Nigeria is by far the leading country when it comes to bitcoin peer to peer trades on the continent. In June 2021, Nigeria recorded $38 million worth of bitcoin trades up from $34.9 million in May 2021.
Globally, the value of crypto has declined following crack-downs by authorities in China, and other top countries. Locally, the authorities in Nigeria, including the Central bank have adopted a hostile posture toward crypto.
In March 2021, the Central Bank was forced to refute that it had banned trading cryptocurrencies, clarifying instead that only financial institutions were barred from handling them.
Nigerians have used cryptocurrencies to support the SARS protests that occurred in 2020, sidestepping government attempts to block donations made to the organizers of the protest. Nigerians are also using cryptocurrencies during the import of goods into the country, given the tight capital controls there.
Across the continent, Kenya has retained 2nd spot as the most active peer-to-peer bitcoin market, with trading volumes for the month of June at $13.4 million. This was a drop from $16.5 million in May 2021.
Ghana now stands as the 3rd largest peer-to-peer market on the continent, with monthly trading volumes of $11.2 million, greater than South Africa’s $7.7 million.
Interestingly, the Central African Republic, which had volumes below $50,000 in June 2019, has since surged, and is now the 5th largest market in Africa, with trades worth $1.85 million.