Economy
Crypto Trading is Thriving in Africa Amid COVID Restrictions
The ongoing COVID-19 pandemic has affected many people around the world. Due to the restrictions brought upon because of the spread of the virus, many people globally had problems going on with their regular daily lives.
Among many regions and parts of the world that suffered due to the spread of the virus was Africa. Many of the countries in the region reported increasing unemployment numbers. In such an environment, many Africans found crypto investments and trading as a way out of the hardships.
Crypto allowed people in the region the opportunity to transact their money freely and within a few minutes without having to deal with huge transaction fees. While the regulatory framework around crypto in Africa is far from being established, people are still using cryptos very actively.
The interest of Africans in the crypto trading market is increasing every single day in the region and showing the highest adoption rate of cryptos around the world. In some countries of Africa, the regulatory agencies are very strict when it comes to crypto activities.
In fact, some of the governments have totally banned crypto activities, including trading and investing. But, such heavy regulations seem to not affect the popularity of cryptocurrencies in the region. In fact, the interest has increased even more after such strict regulations were adopted in some of the African countries.
Africa is using the cryptocurrency market for numerous different reasons, including for doing business, protecting their savings and funds, and also sending and receiving funds overseas.
Why is Crypto So Popular in Africa?
There are many reasons behind the huge popularity of the crypto trading market in Africa. One of the main reasons why so many people have decided to turn to cryptocurrencies in the region is that they have had enough bad experiences with fiat currencies and they want to protect their funds from the effects of inflation.
Another very important factor that supports the popularity of the crypto market is that it lets locals send and receive funds without having to pay a lot of commissions and fees. In the region, peer-to-peer transactions are especially popular.
People in Africa are using cryptocurrencies for all different reasons. There are some people who are using it as an asset to trade, while others use it for day-to-day activities, such as selling goods, saving up money, or sending money to others.
As the national currencies of numerous African countries continue to depreciate, the population of the region had to find a way out of the situation. For many, cryptocurrencies are one of the only opportunities to preserve their wealth, while also watching it grow.
Another reason why so many people are showing such interest in the crypto trading market in Africa is that the market has become very easy to access for people of all backgrounds. Today, thanks to the increasing number of crypto exchanges offered to African traders, getting started in the market is very simple.
All they need to do is to open an account with one of the available crypto exchanges in the region, deposit funds, and start buying and selling cryptocurrencies.
In fact, trading cryptos does not require as much attention from traders anymore. This lets traders in the region go on with their day while making profits. It is possible thanks to the crypto trading robots, which are able to analyze the market in a matter of minutes for traders and make profits for them.
For example, while using an automated bitcoin trading robot, you will be able to sit back and let the robot make profits for you. There are different types of robots available in the market, some of them are able to analyze the market and provide traders with trading signals.
On the other hand, there are trading bots that are able to actually trade cryptocurrencies for you and make profits. The majority of the crypto robots use API keys to connect with crypto exchanges, which is a safe way of automated trading.
Crypto Trading in Africa
The past few years have been very important for the further development of the crypto trading market in the region. Amid the worsening situation in terms of economy and local currencies, the popularity of cryptocurrencies further increased.
Another important factor for the increasing popularity of the crypto trading market in the region was the Covid-19 pandemic. The ongoing pandemic caused numerous jurisdictions in the region to adopt different types of restrictions to curb the spread of the virus.
Due to the restrictions, many people were left without jobs and lost their income. In this situation, the demand for the cryptocurrency trading market has increased dramatically.
However, although crypto trading is very popular in the region, the local regulations are far from being in favour of the crypto trading market. Many of the countries in the region have restricted trading cryptocurrencies altogether, while others have issued warnings against crypto trading.
But, even this did not get in the way of the further development of the market. Cryptocurrencies are becoming more and more popular in Africa every single day and the easier access to the market makes it even more attractive for local traders.
However, due to the local restrictions, people are mostly using P2P trading platforms to participate in the market. This made Africa one of the most active regions in terms of P2P crypto transactions.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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