Quidax to Commence Peer-to-Peer Service March 22

By Dipo Olowookere

The much-awaited peer-to-peer (P2P) service to enable the trading of cryptocurrency in Nigeria will eventually commence on the Quidax platform next week.

The P2P service enables two customers to complete a transaction with a centralised system. The two parties decide the price and the means of fund transfer.

This system became effective after the Central Bank of Nigeria (CBN) prohibited the trading of digital currencies in the country through the nation’s banking platform.

Last month, the banking sector watchdog directed financial institutions to close bank accounts of anyone or organisation involved in cryptocurrencies in the country because it is not backed by the local laws.

This made some investors in the industry to withdraw their funds and also forced crypto exchanges in Nigeria to close their Naira wallets.

A few others explored the P2P option and after weeks of working on the background, the company has announced the service would become operational on the platform from next Monday.

In a notice seen by Business Post from the firm, the Chief Technology Officer (CTO), Uzo Awili, said the service will precisely from Monday, March 22, 2021.

“Thank you so much for your patience with us and here’s the update I promised last week.

“After a series of tests, more tests and several more tests we will be going live with the peer-to-peer (P2P) service on Monday, March 22, 2021.

“I know that’s over a week away but we have a couple more kinks to sort out before it’s ready for you,” the disclosure stated.