Ray Youssef, CEO of Nigerian cryptocurrency platform NoOnes, unveils staggering insights into the country’s peer-to-peer (P2P) crypto market, estimating it to be a $500 billion behemoth. In an interview with Techpoint Africa, Youssef reveals that P2P transactions thrive beyond official exchanges, occurring on messaging apps, coffee shops, and street corners.
Despite regulatory challenges, including the Central Bank of Nigeria’s (CBN) crackdown on crypto transactions, P2P trading remains resilient. The ban, temporarily lifted by President Bola Tinubu’s administration, was reinstated amid concerns of naira manipulation through pump-and-dump schemes.
CBN Governor Olayemi Cardoso’s claim of $26 billion in untraceable transactions via Binance led to a freeze on over 1,000 bank accounts involved in P2P trades. However, Nigerians, particularly P2P traders, view crypto as legal and essential, expressing dissatisfaction with government policies blaming it for the naira’s depreciation.
Critics like Kalu Aja lament the economy’s decline, citing factors like exchange rate pressures and rising inflation. They question the effectiveness of CBN’s approach and urge a focus on revitalizing economic policies.
Meanwhile, Twitter users like @trendwithola call for a pragmatic approach, urging CBN to leverage crypto for national benefit instead of battling it. Concerns mount as fintech startups like Moniepoint, Paga, and Palmpay threaten to block crypto-related accounts, signaling a potential crackdown on P2P trading.
As regulatory uncertainties loom, Nigeria’s crypto community braces for potential restrictions while advocating for a balanced approach that harnesses the benefits of blockchain technology.