• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

FLASH: Nearly N1 billion worth of bitcoin was traded in Nigeria last week

Onome Ohwovoriole by Onome Ohwovoriole
July 25, 2017
in Business News, Cryptos, Markets
$1 million worth of Bitcoin giveaway on Twitter
Share on FacebookShare on TwitterShare on Linkedin

In a sign of growing adoption of bitcoin and other cryptocurrencies, a report from Cointelegraph states that $3 million worth of bitcoin was traded in Nigeria last week. Tanzania and Kenya are also mentioned as countries that are showing greater interest in trading the currency.

What could have caused the spike ?

Bitcoin prices have witnessed huge volatility in the past few weeks, due to concerns about the upcoming fork.  Prices hit a low of N800,000 per bitcoin earlier in the month but have since rebounded to over N950,000 per month.

Who’s doing the buying?

While the volume of trades isn’t sub divided into individual exchanges, various KYC requirements such as Bank Verification Number, and a copy of utility bill are required before opening an account. The anonymous nature of cryptocurrencies, may mean some of the transactions can’t be traced. Some of the major bitcoin exchanges in the country include Luno, Nairaex, and Remitano.

RelatedStories

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 

Bitcoin drops below $91K as Trump’s tariffs spark inflation fears 

February 25, 2025
Donald Trump pledges to make US the crypto capital of the world at the Bitcoin conference

Bitcoin, other cryptocurrencies retreat as Trump’s speech is silent on digital assets 

January 21, 2025

What the rising volume means

Though the volume of trades is still quite minor compared to formal currency markets in the country, it shows increasing adoption of cryptocurrencies by Nigerians. Shopnow.ng an online store that takes payment only in bitcoin, will start operations in the country in a few days.

The volumes could also make regulatory bodies like the Central Bank of Nigeria (CBN) to pay closer attention to the growing market. A drop in crude oil prices, lead to a huge foreign exchange crisis in the country last year. The CBN was forced to adopt supply management measures.

What are bitcoins

Bitcoin is a form of digital currency (cryptocurrency), created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

Learn more about Bitcoins here

A-Z Of Investing In Bitcoins From Nigeria

 

Tags: BitcoinsCryptocurrenciesQuickTakes
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Bitcoin falls below $61,000 following looming activity on Mt. Gox exchange 
Cryptos

Bitcoin drops below $91K as Trump’s tariffs spark inflation fears 

February 25, 2025
Donald Trump pledges to make US the crypto capital of the world at the Bitcoin conference
Cryptos

Bitcoin, other cryptocurrencies retreat as Trump’s speech is silent on digital assets 

January 21, 2025
Spot Ethereum ETFs record a $107 million net inflow on its first day of trading  
Cryptos

Spot Ethereum ETFs record a $107 million net inflow on its first day of trading  

July 24, 2024
FG detains two Binance Executives over alleged FX manipulations  
Cryptos

Binance says Nigerian customers can use its other services after halting NGN 

March 5, 2024
SHIB, SPONGE and FLOKI are Investors’ Most Watched Meme Coins in 2024: Which One Provides the Most Utility?
Corporate Updates

The Rise of Community-Powered Cryptocurrencies to 100x ROI

January 12, 2024
cryptocurrency hackers
Sectors

Hackers stole $2 billion in cryptocurrencies in 2023 – Report  

December 26, 2023
Next Post
​ ​ Who Are Venture Capitalists? 

Nigeria’s $1M Venture Capital Fund for Nigeria’s Creative Industry: A Deconstructive Analysis

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Dangote Refinery cuts petrol ex-depot price to N820 per litre in fresh adjustment 
  • Okra charts new path to scale payments business  
  • EFCC arraigns Bigibet gaming platform founder Adepoju Abiodun for alleged N855m fraud  

Follow us on social media:

Recent News

Transmission lines in Cross River, Rivers have been vandalized severally in over 2 months – TCN

Dangote Refinery cuts petrol ex-depot price to N820 per litre in fresh adjustment 

July 8, 2025
Okra charts new path to scale payments business  

Okra charts new path to scale payments business  

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics