The Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef, has revealed that peer-to-peer popularly known as P2P is probably like $500bn business in Nigeria alone.

Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country.

Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.

“That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.”

Youssef added that most of the P2P transactions do not happen on Binance or any other platform but on WhatsApp, Telegram, coffee shops and everywhere on the streets.

“Most peer-to-peer doesn’t happen on Binance P2P or NoOnes or any of these other platforms. They happen on WhatsApp, Telegram, the coffee shops, everywhere on the streets. That’s where most peer-to-peer is really happening. And in fact I would even say $60 billion going through the centralised exchanges. I think most of that is actually peer-to-peer volume they are kinda covering up too because Nigerians are very crafty and have ways to use things for things they weren’t necessarily mean’t to be used for,” he maintained.

Recall that in February 2021, the Central Bank of Nigeria issued a circular to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and OFIs to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

But the administration of President Bola Tinubu lifted the ban directing all banks and OFIs to carry out cryptocurrency services with with the provisions of the guidelines to regulate the activities of virtual assets service providers.

The aftermath of the ban was the discovery by CBN that crypto traders use peer-to-peer trading to manipulate the naira via a pump-and-dump strategy.

In February 2024, the Central Bank Governor, Olayemi Cardoso, claimed $26 billion in untraceable transactions were processed by Binance.

This led to a crackdown on the global exchange Binance and the freezing of over 1,000 bank accounts involved in peer-to-peer transactions.

However, Nigerians, especially the P2P traders have begun to express displeasure at the new development by the Federal Government as many believe that cryptocurrency is legal and should not be seen as a factor behind the naira weakening.

A user, Kalu Aja, wrote in a thread on his handle, @FinPlanKaluAja2, “The Nigerian economy is slowing grinding to insignificance.

“The economy is dying. The policymakers (Central Bank of Nigeria) know and are already warning with specificity.

“The political class response is to divide and distract.

“Guys I am not being alarmist; the economy is failing, it’s not my data or analysis.”

He claimed that economic activity has been contracting for eight consecutive months, mainly due to exchange rate pressures, rising input prices, security challenges, and others.

He added that the Composite Purchasing Managers’ Index declined sharply to 39.2 index points in February 2024 from 48.5 index points in the previous month.

He continued, ‘Both food and core inflation rose in February 2024, underpinning an acceleration in headline inflation to 31.70 per cent in February 2024 from 29.90 per cent in the previous month. This continued rise in inflation was mainly due to high production costs, lingering security challenges and exchange rate pressures,

“All quotes from CBN. Is this an environment that can attract FDI? When are Nigerian companies already in Nigeria not buying or investing?

“Abuja, we have a problem.”

Another user, who tweeted with @trendwithola, said, “So the Central Bank of Nigeria still feels cryptocurrency is the cause of Naira woes?

“Naira will keep trailing 1 USD, 1 GBP, 1 CAD if the right thing is not done.

“@cenbank should stop chasing shadows. You had better get your economic policies right. Don’t just copy and paste. Get a blueprint from the man wey sabi, Peter Obi or leave office,” she added.

“Rather than battling against cryptocurrency, why isn’t the Central Bank of Nigeria focused on leveraging the system to their advantage? Why not concentrate on regulating it for beneficial use? After all, you can’t dismantle what you haven’t built,” a user with the handle @Themytea2 submitted.

Recently, at least three Nigerian fintech startups, including Moniepoint, Paga and Palmpay, have threatened to block the accounts of their customers dealing in cryptocurrency and report those transactions to law enforcement agents after the National Security Adviser classified crypto trading as a national security issue.

That designation means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works, said Tosin Eniolorunda, the CEO of Moniepoint.

There are also growing concerns that a regulation to ban p2p trading may soon be made public.

Cryptocurrency investors are constantly on the lookout for the next big opportunity. While the market is known for its volatility and unpredictability, some coins have emerged as top contenders for delivering substantial returns in the coming year.

In this article, we will explore three cryptocurrencies that have the potential to generate 5X gains in 2024: Solana (SOL), Aptos (APT), and Shiba Inu (SHIB).

Also read: Cardano Weekend Price Prediction: How High Can ADA Go?

Solana (SOL) 

Solana, currently trading at $139, has experienced a modest 6% increase in the past 24 hours. The coin’s 24-hour trading range lies between $131 and $141, indicating a relatively stable market.

Despite being down 46% from its all-time high of $260.06, reached on November 7, 2021, Solana’s fundamentals remain strong. The platform’s ability to process thousands of transactions per second and its low transaction fees have attracted developers and users alike.

As more projects build on the Solana ecosystem and institutional interest grows, SOL has the potential to experience significant price appreciation in the coming year.

