Nigeria: crypto trade flourishes in Nigeria despite restrictions – Expert
Financial expert Rume Ophi said cryptocurrency trading continued to thrive in Nigeria despite restrictions imposed by the government.
According to him, failing government institutions, growing uncertainty and instability around the Naira, which has had increasingly divergent official and parallel exchange rates with the US dollar, among other factors that have contributed to rapid growth. of cryptocurrency in Nigeria and Africa, as a whole.
He spoke at a seminar on financial and monetary issues organized by the God’s Kingdom Society (Church of the Living God), Lagos Island branch, Lagos.
Ophi, who spoke about the opportunities of cryptocurrency as an investment alternative, explained that some of the best performing countries in the world when it comes to cryptocurrency are failed states where the young population is looking for opportunities. viable economic alternatives offered by cryptocurrency.
“You will find that aside from the United States, countries like Peru, India, Indonesia and Nigeria are among the countries with the highest increase in crypto wallet creation based on the data. from Blockchain.com, which has more than 52 million wallets created by users around the world. Nigeria has been the trending country in recent months, with a 60% increase since April.
Citing data from Statista.com, he noted that in the past five years Nigeria has traded 60,215 bitcoins, valued at over $ 566 million, which apart from the United States is the most big volume worldwide on Paxful, a peer-to-peer leader. bitcoin market.
He added that growth has continued unabated despite the restriction on crypto trading with financial institutions by the Central Bank of Nigeria.
“With the restrictions of CBN, more and more people are trading through P2P2 platforms. be concerned about government regulation of cryptocurrency, ”he added.
Other experts who spoke at the seminar included Goodwill Iyamu, a retired investment banker and trader, and also a member of the Financial Market Dealers Association who spoke in general about the basic principles that guide market leaders. investment choice; and banking expert, Chidinma Omonua, who spoke about basic banking.
Speaking at the end of the seminar, GKS Youth Fellowship President Precious Ejinake said the seminar aimed to better educate people about finance and investing, the different investment opportunities in Nigeria, and also to encourage them to focus on saving for the Rainy Day.