As of 2025, the mainnet token of Pi Network, PI, has not been officially listed and traded on mainstream exchanges such as Bitget. Therefore, an accurate real-time exchange price for PI/NGN cannot be provided at present. According to the data from CoinMarketCap for the third quarter of 2024, Pi Network is still in the closed mainnet stage. Its token liquidity is restricted, and among approximately 35 million active users, only limited transactions can be conducted through the internal ecosystem. As one of the countries with the highest global adoption rate of cryptocurrencies, Nigeria’s P2P trading platforms show that the quotations of unofficial over-the-counter transactions fluctuate sharply, with the spread often reaching 40% to 60%.
From the perspective of market infrastructure, the Bitget platform has not yet launched the PI/NGN trading pair. Its Naira trading area mainly covers mainstream assets such as BTC, ETH, and USDT. The launch of the Central Bank of Nigeria’s digital currency eNaira in 2024 has increased the processing speed of the fiat currency channel to 3,000 transactions per second. However, data from third-party platforms show that the over-the-counter inquiry volume of PI only accounts for 0.03% of the total inquiry volume of cryptocurrencies. It is worth noting that in 2023, the Nigerian Securities and Exchange Commission listed PI as an unregistered asset, resulting in a 17% increase in local trading compliance risks.
According to the technical indicators of the distributed ledger, the throughput of the Pi Network testnet phase reaches 5,000 transactions per second, but the transaction confirmation time of the mainnet still remains within the range of 15-45 seconds. The median amount of PI accumulated by Nigerian users through mobile device mining is approximately 280 to 350, but the on-chain transfer fee mechanism has not yet been fully activated. Sampling by the Blockchain Research Center of Lagos University in 2024 shows that 78% of local users conducted PI peer-to-peer transactions through social media, with quotations ranging from 0.08 to 0.22 US dollars equivalent to naira.
From the perspective of regulatory compliance, the new regulations of the Central Bank of Nigeria in 2024 require all digital asset trading platforms to hold an access license of 4.86 million naira, while international exchanges such as Bitget have processed over 1.2 billion naira of local compliance expenditures in 2023. Although Pi Network claims to have over 45 million global users, the KYC verification pass rate in its economic model is only 63%, which limits its actual liquidity. At present, how to accurately assess how much is pi in naira remains uncertain? It is suggested that investors pay attention to the official announcements of the Nigerian SEC and the Bitget exchange, and be vigilant against the premium risk in over-the-counter trading.