Would you like to receive notifications on latest updates of the following headlines?

Crypto: Peer-to-Peer Trading is Worth $500bn in Nigeria – Cryptocurrency expert

POSTED ON May 4, 2024 •   Business      BY Abiodun Saheed Omodara •   VIEWS 159
NoOnes CEO, Ray Youssef l credit: @TechpointAfrica l Source: X

Ray Youssef, the Chief Executive Officer of NoOnes, a prominent cryptocurrency platform in Nigeria, recently disclosed in an interview with Techpoint Africa that peer-to-peer (P2P) transactions are estimated to be a $500 billion business in Nigeria alone.

This revelation comes at a time when the country is considering a ban on cryptocurrency.

Youssef emphasized that the official cryptocurrency volume in Nigeria is reported to be $59 billion annually. 

Still, he believes that the actual volume is significantly higher, potentially ten times more, due to the extensive P2P transactions that are not officially recorded.

Youssef noted that most peer-to-peer transactions occur outside of platforms like Binance or NoOnes, taking place on WhatsApp, Telegram, in coffee shops, and on the streets.

He suggested that a significant portion of the $60 billion passing through centralized exchanges may be peer-to-peer volume being disguised. 

He emphasized the resourcefulness of Nigerians in finding alternative uses for platforms not initially intended for such purposes.

It's worth noting that in February 2021, the Central Bank of Nigeria instructed banks and financial institutions to close accounts associated with cryptocurrency transactions.

The ban on cryptocurrency services was lifted by President Bola Tinubu's administration, allowing all banks and OFIs to conduct such services under the guidelines for regulating virtual assets service providers.

Following the ban, the CBN discovered that crypto traders were manipulating the naira through peer-to-peer trading using a pump-and-dump strategy.

In February 2024, the Central Bank Governor, Olayemi Cardoso, stated that Binance processed $26 billion in untraceable transactions, leading to a crackdown on the global exchange and the freezing of over 1,000 bank accounts involved in peer-to-peer transactions.

Despite this, many Nigerians, particularly P2P traders, are expressing dissatisfaction with the Federal Government's decision, arguing that cryptocurrency is legal and should not be blamed for the weakening of the naira.

RECOMMENDED FOR YOU
IMF pledges support for Tinubu's reforms
BY Abiodun Saheed Omodara November 21, 2024 0

The President of the International Monetary Fund (IMF), Kristalina Georgieva has expressed strong ba...

RECOMMENDED FOR YOU
Amazon Shares Show Resilience Amid Market Fluctuations
BY Suleiman Kelvin Jimoh November 21, 2024 0

Amazon.com Inc (AMZN) has demonstrated a remarkable rebound in the stock market, showing a year-to-d...

RECOMMENDED FOR YOU
Gombe gov presents N320bn 2025 budget to assembly
BY Abiodun Saheed Omodara November 20, 2024 0

Gombe State Governor, Muhammadu Yahaya, presented a proposed budget of N320.11 billion for the 2025...

RECOMMENDED FOR YOU
NNPCL: Coalition group vows protest, says 1.6bn litres PMS will cripple economy
BY Benedicta Bassey November 20, 2024 0

NIGERIA—Following the decision by the Nigeria National Petroleum Company Limited (NNPCL), to i...

RECOMMENDED FOR YOU
FG reviews housing budget to N500bn for 2025
BY Benedicta Bassey November 19, 2024 0

NIGERIA —The Federal Government on Tuesday said it is reviewing it's annual housing budget to...

RECOMMENDED FOR YOU
Naira appreciates, hit N1,735/$ in parallel market
BY Benedicta Bassey November 19, 2024 0

The Naira appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weeken...

RECOMMENDED FOR YOU
Tinubu, India PM sign pacts to foster collaboration in defence, economy
BY Benedicta Bassey November 18, 2024 0

NIGERIA — Nigeria and India have entered into partnership to foster collaboration in  def...

RECOMMENDED FOR YOU
UK regular pay growth slows, offering Bank of England hope for easing inflation pressures
BY ROCKETPARROT.com staff November 12, 2024 0

LONDON, Nov. 12 – British wage growth excluding bonuses hit a two-year low in the third quarte...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 25, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...


Menu