The price of Bitcoin (BTC) in Nigeria is much higher than its value in the global market, as the country’s central bank tries to push its citizens to use digitized cash.
At the time of writing, 1 BTC on Nigerian cryptocurrency exchange NairaEX costs 17.8 million naira, equivalent to a whopping $38,792. This is a premium of more than 60% over the current market price of Bitcoin, or approximately $23,700.
The Central Bank of Nigeria continues to impose limits on cash withdrawals from ATMsin an effort to accelerate the transition to a cashless society:
“Bitcoin is hope!
Bitcoin is currently trading at a 60% premium in Nigeria ($37,235) due to soaring demand. Earlier this month, the Central Bank of Nigeria capped cash withdrawals to just $44 a day.
Nigeria is now the first country in the world for the number of Google searches for ‘Buy Bitcoin’.”
#Bitcoin is Hope‼️
BREAKING: Bitcoin is selling for a 60% premium in Nigeria (37,235 USD) because of increased demand.
Central Bank of Nigeria started limiting cash withdrawals to $44 per day earlier this month.
Now leads the world in Google searches for “Buy #Bitcoin ” pic.twitter.com/SI861WUhVy
— SHIB Bezos (@BezosCrypto) January 29, 2023
Starting January 9, citizens can withdraw up to 20,000 naira ($43.50) from ATMs across the country each day, with one weekly limit of 100,000 naira ($217).
The new law was introduced just days after the new naira banknotes went into circulation, aimed at curbing inflation and money laundering. The Nigerian people had until January 24th to exchange their old banknotes for the new ones. However not everyone managed to meet the deadline, due to long queues and general disorganisation: the central bank has now extended the deadline to February 10th.
This is not the first time the price of Bitcoin has risen in Nigeria. In February 2021, the central bank banned regulated financial institutions from providing services to crypto-exchanges operating in the region: the news sent the value of BTC soaring by 26%.
