Despite the CBN's ban, Bitcoin transactions in Nigeria are on the rise. - TrendyNewsReporters Despite the CBN's ban, Bitcoin transactions in Nigeria are on the rise. - TrendyNewsReporters
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Despite the CBN’s ban, Bitcoin transactions in Nigeria are on the rise.

by Ebor Cletus Ralph Jr

Nigerians were among the top bitcoin dealers in the last seven months, according to Paxful, a cryptocurrency trading platform.

Despite the Central Bank of Nigeria’s prohibitions on bitcoin transactions and the global drop in cryptocurrency values, this is the case.

According to Paxful, the volume of money sent by Nigerians over the network doubled from October 2021 to May 2022, according to a statement reviewed by Ripples Nigeria on Monday.

“Paxful, the leading worldwide peer-to-peer (P2P) financial platform reported that weekly transactions on the Lightning Network had surged substantially,” Paxful said in a statement.

“The volume of money sent out on Lightning in Nigeria has doubled from October 2021 to May 2022,” it continued.

Paxful further revealed that since the platform’s Lightning Network integration in September 2021, deposit volume had surged fivefold internationally.

In April, Paxful reported a 54 percent rise in deposit volume.

 

Nigeria was one of the countries with the greatest Bitcoin trade volume in the first week of May this year, according to Ray Youssef, the CEO and creator of Paxful.

 

“Nigeria was one of the countries with the greatest Bitcoin trading volume on Paxful in the first week of May, alongside the United States, Ghana, China, and Kenya,” he said. Lightning is now used by over 70 countries on Paxful.”

 

The CBN instructed commercial banks to stop interacting with and with businesses dealing in crypto assets in February 2021.

“Further to past regulatory directions on the matter, the bank today wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is banned,” the bank stated in a statement.

prelliotaglobalconcept

TV Presenter/ Content Writer

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