- Foreign remittances into Nigeria would reach $20.9 billion worth of Bitcoins by 2022.
- During the year, the Bitcoin business in Nigeria was experiencing rapid growth.
- Crypto traders in Nigeria use P2P exchanges to buy and sell Bitcoin and other cryptocurrencies.
It is projected that foreign remittances into Nigeria would reach $20.9 billion worth of Bitcoins by the end of 2022. This is a significant increase from the $19.5 billion in remittance inflow that was reported in 2021. This is also an increase of 7.5% in comparison to the previous year.
The report, “Remittances Brave Global Headwinds Special Focus: Climate Migration” was conducted by the world bank. It also notes that remittance flows to Africa in 2021 registered a strong 16.4 percent increase to reach $50 billion. This exceeds expectations in the May 2022 Migration and Development Brief (World Bank/KNOMAD 2021a).
The money transfers arrived at a time when the bitcoin business in Nigeria was experiencing rapid growth. Nigeria has been heralded as the Bitcoin trading hub of the globe by a variety of respected sources.
There was a period of time when, according to BBC News’s reporting, more bitcoin was traded in Nigeria than in any other nation. Furthermore, a 2020 online survey by the statistics aggregator Statista found that 32% of Nigerian respondents have used bitcoin.
This is also amid the Central Bank of Nigeria`s approval of legislation prohibiting banks in Nigeria from engaging in crypto-related operations the previous year. This complicated the buying and selling of cryptocurrencies such as Bitcoin, Ethereum, and Tether (USDT).
For instance, using a debit or credit card to acquire or sell Bitcoin was prohibited. Today, crypto traders in Nigeria use P2P exchanges to buy and sell Bitcoin and other cryptocurrencies.
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