One of the most discussed issues, weeks before the elections in Nigeria, is the changes in the currency. Withdrawals from ATMs with long queues were also restricted due to digital transformation. All this has accelerated the transition to Bitcoin.
Bitcoin choice for daily transactions…
The fact that the transition to E-Naira is not at the desired level and Bitcoin is much more preferred in the country ensures the use of the largest crypto money in these difficult days. Nigeria, which was one of the countries with the largest volume in P2P transactions, was Paxful’s largest market in this sense. In the country where there is a shortage of both cash and digital money, some of the people started to prefer Bitcoin for their daily transactions.
Price came to $40,000 and $62,000
This situation skyrocketed the price of Bitcoin. Bitcoin price was 17.8 million naira on NairaFX, one of the important cryptocurrency exchanges in Nigeria. This equates to about $38,600. In addition, the price of the P2P exchange called LocalBitcoins is $ 62,000.
As it is known, the government introduced new banknotes in order to prevent inflation and money laundering in the country. The public was given time until January 31 to replace the old banknotes with new ones. Due to the difficulties experienced, this period was extended to February 10.
