Despite the recent ban on crypto, digital currencies remain to be very popular in Nigeria.
The main reason behind the steps taken by the Nigerian regulator was to try to crack down on cryptocurrencies in the country.
However, a few months have passed and it can be seen that the efforts have not worked whatsoever.
The country remains to be a great example of how much cryptocurrencies can mean for people in struggling economies like Nigeria.
The regulatory agency of the country had made an announcement back in February that it had ordered the banks in the country to identify the people as well as entities that were conducting transactions using cryptocurrencies or running crypto exchanges and ensure that all of the accounts involved get closed.
However, the ban did not erase the interest of the population in bitcoin, rather, the crypto community finds a way out – peer-to-peer trading.
Many pieces of research done around the world indicate that the crypto volume in the country has been increasing over the past few years without signs of stopping.
One of the reports released by Chainalysis indicates that the amount of bitcoin received by users in Nigeria increased a lot both in 2020 and 2021.
In May, it was reported that the country had received $2.4 billion worth of bitcoin.
This is almost four times more compared to last December when the country had received $684 million.
While the government is trying to erase the interest with different types of regulations and restrictions, it is clear that crypto, especially bitcoin, has nowhere to go and will continue increasing its popularity in the country.
In fact, according to official data presented by bitcoin trading platform Paxful, Nigeria has become the second country with the bitcoin trading volume following the US.
The increasing popularity of bitcoin trading in Nigeria
The steps taken by the Nigerian government to combat the increasing crypto popularity had little to no impact on the local market in the country.
The popularity of bitcoin trading is increasing very fast and there are more and more people becoming part of the market every single day in the country.
Apart from economic and socio-political reasons the popularity of crypto trading is further supported by the actual benefits that the market has to offer.
One of the biggest things making crypto trading so popular in Nigeria is how easy it is to access.
As of now, there are numerous crypto exchanges that accept clients from the country.
Using the services of these crypto exchanges is very simple and it takes only a few minutes to start trading with them.
Most of them are available for traders using mobile phones, which is very comfortable.
In addition to this, crypto trading is made even easier thanks to the crypto trading robots.
There are numerous companies that have created crypto robots that help traders not only analyse the market but also trade cryptocurrencies.
Without crypto robots, traders would need to spend hours analysing the market, but thanks to them, it can take just a few minutes.
In addition, crypto robots tend to be more accurate than the analysis done by retail traders themselves.
This is so because when you are using crypto trading robots, there is no room for human errors.
This makes the information provided by crypto robots a lot more trustworthy and accurate for traders.
For example, let’s say that you are trading bitcoin, but you do not have enough time to analyse the market.
You can simply open the bitcoin bot set up with your preferred trading settings, and let it analyse the market, and open and close orders for you.
Because of this, there are many people in the market who are using robots for their positions.
As time goes and technology develops further, trading robots are also becoming more accurate, which makes crypto trading even easier for everyone.
How is the country overcoming new regulations?
The government of the country has tried to go against the crypto market as much as it could.
But the numbers indicate that crypto popularity continues to increase again.
However, the numbers displayed by research are just official numbers.
Many believe that the actual crypto flow in the largest economy of Africa is most likely a lot larger.
In fact, many experts say that many trades are untraceable by analysis in the country.
There are many reasons that make cryptocurrencies so popular in the country.
Starting from political repression to currency controls and very high inflation, the people of the country have numerous reasons to turn to cryptocurrencies for some type of relief.
Although the country has taken several steps to somehow limit the exposure to cryptocurrencies, the local population of the country still continues to somehow manage and keep up with the crypto development all around the world.
The experience of Nigeria and everything that the country’s local crypto market has been able to endure can be a great example as well as a lesson for governments around the world.
The cryptocurrency market is very important for the population of the country, and many believe that it will continue to be so. While the demand on the market continues to increase, the government is not showing any signs of lessening the regulations.
How things will develop in Nigeria remains to be uncertain.