Between the beginning of 2021 and June 2022, Nigerian users traded 497.35 billion naira ($1.16 billion) of Bitcoin. This indicates significant growth of the digital currency in Nigeria.

The exchange of the 497.35 billion naira Bitcoin was done despite the Central Bank of Nigeria's restriction on crypto-currencies in the country. "Following previous regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that trading in crypto-currencies or facilitating payments for crypto-currency exchanges is prohibited." the CBN had stated in February 2021.

Yet, Nigerians have made millions of transactions over the course of the year. "Nigeria is the largest country in terms of trading volume over $760 million in trading volume last year. In 2021, we also recorded over 6 million successful transactions in Nigeria, which is over 16,000 transactions per day," the CBN notified.