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Bitcoin Soars to $37K in Nigeria as Apex Bank Enforces Digital Cash

Published 01/31/2023, 01:52 PM
Updated 01/31/2023, 02:00 PM
© Reuters.  Bitcoin Soars to $37K in Nigeria as Apex Bank Enforces Digital Cash
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  • BTC costs 17.2 million NGN, equivalent to $37,450 by the official exchange rate.
  • Ethereum costs 1.1 million NGN, equivalent to $2,575, instead of the global $1,569.
  • Nigerian government recently banned daily cash withdrawals above $43 on ATMs.

Recently, the prices of major cryptocurrencies in Nigeria, the most populous African country in the world, have been growing exponentially as its apex bank urges citizens to go digital.

According to NairaEx, a leading local crypto exchange, one Bitcoin costs approximately 17.2 million Nigerian Naira (NGN), equivalent to $37,450 going by the official exchange rate of 460 NGN per USD. This figure is about $14,650 more than Bitcoin’s current $22,800 global market price.

Similarly, the price of Ethereum (ETH) is about 1.1 million NGN, equivalent to $2,575, instead of the global $1,569. The country’s recent fiscal policies may be a notable reason for the substantial price discrepancies.

Last year, the Nigerian central bank revised its cash policy to ban daily cash withdrawals above 20,000 NGN or $43 over-the-counter and automated teller machines. It also imposed a 100,000 NGN or $217 restriction on monthly cash withdrawals.

Nigeria’s director of banking supervision Haruna Mustafa noted that customers should use alternative channels ...

The post Bitcoin Soars to $37K in Nigeria as Apex Bank Enforces Digital Cash appeared first on Coin Edition.

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