The cryptocurrency community in Nigeria is growing rapidly despite a blanket ban on the industry by the government.
Local investors continue to trade crypto within themselves and the outside world using peer-to-peer or direct payment methods.
As a result, there’s been a rise in awareness even as transaction volume figures hit the roof.
Data from trusted research firm, Chainalysis show that the average dollar volume of cryptocurrency received by consumers in Nigeria has been on the uprise in 2020 and 2021.
Nigerians received $2.4 billion worth of crypto in May 2021 alone as compared to the $684 million in December 2020.
It earmarks the overall growth of the industry and the resilience of investors domiciled in the West African country to trade crypto regardless of the restrictions in place.
Nigeria was ranked 8th in Chainalysis 2020 report on cryptocurrency adoption around the world.