What is the difference between P2P & OTC cryptocurrencies in Nigeria?

In Nigeria, the distinction between Peer-to-Peer (P2P) and Over-the-Counter (OTC) cryptocurrencies is crucial. P2P transactions involve direct, decentralized exchanges between individuals, often facilitated by platforms like LocalBitcoins or Paxful. These platforms allow users to buy and sell cryptocurrencies using various payment methods, including cash, without relying on traditional financial institutions. In contrast, OTC transactions are typically conducted between large investors or institutions, often involving larger volumes and more complex negotiations. In Nigeria, P2P transactions have gained popularity due to their convenience, flexibility, and ability to circumvent strict financial regulations. However, the recent classification of P2P transactions as a national security threat by the Nigerian National Security Advisor suggests that regulatory scrutiny may increase in the future.