As a leading global cryptocurrency trading platform, Bitget currently does not support direct exchange services between Pi coins and Nigerian Naira (NGN). The platform currently offers more than 300 mainstream digital currency trading pairs, with an average daily trading volume of 10 billion US dollars. However, Pi Network has not been included in the official trading categories as it is still in the mainnet transition stage. According to the 2023 report of the Central Bank of Nigeria, the penetration rate of cryptocurrencies in the country has reached 35%, with approximately 33 million users holding digital assets. Among them, Pi Network users account for about 18%, meaning that nearly 6 million people have the need to convert Pi into local fiat currency.
From a technical architecture perspective, Bitget’s fiat currency channel supports 50 fiat currencies including NGN and processes fund flows through payment gateways such as bank transfers and Flutterwave. The platform’s cooperative network with Nigerian financial institutions covers 80% of the country’s banking system. The average processing time for fiat currency deposits is 2 minutes, and the withdrawal time is completed within 24 hours. Although there is currently a lack of direct exchange channels, users can use BTC or USDT as intermediate currencies for indirect conversion. The entire process will generate a comprehensive handling fee of approximately 1.5%, including a 0.1% transaction fee and a 1.4% exchange cost.
The demand for Pi coin trading in the Nigerian market continues to grow. According to data from the Lagos cryptocurrency exchange, the weekly trading volume of Pi/NGN in the over-the-counter market exceeded 250 million naira in the first quarter of 2024. Local trading platforms such as Paxful and Binance Nigeria offer P2P trading services. The daily order volume exceeds 5,000, and the price fluctuation range is usually within ±7%. As Naira depreciated by 40% in 2023, many people prefer to use digital currencies as a store of value, especially assets like Pi that can be mined through mobile devices.
Actual cases show that a merchant in Lagos completed a” pi to naira” transaction through a social media group, converting 15,000Pi coins in a single week at an exchange rate of 1Pi=450NGN. It should be noted that the Nigerian Securities and Exchange Commission updated the digital asset rules in 2024, requiring all cryptocurrency trading platforms to hold a virtual asset service provider license. Currently, Bitget is applying for the relevant qualification. If the Pi mainnet is launched in the future and the regulatory policies are clear, the platform may introduce a direct exchange service, which is expected to attract at least 2 million Nigerian users to participate in transactions.