The price of bitcoin in Nigeria has soared to a level well above the level of the international market as Nigeria's central bank is once again trying to push citizens to use smart cash.
At the time of writing, the price of the 1BTC in the Nigerian password trading center Naira EX was 17.8 million naira, equivalent to a shocking price of $38792.
This represents a 60 per cent premium over the current bitcoin market price, which, at the time of writing, was about $23700.
In addition, the Nigerian central bank continues to increase restrictions on ATM withdrawals to accelerate the change to a cashless society.
Earlier this month, the central bank increased restrictions on cash withdrawals after it was announced in December.
From January 9, citizens are not allowed to withdraw more than 20, 000 naira ($43. 50) a day from an automatic teller machine, with a weekly withdrawal limit of 100000 naira ($217).
The move also took place a few days before the gradual circulation of the new currency in Naira, aimed at fighting inflation and money laundering. Nigeria's central bank has set a deadline of January 24, requiring Nigerians to convert relatively high-denomination old banknotes into new loan currencies.
However, everyone lined up and complained that there was not enough time to meet the deadline. According to the BBC on January 29th, the central bank has now extended the deadline to February 10th.
This is not the first time Nigeria's bitcoin premium has soared. In February 2021, the central bank banned regulated financial companies from providing help to the country's cryptocurrency exchanges, causing the bitcoin premium to reach 36%.
Recent enthusiasm for Bitcoin has also prompted Nigeria to become a leader in searching for Bitcoin sites, according to Google Trends.
In addition, on January 26th, Reuters reported that Nigeria's central bank has issued a Chinese card program to compete with other national card markets such as MasterCard and Visa.
The aim of the "AfriGo" card program is to give Nigerians better access to savings card services and to bypass the usually expensive card fees and costs in other countries.
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Tue, 18 Apr 2023