Peer-to-peer (P2P) crypto trading is a simple concept: users swap assets directly, while exchanges provide escrow and dispute resolution. In Nigeria, P2P did not grow organically; it was pushed into the mainstream after the Central Bank of Nigeria ordered banks to stop facilitating cryptocurrency transactions in early 2021. The ban did not criminalise crypto ownership or trading, but it cut off the most straightforward fiat rails to exchanges. As a result, P2P activity migrated from WhatsApp and Telegram to exchange platforms that support direct, bank-based trades.
This model quickly became one of the most popular on-ramps and off-ramps, helping Nigeria rank among the world’s largest P2P markets, with platforms such as Bybit, Bitget, and others processing thousands of trades daily. But in parallel, the growth of P2P brought new uncertainties. Breet’s study analyzed over one hundred live P2P trades across five platforms and examined more than 20,000 tweets from 2022 to 2025 to understand the Nigerian experience. They found payout times ranged from three minutes to eighty-six minutes, and about 31% of trades showed some payout discrepancy, with fraudulent behavior observed in roughly one in six transactions.
To address these shortcomings, Breet introduced an automated off-ramp that requires users to send crypto to a designated address, after which the platform converts it to naira at a fixed rate and pays out directly to a bank account. There is no chat window, no negotiation, and no waiting for a merchant to come online, effectively removing several pain points associated with traditional P2P. This system reduces missing funds and manipulation risk, but signals a broader shift in Nigeria’s crypto ecosystem toward reliability and predictability rather than chasing the last few naira from a volatile rate. P2P is not disappearing; it is evolving into a spectrum of options that balance speed, cost, and user comfort, with automated off-ramps becoming more attractive for first-time users and businesses alike.
Peer-to-peer (P2P) crypto trading connects buyers and sellers directly, while exchanges provide escrow and dispute resolution. In Nigeria, P2P did not grow organically; it accelerated after the Central Bank of Nigeria ordered banks to stop facilitating crypto transactions in early 2021. The ban did not criminalize ownership or trading but cut off the simplest fiat rails to exchanges, pushing P2P activity onto platforms that support direct, bank-based trades.
This growth helped Nigeria rank among the world’s largest P2P markets, with platforms like Bybit and Bitget processing thousands of trades daily. Breet’s study analyzed more than 100 live P2P trades across five platforms and reviewed over 20,000 tweets from 2022 to 2025 to map the Nigerian experience. The findings show payout times from three minutes to eighty-six minutes, with about 31% of trades exhibiting payout discrepancies and fraudulent behavior observed in roughly one in six transactions.
To address these issues, Breet introduced an automated off-ramp that requires users to send crypto to a designated address, after which the platform converts it to naira at a fixed rate and pays out directly to a bank account. There is no chat window, no negotiation, and no waiting for a merchant to come online, effectively removing several pain points of traditional P2P. This system reduces missing funds and manipulation risk, signaling a broader shift toward reliability and predictability in Nigeria’s crypto ecosystem. P2P is not disappearing; it is evolving into a spectrum of options balancing speed, cost, and user comfort, with automated off-ramps becoming more attractive for first-time users and businesses alike.
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