn't be legalized, then it would not be commercialized and we're are left with trading activities only.

The government are greedy, wanting to reap where they did not sow instead of creating an enabling environment for crypto enabled activities to thrive in the country. We all can bear witness with the number of exchange discontinuing services with Nigerians, what a shame

I don't see crypto being legalized in this country any time soon, at least not in the next three years, but I see more people embracing it and investing in profitable ones like Bitcoin.

I guess a bad economy would definitely teach you something. It's either to be innovative and hardworking or to be tired and blame the government for all your problems. In the past, most countries involved in Bitcoin was due to the rise in inflation and bad economy. From Argentina, Zimbabwe, and so on. So, it's good we're coming up on all these tech and stuff

About Bitcoin becoming legal in the next 3 years, I continue to wonder, if Bitcoin was made to be decentralized and was never illegal, why are we still hoping it'll be legal in Nigeria? No one stopped you from buying and selling Bitcoin yeah? I get that the government rules concerning Bitcoin are sometimes limiting and a hindrance, but Bitcoin would continue to be alternative money, digital gold, and so on. What should be your hope in the next 3 years and going should be that Bitcoin doesn't become illegal in our country, not it becoming legal.

Abobi, this statement is not right, crypto transactions in Nig is not illegal, so don't get it twisted because that will mislead others About the status of cryptocurrency in Nig, as you know the government is against p2p exchange and their main concern is the influence of crypto trading on the Naira value, even as cryptocurrency trading was not the cause of the currency crisis in the country.
Lastly Nig have being topping on the list of countries that have high volume in cryptocurrency trading for Age's so this not not a new thin, and as a matter record, because of the recent exit of some prominent excahges from Nig currency market like p2p on binance and kucoin, this will indeed reduce the rate and volume of trading eventually,, this data may be the lowest percentage that that Nig volume of cryptocurrency trade's have recorded in a long time now.

Crypto is the one of the best(if not the best already), ways people survive in this country as of today, and what do you expect when the government care less about the well being of the masses? They turn to whatever makes them independent of the government oppression, and that is crypto being at the beck and call of the citizens owing to its overly non-dependence on the government.

As against what the former president said, The youths are not lazy, but want a career or job with good sense of involvement and security, and crypto involvements made a lot of youths their own boss. We can see how hardworking the youths are on the crypto space.

This is just the beginning, in time to come people especially youths would be so engrossed into crypto that there would be little workforce available in the labour market and the manpower would dwindle significantly that the government wouldn't have any other option  than to consider remote jobs in civil service. Crypto is the people's savior and it has come to stay. We anticipate more adoption in the coming months.

There's no way you can be discussing this especially a financial issue that has got such huge volume involved and wand to sidelines the government, they may not be fully involved in it but somehow they have got a really huge role to play in this whole thing as the volume of transactions isn't such that can or would be ignored just like that and allowed to flow without the inference of the government at some point and beyond now, in the future, it's expected the volume grows far beyond this , mores reasons the government will get involved.

Normally we dey pry say may crypto become something wey our government go see as legit and allow us make we dey run am freely, w go make sense well and even oda African counties sef go follow once dey c say Naija don dey run am legit full time.based on say na we dey on top for the mater for rhe whole Africa.

With the country's current situation and the reality that Bitcoin is real ,alot of persons are now aware of it ,and the government policies has made mainly the youths see Bitcoin as the best and their saviour in these hard time. High rate of Unemployment, inflation and the financial economic challenge has left many persons depressed which has made people look out for another alternative source of livelihood and found Bitcoin .

Since the introduction of Bitcoin in Nigeria is has continued to grow up in ladder and that's why we see this statistics today. And like you mentioned, throughout these period of time, bitcoin was not declared illegal however the past governments failed to implement long lasting realistic regulations to guide the activities of the digital currencies. I think that's because most government at a time were skeptical about the growth of Bitcoin and how it's likely to disrupt the centralized system controlled by the government itself.

That chart further shows the level of inclination that Nigerians have over the adoption of Bitcoin and the community have been growing rapidly lately. What I think the government is still yet to do is to take the full responsibility of regulation of Bitcoin and other cryptocurrencies in Nigeria hence the reason why we faced the loggerhead between the government and P2P exchange platforms in the country.

i like hearing news on this, because there is always an increasing bitcoin adoption in Nigeria and the more we keep on having this, the higher the expectations on the numbers of users making a daily transaction with the use of bitcoin for their own purpose, it will soon get to a stage whereby most people will be so dependent on the use of bitcoin for making their daily payment on commodities and whether the government support for it adoption as a legal tender or not, we will always recognized the importance of using bitcoin in making our daily transactions because its an entire different thing from the use use of centralized currency which is fiat.

It’s evidently the case when you try to place an embargo on some activities, especially one that isn’t a crime and by some means, offers a means to earn a livelihood. What you actually do is create room for enquiry and it even pushes people to seek means of doing it safe. That’s the case with Bitcoin and how it’s always been known to use all the negativity about it for its forwardness.

Nigerians are such stubborn people and you can admire our desire to succeed even by a government and in an economy that seems to bury every move by the citizens towards any financial stability. Am not surprised at the adoption in Nigeria, its just how we leave in this part of the world.

About 2 months backs, the minister of information posted something about some illegal crypto machines that were been seized by the Nigerian customs and when I check, I was embarrassed and disappointed by the news that I saw, it was actually hardware wallet seize by the customs which many people bought from outside the country probably for cold storage and this government had the audacity to shame theirself on the internet calling that crypto machine, such an illeterate group.

I never even knew we have minister of youths in this country until I saw a baseless comment from him about the protest that was planned next month and from the way she spoke, you will,understand that she was paid well to act her role, instead of staying truthful and align with the youth, she is employed to do their bid and get paid. Sometimes, I feel lost in this country.

