Buycoins Africa, a Nigerian cryptocurrency exchange is having a swell time, despite the downturn in cryptocurrencies. Co founder of the firm Timi Ajiboye in a few tweets from his handle disclosed that the firm had recorded over ₦500 million worth of transactions since the app was launched in July.

Merry times all around 

Other operators such as Luno, Ice3XX and Tanjalo may equally be witnessing large volume transactions daily, an indication shows Nigerians continue to trade heavily in cryptocurrencies.

Data from coin.dance shows BTC trading volume continues to remain robust, despite the price crash.

A Bearish Year

2018 has been a bearish year for cryptocurrencies. Year to date, bitcoin (the largest cryptocurrency by market cap and most commonly used) is down 51.6%.

Business day

For other cryptocurrencies, the fall has been much harder. Total market capitalisation (excluding bitcoin) fell by 74.7% from $376 billion in January to $95 billion in October.

Buycoins.africa enables individuals to trade in Bitcoin, Ethereum, Litecoin, and Bitcoin cash, through a mobile app.

Deal book 300 x 250
Deal book 300 x 250

Here is a step by step guide on how to buy bitcoin in Nigeria.

The Central Bank of Nigeria (CBN) has, however, warned Nigerians to exercise caution in trading cryptocurrencies as they do not fall under its regulatory purview. CBN Governor Godwin Emefiele in an interview this year, likened trading in them to gambling.

The apex bank last year issued a circular warning banks against trading in them, but held several stakeholder sessions to get a better understanding of the industry. A white paper on the discussions is billed to released any time from now.

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

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