Peer-to-peer (P2P) trading helped keep Nigeria’s crypto market alive when the government restricted exchanges from transacting with banks in 2021. Yet, as the method has become more popular, it has become a magnet for fraud. Many traders, hoping to stay on the right side of the law, have set up guardrails: they refuse large sums, insist that buyers’ bank account names match their P2P platform identities, and avoid transactions from third-party accounts. Some even enforce a “no Flutterwave policy,” rejecting funds sent through fintech payment processors like Flutterwave and Paystack.