Also read: Cryptocurrency: Top 3 Layer 2 Coins By Development Activity To Buy Now

Shiba Inu (SHIB) 

Shiba Inu, currently trading at $0.00002297, has experienced a 4.67% spike in the past 24 hours. The coin’s 24-hour trading range is between $0.00002192 and $0.00002343.

While SHIB is currently trading 74% below its all-time high of $0.00008845, reached on October 28, 2021, the coin’s passionate community and growing ecosystem suggest that it has the potential to bounce back and deliver substantial returns. 

Also read: Shiba Inu: Machine Learning AI Predicts SHIB Price for May 5

Aptos (APT)

Aptos has been turning heads with its innovative technology and strong backing from industry leaders. Currently trading at $9.02, APT has experienced a 5.68% increase in the past 24 hours. The coin’s 24-hour trading range is between $8.52 and $9.10.

Despite being down 54% from its all-time high of $19.90, reached on January 30, 2023, Aptos’ unique value proposition and growing ecosystem suggest that it has significant growth potential. The platform’s use of the Move programming language, initially developed by Facebook (now Meta) for the Diem project, and its focus on scalability and security have positioned it as a strong contender in the blockchain space.

Also read: Shiba Inu: Here’s How to Be a Millionaire When SHIB Hits $0.001

While the cryptocurrency market is inherently unpredictable, Solana, Shiba Inu, and Aptos have emerged as top contenders for delivering 5X gains in 2024.  

A select few projects have emerged as potential game-changers, promising unprecedented growth and unparalleled opportunities. Among these, Polygon (MATIC), Solana (SOL), and the newcomer Retik Finance (RETIK) stand out, capturing the attention of investors worldwide. With a remarkable $32.05 million raised during its recently concluded presale, Retik Finance has already established itself as a key player in the upcoming bull market. But the question remains: Which of these digital assets will catapult your holdings to a remarkable 20x surge by 2025?

Polygon (MATIC): Scaling Ethereum’s Horizons

Polygon (MATIC), a Layer 2 scaling solution for Ethereum, has been making waves in the cryptocurrency space. By addressing Ethereum’s scalability challenges, Polygon has positioned itself as a viable option for decentralized applications (dApps) seeking faster and cheaper transactions. Despite its recent price dip, Polygon’s impressive partnerships and growing ecosystem suggest a promising future. However, with increasing competition and Ethereum’s ongoing developments, Polygon’s ability to sustain its momentum remains uncertain.

Solana (SOL): The High-Performance Blockchain

Solana (SOL) has garnered significant attention for its high-performance blockchain, boasting lightning-fast transaction speeds and low fees. This innovative project has attracted diverse decentralized applications, from decentralized finance (DeFi) protocols to non-fungible token (NFT) marketplaces. While Solana’s potential is undeniable, recent network outages and concerns over its centralization have raised eyebrows among skeptics. Additionally, the unstaking of 14 million SOL tokens by node validators, valued at $2.7 billion, could potentially slow Solana’s upward trajectory.

Retik Finance (RETIK): The Real-World DeFi Disruptor

Retik Finance (RETIK) has emerged as a trailblazer in the DeFi space, offering a suite of innovative financial solutions tailored for the real world. Focusing on bridging traditional finance and decentralized technologies, Retik Finance is introducing groundbreaking features that set it apart from its peers. At the forefront of Retik Finance’s offerings are its virtual DeFi debit cards, a game-changing solution that allows users to transact with cryptocurrencies seamlessly in the real world.

Retik Finance has already launched the beta version of these debit cards long ahead of schedule, demonstrating its commitment to delivering cutting-edge solutions. Complementing the DeFi debit cards is Retik Pay, a smart crypto payment gateway that facilitates effortless transactions across various platforms. This feature aims to make cryptocurrency payments as convenient as traditional payment methods, fostering mass adoption and real-world utility. Retik Finance’s multi-chain, non-custodial wallet ensures the highest level of security for users’ digital assets. By prioritizing decentralization and user control, Retik Finance empowers individuals to manage their funds without relying on third-party intermediaries.

One of Retik Finance’s standout offerings is its AI-powered peer-to-peer (P2P) lending platform. Leveraging advanced algorithms and machine learning, this innovative feature streamlines the lending process, enabling efficient and accurate risk assessments. Retik Finance is poised to disrupt traditional lending models by democratizing access to credit and fostering financial inclusion.

The Road Ahead: Exponential Growth Potential

Retik Finance’s focus on real-world utility and innovative solutions positions it as a frontrunner for exponential growth as the cryptocurrency market continues to evolve. With its unique offerings, robust ecosystem, and committed community, Retik Finance has the potential to outpace its competitors and deliver unprecedented returns to early adopters.

Visit the links below for more information about Retik Finance (RETIK):

Website: https://retik.com

Whitepaper: https://retik.com/retik-whitepaper.pdf

Twitter: www.twitter.com/retikfinance

Telegram: www.t.me/retikfinance

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