Bad to see that our ruling government are locals, who do not understand anything about cryptocurrency or Bitcoin but claim to understand what they don't actually know. Nigerians are getting digitally skilled with Bitcoin and Cryptocurrencies not left out, the statistics says it and I believe is a welcome development that is worth embracing. Even the government cannot end the adoption of Bitcoin/cryptocurrencies, we Nigerians always get a good turn round the corner, the earlier the government accepts and supports the better we can achieve a lot together.

A lot of people don't realize this but Nigeria is going to be one of the largest crypto countries. This would happen even though the federal government is unwilling to roll with crypto and chose to stand against it as they gave done in the past. In spite of the government's best effort to stop crypto, it's interesting to see that we still rank up nicely in the list of top countries according to crypto volume. Crypto is here to stay and the slow economy + inflation will drive people further into crypto.

Alternatives on how to survive in the kind of economy we face is nothing more than investments that would bring easy and quick profit, but I fear that Bitcoin and cryptocurrencies these days is used majorly as an asset for investment that would be profitable in the long run rather than a short term investment with easy profit, and unless one considers trading cryptocurrency as a professional trader with great focus and financial input.
Else, crypto currency would have to be regulated for it to be used openly in this our country, mostly when the source of income is questionable and unclear .

Am not surprised about how Nigerians have adopted cryptocurrencies and are doing great in it. If there has not been any government regulation, i believe that the number of transactions would have been way higher than what it is today. Due to the ban on p2p transactions, some persons had to shift into stock trading while few remain in the crypto space but limit the way they go into trading and investment. However, things have begun to fall back into place.

The government has really held us on our balls. I can imagine what you are saying and how so many Nigerians will agree with this. It's painful because we don't see any good things for the countries anymore. Like there is no hope that things will change. Let me tell you that i still believe that the legalization of cryptocurrency in Nigeria is still possible. If it is not done by passion by the government, their greed can still make them legalize it. No doubt that most of the things that the government has implemented was because they have a share in it just like the agreement, they made with Kucoin to be taken task from all traders.

Nigeria have always competed with big economies in terms of Bitcoin holding and no Africa country come close. For there to even be increase in Bitcoin penetration and inflow to Nigeria despite the actions of our government against crypto users and exchanges, shows that many Nigerians have seen that Bitcoin is indeed the future ad a reliable asset that can guarantee a better future. Truth be told, Bitcoin have made many millionaires in Naira and this is one thing we cannot take away from Nigerians so I believe more people will join the train because as there is no job, people are desperate for alternatives on how to survive.

True talk senior man... Since wey I enter this cryptocurrency industry, na on the rise Nigerian population don dey for cryptocurrency related matters. Also, as you talk, our population large wella, so our number suppose plenty. Besides, everything wey Nigerians commot mind wan do, dem go do am to the later.

For this we country, even if you dey do better or legal thing, you still need to dey careful for nothing make government no use you shine. The country porous

For this crypto trading volume matters, whenever we dey discuss am make we no forget say Nigerians are over 200million people based on the last census so anything volume we suppose dey dey among the top users as crypto na one thing wey plenty of us dey do for this side. Since I got into crypto, the numbers has always been increasing or better than other countries especially those with unfriendly environment as Nigeria is to crypto. Crypto fit no dey illegal for Nigeria but from the way the government and force man behave when it comes to crypto, you suppose know say you need dey careful to avoid "had I known".


We don't have a governments that can make that possible anytime soon but anything wey make Nigeria fully adopt Bitcoin or crypto, e go favour everybody including the government because dem go attract business with interest in crypto and this their taxing fit dey go meet them instead of always taxing the citizens.

Since this chart is about trading crypto I can accept that Nigerians are at the forefront of crypto transactions because normally make we tell ourselves the truth, no be every body get the mind to dey buy and hodl cryptocurrency even though Bitcoin sef because almost every body for the country believes in sharp sharp deal wey you go just see your profits for eye because wetin dey make us focus more on trading be say you fit even spend years to they hold one or two coin but las las you fit still loss then you go come calculate the time wey it take you to build that investment but at last e come crash so we dey dey more interested in something wey we go dey see our profits and losses as e dey hot.
           There was never a time cryptocurrency was illegal in Nigeria even though say news been once carry am say Nigerian government ban cryptocurrency but the thing wey dem focus more na exchanges since dem been feel say na the p2p platform wey dey for exchanges naim dem dey take manipulate the naira to depreciate but all those things na just to shift people eyes comot from the real causes of the naira devaluation. Even when government ban cryptocurrency na mostly banks wey the thing affected much but crypto enthusiasts within the country were still very much into cryptocurrency that is why when the news comes out say dem don lift the ban last year people no too tske am seriously again based on say dem dey already perform crypto transactions for long.

Normally crypto still Dey legal for Naija, if to say E Dey illegal we no go fit reach this stage wey we don reach with am today, although our government still Dey complain about it because of things wey no Dey settle for Naija and no be crypto fault because if the government sabi him work Naija no fit be like this, every day people wey Dey get involve in crypto Dey increase because na another way wey be say many of Nigeria youths Dey chop be that, even our government too Dey do crypto and they can’t deny it because them too get dollars for their wallet that them Dey save.

I’m not surprised that Nigeria has the highest population of people wey Dey do crypto because na country wey Dey hungry and them no get hope go get high population for crypto, normally crypto na better thing but we all believe that if work Dey Naija you think say people go plenty for crypto like this, I believe some people no go even know what is crypto because they will be satisfied with the work wey the government give them but here today more thousands of youths Dey street without no work and we Dey expect say make we no plenty for crypto, na lie we must do crypto to survive.