The figures of LocalBitcoin and Paxful tell that the P2P trading of bitcoin in Nigeria has expanded by more than 15% year on year since the central bank of the country imposed a ban on cryptocurrency. There is a slight decrease in the business volume of the ongoing weekly bitcoin, maybe due to the market downturn.

Nigeria’s central bank imposed a ban on cryptocurrencies in February 2021, although it has done nothing much to reduce trade. Cryptocurrency adoption continued to rise during the year, reaching 24% – which makes it the leading country in comparison to Malaysia and Australia because of the top adoption rate.

The peer-to-peer platform allows purchasers and sellers to sell straight to one another instead of the central platform. It is generally used in those countries where cryptocurrency business is not allowed. Presently, there is more than $400 million of business because of these platforms in Nigeria.

Nigeria’s public and African countries are more interested in cryptocurrencies, as evidenced by the highest adoption rate. In Nigeria, cryptocurrency supporters are going to take the dispute to the main bank, and a lawful battle is going to start this year. In the midst of all this, the central bank of Nigeria is also charged with ‘fiscal terrorism.’

However, this is not all torment and sadness. The vice president of Nigeria has called on the central bank of the country to regulate cryptocurrency instead of imposing a ban on it. It is still to see in case, along with campaigns from pro-cryptocurrency groups, will have any kind of effect.

However, Nigeria has shown a considerable passion for the central bank digital currency (CBDC) and has designed the site for e-Naira. This seems that its basic focus is on blockchain and cryptocurrency improvement, as are other countries.

Governments want to take advantage of shared ledger technology. Basically, digitized economies and modernization are included in their planning, and they also want to restrict the effects of cryptocurrency on national currencies.

Approximately all big economies are going to experiment with CBDCs; India is recent on the list. States like China have already organized many big tests, while many others countries are in the process of proving the concept.