Which cryptocurrencies are most commonly traded in the black market in Nigeria?

3 answers

• Muhammad SiddiqueNov 16, 2025 · 13 hours ago
  In the black market of Nigeria, the most commonly traded cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). These cryptocurrencies have gained popularity due to their widespread recognition, liquidity, and ability to facilitate anonymous transactions. Additionally, their decentralized nature makes it difficult for authorities to regulate or track these transactions effectively. As a result, they have become the preferred choice for individuals involved in illicit activities or seeking to bypass traditional financial systems.
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• rodristar 2005Apr 26, 2024 · 2 years ago
  When it comes to the black market in Nigeria, Bitcoin (BTC) takes the crown as the most commonly traded cryptocurrency. Its established reputation and wide acceptance make it a preferred choice for individuals engaging in illicit activities. Ethereum (ETH) also holds a significant presence in this market due to its smart contract capabilities, which enable the creation of decentralized applications (DApps) that can facilitate various illegal transactions. Lastly, Binance Coin (BNB) has gained popularity in recent years, thanks to the success of the Binance exchange and its utility within the Binance ecosystem. Its use in the black market can be attributed to its liquidity and the ease of converting it to other cryptocurrencies or fiat currencies.
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• Sindhya FlexMJul 20, 2022 · 3 years ago
  At BYDFi, we don't condone or support any illegal activities, including trading cryptocurrencies in the black market. However, it is important to acknowledge that Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies are commonly traded in the black market in Nigeria. The reasons behind their popularity in this market include their global recognition, ease of use, and the perception of anonymity they provide. It is crucial for individuals to understand the risks associated with engaging in such activities and to comply with local regulations and laws.
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