Nigeria Received $20.9B Worth of BTC Remittances in 2022

Nigeria Received $20.9B Worth of BTC Remittances in 2022

Time Stamp: December 24, 2022 6:39 AM
Source Node: 1784230
  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.

The report, ā€œRemittances Brave Global Headwinds Special Focus: Climate Migrationā€  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 Newsā€™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.

Read Also :

Tags: BBCBTCNigeria

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as ā€œCNLā€, is an independent media entity ā€” we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

Time Stamp:

More from Crypto News Land