Nigeria's interest in Bitcoins reached a peak during the summer of 2020, reaching the highest level since early 2018. This conclusion reveals itself after investigating Bitcoin trading volume against domestic currencies used for the transaction of the virtual currency. The African country was said to be one of the three countries with the most Bitcoin trading in the world in 2020.
It should be noted that the source believes the domestic currencies are mainly used by the domestic population: it assumes residents from Nigeria are the only ones who make transactions using Nigerian naira. Whether this assumption is right or not, cannot be verified here. Also, the source does not explain the peak found in 2018, or whether the high trading volume in 2017 was tied to a specific event.
Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021
The figures provided have been compiled by Statista from three different traders: LocalBitcoins, Paxful, and Bisq. Dramatic changes from one week to the next might be attributed to one of these traders providing lower figures than in a previous week.
The majority of figures were reported on Saturday, the end of the regular trading week. Occasionally, however, figures might be reported on a Friday or other day of the week. The source does not specify why this occurred.
The figures were originally reported in the domestic currency, and Statista converted these to U.S. dollars to allow for easy comparison between various countries. When figures were gathered on a Saturday - which was the case for most of the figures - the closing exchange rate from the previous Friday was used.
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Statista. (January 11, 2021). Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/
Statista. "Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021." Chart. January 11, 2021. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/
Statista. (2021). Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/
Statista. "Bitcoin Trading Volume on Online Exchanges in Nigeria from September 14, 2013 to January 9, 2021." Statista, Statista Inc., 11 Jan 2021, https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/
Statista, Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021 Statista, https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/ (last visited December 21, 2024)
Bitcoin trading volume on online exchanges in Nigeria from September 14, 2013 to January 9, 2021 [Graph], Statista, January 11, 2021. [Online]. Available: https://www.statista.com/statistics/1196092/bitcoin-market-size-nigeria/
