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Bitcoin’s price trades 60% higher in Nigeria as demand increases

The Nigerian government imposed a limit on ATM withdrawals, causing panic among citizens and a huge premium on Bitcoin.

People who think $23,000 per Bitcoin (BTC) is “too expensive” may be surprised it hit $38,000 in Nigeria as people struggle to get their hands on fiat money. This is approximately 60% premium compared to the global prices of BTC.

Nigerians run after Bitcoin

Reportedly, the government is limiting its citizens from withdrawing more than $44 per day from ATMs, which resulted in a massive price increase of Bitcoin in Nigerian nairas (NGN). To be exact, the price of 1 BTC at NairaEX, the Nigerian crypto exchange, is currently 17.5 million nairas, which is $38,000.

Related article: TOP crypto memes that everyone should know

This is $15,000 more per Bitcoin in their local currency. Fiat currencies lose value regularly, especially in developing countries like Nigeria or Venezuela. Nigerian citizens are jumping on crypto, realizing it’s the most effective solution at the moment. 

People are fighting to withdraw money from ATMs, which only have a limit of around $44 withdrawals per day. This despair caused Nigerians to buy BTC at 60%, or even 100% higher than at the price it is right now at Paxful, a peer-to-peer (P2P) trading platform.

Long queues made it impossible for everyone to get their cash, ending up buying Bitcoin at extreme prices. This is not the first nor the last time Bitcoin premium surged so dramatically in the country. Bitcoin premium also surged in early 2021 when the central bank imposed a ban on providing services to crypto exchanges in Nigeria.

Also read: Ukraine wants to become the leading jurisdiction for digital assets

Now almost everyone is Googling how to buy Bitcoin in the country, and the demand for crypto is stronger than ever. Bitcoin was proclaimed dead many times in the past, but it always seems to come back more expensive.

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...


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