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Isn't shutting down the onramps effectively a ban on cryptocurrency?

As a actual ban, it wasn't as effective as you'd think in many other countries.

Considering how countries with high inflation such Venezuela and Argentina rely mostly on P2P to on-ramp to crypto I don't think "banning" exchanges will be an effective way to drastically reduce usage in Nigeria.

I'm very new to a lot of this, so you'll have to excuse me if I ask dumb questions.

> rely mostly on P2P to on-ramp to crypto

How does this work? If I have 1000 NGN, how do I convert that to the equivalent in BTC without going through an exchange?

localbitcoins.com

This is interesting! I think for this to really work for Nigerians right now, there needs to already be some critical mass of Nigerian BTC holders bootstrapped. Would be interesting to know if this is already true; from my understanding Nigeria has the among the widest BTC adoption in the world.

This is already true. Actually P2P was the primary way of trading crypto in the country till last 2019-2020. So there is already an established P2P market here

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