The use of P2P for transactions
While the government ban has prevented all financial institutions and banks from facilitating any crypto transaction and also commanded that they shut down any account that involves in this kind of trade, crypto traders have found a way around this restriction. This ban has somehow limited the operations of traditional/centralized exchanges which are one of the most common ways people buy BTC in Nigeria.
After the ban, Nigerians turned to P2P exchanges for their cryptocurrency transactions. So while the ban was supposed to limit the number of transactions carried out in the country and affect the growth of crypto, Nigerians now trade on P2P platforms like Remita no. On P2P platforms, you don’t buy BTC with the Naira directly from the exchange but you buy from another person. The P2P exchange only serves as a marketplace to bring buyers and sellers together.
So on P2P platforms, the buyer transfers the worth of bitcoin or any altcoin he/she wants to buy directly to the seller’s bank account just like the normal inter-bank transaction and the seller sends the crypto to the buyer’s wallet through the exchange. No financial institution is needed to facilitate the transaction. When you send money directly from one account to another, it is almost impossible for banks to know the purpose of the transaction as it could be used for any other purpose.
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