🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

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

  • 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.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.