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Reading: Bitcoin Price in Nigeria Skyrockets 60% Due to Cashless Society Push
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graph showing increase in local bitcoin price in Nigeria
Cryptodetective > Blog > News > Cryptocurrency News > Bitcoin News > Bitcoin Price in Nigeria Skyrockets 60% Due to Cashless Society Push
Bitcoin NewsNewsCryptocurrency News

Bitcoin Price in Nigeria Skyrockets 60% Due to Cashless Society Push

crypto
Last updated: 2023/01/30 at 5:28 PM
crypto Published January 30, 2023
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Review Overview
Overall positive sentiment 7.7

Exploring the Factors Behind the 60% Rise in Bitcoin Price in Nigeria

The local price of bitcoin in Nigeria has shot up by 60% due to a strong increase in demand. A bitcoin is now worth 38,000 dollars converted into the local currency, the naira. The reason behind the surge in demand is due to increasing tensions between the central bank of the country and its citizens. The central bank recently imposed new limits on cash withdrawals, which is a step towards a cashless society but is met with strong resistance as cash is an integral part of the people’s lives in Nigeria.

Contents
Exploring the Factors Behind the 60% Rise in Bitcoin Price in NigeriaCentral Bank Imposes Limits on Cash Withdrawals and Bitcoin Surges in DemandNigeria’s Bitcoin Rate Soars 60% as Central Bank Drives Shift to Digitalized Cash with New Credit Card LaunchFAQ’sWhat caused the surge in demand for Bitcoin in Nigeria?What is the reason behind the Central Bank of Nigeria’s move towards digitizing cash?

Central Bank Imposes Limits on Cash Withdrawals and Bitcoin Surges in Demand

With the digitization of money, the government has more control over how it is spent. Bitcoin offers a pseudonym alternative and can be traded peer-to-peer without a third party. The central bank imposed new limits earlier this month, limiting citizens to only withdraw 20,000 nairas (around $43.50) per day from ATMs and 100,000 nairas (around $217) per week. The goal is to curb the demand for cash and reduce the inflation of the naira currency.

₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: Price of #bitcoin is double in Nigeria 🇳🇬 pic.twitter.com/9DCUQna8vn

— Documenting ₿itcoin 📄 (@DocumentingBTC) January 30, 2023
Double price in Nigeria for Bitcoin #BTC

However, there were long lines and complaints that there wasn’t enough time to meet the deadline to exchange old, higher-denomination bills for new currency. The central bank has now extended the deadline to February 10. This isn’t the first time that the local bitcoin price has skyrocketed in Nigeria. In February 2021, there was a ban on cryptocurrency exchanges in the country, causing the local premium to rise to 36%. The recent interest in bitcoin has also put Nigeria at the top of Google search queries.

Nigeria’s Bitcoin Rate Soars 60% as Central Bank Drives Shift to Digitalized Cash with New Credit Card Launch

Additionally, Reuters reported on January 26 that the Central Bank of Nigeria has launched a local credit card, AfriGo, to compete with Mastercard and Visa. The card is aimed at giving Nigerians better access to banking services such as receiving money from abroad. The reason behind the huge jump in the bitcoin rate in Nigeria is due to the central bank’s efforts to move its citizens to digitalized cash. At the time of writing, the price of 1 BTC on the Nigerian crypto exchange Nairaex is 17.8 million Nairas, which is around 35,425 euros, more than 60% above the current market price of bitcoin, which is around 21,300 euros at the time of writing.

FAQ’s

What caused the surge in demand for Bitcoin in Nigeria?

The surge in demand for Bitcoin in Nigeria is due to increasing tensions between the central bank and its citizens. The central bank recently imposed new limits on cash withdrawals, which is a step towards a cashless society but is met with strong resistance.

What is the reason behind the Central Bank of Nigeria’s move towards digitizing cash?

The Central Bank of Nigeria’s move towards digitizing cash is to have more control over how money is spent and to curb the demand for cash and reduce the inflation of the naira currency. With the digitization of money, the government has more control, while Bitcoin offers a pseudonym alternative that can be traded peer-to-peer without a third party.

Review Overview
Overall positive sentiment 7.7
Adoption of Cryptocurrencies in Nigeria 8 out of 10
Government push towards digitization of money 9 out of 10
Resistance towards a cashless society 6 out of 10
Good Stuff The local price of bitcoin in Nigeria has increased by 60% due to a strong demand Bitcoin offers a pseudonym alternative to traditional currency and can be traded peer-to-peer without a third party The recent interest in bitcoin has put Nigeria at the top of Google search queries The central bank of Nigeria has launched a local credit card, AfriGo, to give Nigerians better access to banking services such as receiving money from abroad
Bad Stuff The central bank of Nigeria's recent move to limit cash withdrawals is met with strong resistance as cash is an integral part of people's lives in the country The ban on cryptocurrency exchanges in the country in February 2021 caused the local premium of bitcoin to rise to 36% The central bank's efforts to move citizens to digitalized cash is causing tensions between the central bank and its citizens The long lines and complaints that there wasn't enough time to meet the deadline to exchange old, higher-denomination bills for new currency
Summary
The recent surge in bitcoin price in Nigeria can be seen as a positive sign for the adoption of cryptocurrencies. The push towards digitization of money by the government and the central bank is driving the demand for bitcoin as a pseudonym alternative for peer-to-peer trading. Despite resistance towards the cashless society, the increasing interest in bitcoin in Nigeria is a good indicator for the growth of the crypto market.

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TAGGED: AfriGo, Bitcoin, Cash Withdrawal Limits, Cashless Society, Central Bank of Nigeria, Credit Card, crypto exchange, Digitalized Cash, Digitization of Money, Google Search Queries, Government Control, Inflation, Mastercard, Naira, Nairaex, Nigeria, P2P Trading, Price Increase, Pseudonym Alternative, Reuters, Tensions, Visa

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