In Nigeria, the price of a single Bitcoin (BTC) has soared to the equivalent of $37,000 in local naira.Nigeria’s price of Bitcoin has risen to levels much above those of the worldwide market as the country’s central bank continues to encourage the use of digital currency by its people.At the time of writing, 1 BTC costs 17323992 naira ($37627.31) on the Nigerian cryptocurrency exchange www.luno.com.
Over the price of Bitcoin on the market right now, which is about $23,104.40 as of this writing, this represents a premium of more than 60%..
In December, the central bank established a limit on cash withdrawals; this limit became effective early this month. Beginning on January 9, individuals were only permitted to withdraw 20,000 NGN (about $43.50) per day from ATMs, with a daily cap of 100,000 NGN (around $217).
The action was taken just days before new naira banknotes, intended to combat inflation and money laundering, entered into circulation. Nigerians have until January 24 to swap their old, higher denomination bank notes for the new money, under the central bank’s deadline.
Long lines and protests that there wasn’t enough time to fulfil the deadline were there, nevertheless. According to a Jan. 29 BBC report, the central bank has now extended that deadline to Feb. 10.
The price of Bitcoin has increased frequently in Nigeria in the past. The BTC premium reached a peak of 36% in February 2021 after the central bank forbade regulated financial institutions from offering services to cryptocurrency exchanges in the nation.
Naren is a finance graduate who is passionate about cryptocurrency and blockchain technology. He demonstrates his expertise in these subjects by writing for cryptoetf.in. Thanks to his finance background, he is able to write effectively about cryptocurrency.