Nigeria Received $20.9B Worth of BTC Remittances in 2022

1. Foreign remittances into Nigeria would reach $20.9 billion worth of Bitcoins by 2022.
2. During the year, the Bitcoin business in Nigeria was experiencing rapid growth.
3. 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.

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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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