Topic: Nigerian volumes of crypto transactions are becoming increasing (Read 379 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.

It is not hinder that Nigerian are all over in the world when you talked about crypto they are key players if you talked about business they are all over, if talk about countries they are also scattered in abroad. So I wouldn't surprised seeing them increasing overly as I know they must create a great impact in the cryptocurrency industry for that I can never underestimate them because they creates more awareness to the spaces and mostly found for their creativeness.

The impressiveness based on the highily volume of crypto adoptions and transactions in Nigeria you see today is not an encouragement of the Nigeria government.
So the Nigeria you know as a country has its governance which has never supported the dominance of cryptocurrencies amongst its citizens today.

Another thing to be recognized in this Nigeria that you know is that the government has been trying to manipulate the minds of the people against crypto adoptions and also been distabilizing the centralized exchanges which has been convenience platforms for the citizens to trade their coins by asking the exchanges to delist the naira from its P2P feature but yet, the Nigerians you know remains focus and courageous not to be distracted with their goals on the crytop currency especially Bitcoin being a most reputable crypto coin which has gained a most global dominance.
So if you want to give a remarkable applaud, it should be a recognition to the citizens as the Nigerians and not the government of Nigeria.


The future is uncertain but courageously we all hope for better days ahead. It is usually the government as an authority to decide on crypto centralized utilizations such as adoption for legal tender which means even the government sectors would accept it for an exchange of payments or varies of exchanges.

But though at now, cryptocurrency has never been an illegal currency aside the bridge of the government sectors not accepting it.

I can only tell that the volume of adoption would increase comparing to todays.

Cryptocurrency is not illegal in Nigeria, if it so, I doubt that we will be among the top crypto users in the world today and the adoption would not have increased to this level in the country. It is only that our government has not been supportive of it by allowing banks not facilitate cryptocurrency transactions and the recent issues with exchanges where we can not also carry out naira p2p transactions. I hope that our government will see the benefits of cryptocurrency as a job creation in the country and remove every restrictions so that Nigerians in the crypto industry in the country will be happy.

I'm not surprised that our volume of cryptocurrency transactions is increasing compared to many other countries, the harsh economic situation in the country is making people to seek for alternative sources of income. I believe that the number of Nigerians that will join crypto businesses will still be increasing because the economy is not getting better and the youths needs to engage in money making ventures.

first Bitcoin wasn't illegal just that the government See's Bitcoin as an asset that generate money through mining, so before 3years coming in this Nigeria I believe all the youths will go into Bitcoin. Because right now as you can see Nigeria is the one of the most highest population that are trading and working most, we all know that the united state are the one's in charge but I believe before 3years coming Nigeria will take over.

Nigeria is a center of trade, not just crypto transactions, but anything that has to do with social network Nigeria must top, the high rate of unemployment has made the youths to divert into many social media trades just be to okey, and crypto is one of the area naija youths dey really reply on, so dem dey always trade and buy,  couple with the population advantage,  naija is over populated, and a good venture for business. So I'm not surprised

Crypto and crypto transactions dey legal for Nigeria na, e no get when our government declare say crypto dey illegal. I know say them dey attack crypto and crypto users and dem never really publish regulatory framework wey dey clear, but crypto still dey legal. If you dey talk about legal tender status, then that one na another thing, and i don't think bitcoin will ever be a legal tender in Nigeria, and not just in Naija, but in most countries.

Nigeria is certainly the power house of commercial strength and the best part is that it's the youth of the nation that's fully involved in this. Nigeria are all about crypto and other high tech innovation because of the massive benefits and aid it gives us looking at how frustrating the government of our nation tries limit this but yet the business boom keep striving thanks to the internet and incredible sense of evolving ourselves to the situation around us.

I don’t think your argument if factual enough to justify why isn’t not right to say bitcoin is illegal in the country because having a physical shop where people trade bitcoin and cryptocurrencies doesn’t mean bitcoin is legal after all don’t we have physical stores where smoke accessories are sold ?

Bitcoin might not have been directly illegal in the country but meh the actions on it made it seem bitcoin was illegal and I don’t know for you but at some point, i felt extremely unsafe to let a security personnel I was a bitcoiner because it seems as at then that, bitcoin was associated with fraud.

@op, Nigeria is already a crypto hike and if you do a more deeper research you’ve find that, we’re one of the highest cryptocurrency adopters and that alone should speak volume for itself that Nigerians are seeking freedom through bitcoin and soon the government will have no choice but dance to the tune of accepting bitcoin obviously.

One thing you must put in mind is we cannot do away with the government in terms of cryptocurrency legalization so saying let's forget about the government means we can do without governmental play in the country which is never possible so put all things together even in the next 5 years to 10 years I don't see bitcoin or crypto generally being legalized.

For the record , Nigeria is not just a high capacity country it's a multinational state that gives it's the edge of performing higher than other countries around Africa but we are being suppressed with leadership and bringing the output of the crypto including the technological capacity down. With the revolution that is amid to strike soon temporary changes might apply.

Additionally, the increase in adoption of cryptocurrency is triggered by the demand of working internationally or as freelancers which payment is more easier to take in cryptocurrencies than in another payment method you can agree with me on that.

One of the pointer to which Nigeria has a high volume of Cryptocurrency transaction is the fact that, we have high numerical strength in terms of population. I think about 50% of the over 200 million persons in Nigeria are the youthful population which are highly into tech and other creative innovations, so seeing this percentage increase is not really surprising to me, though is a welcome development, as it's shows that we are competing at the global stage as a people.

Going by the link you shared about the Nigerian Government on restriction of cryptocurrency activities, I think it was an old story that had some restrictions on transactions on cryptocurrency which so far this current CBN Governor has been able to lift those suspensions, however cryptocurrency and it's activities was never at a time illegal in Nigeria.

crypto transaction has never been illegal in Nigeria and till date, it's still not illegal in Nigeria. What's the case is that banks don't accept cryptocurrency but outside of that, we have offices that are scattered around different states of the federation where people openly take courses on crypto and they never get arrested for doing so.

As for the growth of crypto in Nigeria, what you should know is that the more deficult it is to get local jobs in the country, the more people will tilt to other sources for thier livelihood and crypto will continue to gain momentum due to this. An average person that wouldn't have come into the crypto space is now an active crypto enthusiast because the benefit in it far surpasses what you get from working for our government. A large percentage of youths are in the digital sector and now find it more rewarding to work from home as opposed to working under our hot climatic condition and in a bid to work from home, crypto still plays a very vital role here. We can continue to list hundreds of reasons why we have a lot of active crypto users in Nigeria and why in the coming years, the numbers will even increase. As we increase in our numbers, the numbers of those carrying out crypto transaction in Nigeria also increases and possibly, we might become one of the strongest Bitcoin adoptors globally.

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

Well guys this insight made me to do more findings on this, when I saw this on net it got me because the Nigerians that I no are now trying everything in there powers to be part of the crypto space.

Some research I did on this "Nigerian volum of crypto  transaction grew by nine per cent  year over years to $56.7bn as for 2023 this was said by the chainanalysis a United states of America based on international blockchain analyst firms.
So guy does this in the next 3years Nigerian will become a place wey crypto transactions will be legal?? Let forget about the government part on this.....what do you think