Stakeholders in Nigeria's cryptocurrency sector attribute the growth of peer-to-peer (P2P) crypto trading to past decisions by the Central Bank of Nigeria (CBN), which excluded crypto entities from the banking system.

Despite regulatory efforts, concerns persist over the impact of P2P trading on legitimate businesses, prompting calls for collaboration between stakeholders and the government.

The CBN's directive in February 2021 inadvertently spurred the proliferation of P2P crypto platforms, leading to regulatory scrutiny in early 2024.

Critics argue that a blanket ban on P2P crypto trading may not effectively address illicit activities, as traders are likely to seek alternative methods.

Despite assurances of compliance by legitimate P2P platforms, the CBN's perception of the crypto industry as opaque underscores the need for greater dialogue and understanding between regulators and stakeholders.