Crypto Still Thriving in Nigeria

Crypto has long been very popular in Nigeria. This African nation, especially the younger generation of the country, is very interested in the crypto trading market and it is not something new. In fact, when it comes to crypto adoption, Nigeria is very easily one of the leading countries.

Many people in the country do not want to miss out on everything that the crypto industry has to offer, which makes the market very popular among local traders. Crypto adoption in the country is increasing very fast, and although the local crypto trading laws are far from being useful for further development of the market, it still continues to be very popular among local traders.

Although there is no particular law that governs the cryptocurrency trading market yet, the Central Bank of Nigeria has released a statement at the beginning of 2021 that was meant to ban the use of bitcoin and other digital assets in the country.

Many believe that this was a step to end crypto trading in the country, however, quickly after, the situation did not go as many thought, and crypto still continues to be very popular among Nigerian traders.

A very interesting thing is that this had little to no effect on crypto usage in the country as many simply adjusted to the situation and ongoing events in the country. Crypto traders in the country have found a way to still buy and sell cryptocurrencies even with the current stance of the central bank.

Crypto Restrictions in Nigeria

At the beginning of 2021, the national bank of the country issued an order to all financial institutions in the country to immediately curb facilitating crypto transactions. In addition to this, the central bank also called on every bank in the country to close individual accounts of everyone who engages in crypto transactions.

After the statement of the national bank, much of the country’s population was very confused about what they could do. Many crypto traders simply were unable to tell if they could trade cryptocurrencies or not.

Although the restrictions seem to be a very negative development for the country, the local traders still managed to find a way out – P2P transactions. While the main idea behind the ban was to limit the number of transactions in the country, Nigerians now started using P2P platforms more actively and found a way out.

While using P2P platforms, local traders are not buying bitcoin or other digital assets with Naira directly, rather, they are exchanging digital assets with other people. Simply put, P2P exchanges are marketplaces that are able to bring buyers and sellers together.

Crypto Trading Automation and Nigeria

There are many reasons why crypto trading is so popular in Nigeria. One of the main reasons for it is how easy it has become over the past few years to trade cryptocurrencies. All it takes for traders to become part of this market is a good internet connection and a trading account at one of the exchanges.

Many of the leading crypto exchanges in the market have worked with leading software companies around the world and they have managed to create crypto trading robots that can help traders make profits.

One such software company is, which is a true leader in the automated trading world. Using the best crypto bot developed by Bitsgap for trading can help you make well-informed decisions in a more efficient way. For starters, the crypto trading bot of Bitsgap is able to analyze large chunks of data in a matter of seconds, which lets you open orders without much of a hassle.

But, this is not all. The trading bot of Bitsgap can also facilitate the actual trading activities for you. The trading bot uses an API key to connect with your exchange, which is a safe and secure way of connecting a trading robot to your account.

After doing so, the Bitsgap bot can trade cryptocurrencies for you which makes trading crypto a lot easier. Thanks to this trading tool, you can simply turn the bot on, provide your desired settings, and go on with your day while the Bitsgap makes profits for you.

Trading automation is a very important step towards making crypto trading easier for beginners. When it comes to trading cryptocurrencies, there always is a certain amount of data that you are required to analyze to make informed decisions.

However, there always is a certain limit to the amount of data that a crypto trader can analyze on their own. On the other hand, there are crypto trading robots available in the market, such as Bitsgap, that do this very demanding task in a matter of minutes.

Thanks to such development of crypto trading robots, it should not come as a surprise that the market is a lot easier for beginners today than it has ever been before. As the crypto trading robots continue their fast development, it is only likely for the crypto popularity to grow and attract more traders in Nigeria, as well as other parts of the world.

NBS Bank Your Caring Bank