Experts in Nigeria's cryptocurrency realm suggest that the Central Bank of Nigeria's past actions, excluding crypto from the banking system, have pushed users toward peer-to-peer (P2P) crypto trading. This move inadvertently boosted P2P trading after the bank's ban on centralized exchanges in February 2021. However, authorities are now considering banning P2P trading, raising concerns among legitimate businesses.

Critics blame the Central Bank for not understanding the crypto industry, allowing bad actors to thrive on P2P platforms. Adedeji Owonibi from Convexity urges legitimate players to help identify these bad actors to the government. Despite P2P platforms complying with KYC standards, the Central Bank remains unaware of their operations, according to Chuta Chimezie from the Blockchain Nigeria User Group (BNUG).

As authorities contemplate banning P2P trading and delisting the naira from platforms, concerns arise about the impact on legitimate businesses. However, some believe a complete ban may not be sustainable, as traders would likely find alternative methods to continue trading.