Paxful is giving away 4 million naira in BTC as part of measures to help Nigerian traders as the naira falls.
Nigeria remains the biggest P2P market in the world, leading trading volumes on platforms including Paxful. Part of the reasons people are opting for bitcoin is the naira falling in value against the US dollar.
The Nigerian naira has had a rough year so far, causing more people to look for alternative ways to store their value. The naira has seen a decline in the last few weeks, with some local financial sites reporting high exchange rates on the black market.
As part of its plans to ease the effects of the depreciating value of the naira, Paxful is running a trading competition for Nigerians.
4 Million Naira Giveaway For Nigerian Traders on Paxful
As part of activities to encourage more trading from Nigeria, Paxful is running a 4 million naira trading competition starting today.
The campaign will reward 233 traders, including 200 new users. Paxful made this announcement to the Nigerian community:
Paxful is aware of the devaluation of naira, and we’re here to help you secure your wealth and get rewarded for it! To help you preserve your wealth, we’ve already increased the margin limits for your trades. Trade on Paxful as much as you can between Friday, August 21 and Monday, August 31, 11:59 PM
From Friday, August 31 to Monday, August 31 Paxful will announce winners every day for each of these categories:
- 3 traders who complete the most number of trades – wins 30,000 NGN in BTC
- 3 traders who complete trades of the highest volume – wins 30,000 NGN in BTC
- 3 traders who made the most number of trades in Nigerian naira – wins 30,000 NGN in BTC
Further, 200 new traders who register on Paxful, verify their IDs and make one trade will receive 5,000 NGN in BTC each.
To participate in this promotion, users have to sign up on Paxful, verify their ID, trade, and fill this form. Paxful will display trading volumes of competing traders during the campaign period.