• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Advertisement

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Ronaldo Marquez by Ronaldo Marquez
2 months ago
in Bitcoin
0
Advertisement

Bitcoin (BTC) has seen an exponential increase in demand in Nigeria as the country’s central bank encourages the population to switch to digital cash. As a result, the price of Bitcoin has escalated tremendously above global market levels. 

Related Reading: Crypto Exchange Binance To Launch Prepaid Card In This South American Country

The cost of one Bitcoin on Nigeria’s Crypto exchange NairaEx is currently trading at around 17.6 million Naira, Nigeria’s currency, equivalent to $38,200 U.S. dollars. This represents an increase of almost 60% compared to Bitcoin’s current price of $23,150 as of this writing. 

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Nigeria Bets On Bitcoin And Digital Assets Adoption 

The Bitcoin pump in this Nigeria’s cryptocurrency exchange comes after the country’s central bank began limiting over-the-counter (OTC) cash withdrawals by individuals and corporate organizations per week. 

This withdrawal limit policy only allows Nigerians to withdraw a maximum of 20,000 Naira (NGN), worth about $43, from the country’s ATMs per day, and with a limit of 100,000 NGN, worth $217.

The letter published in December 2022, in which the Central Bank of Nigeria redesigned its policy regarding cash withdrawal limit, has resulted in a premium being added to the price of Bitcoin in the African country. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

This measure aims to allegedly eliminate money laundering and reduce inflation in the African country, which in the last report of Nigeria’s inflation rate was 21.34% in December 2022. It fell slightly from a peak of 21.47%.

The Central Bank of Nigeria also gave Nigerians until January 24 to exchange their old higher-denomination banknotes for the new currency. This measure caused unrest in the population; people reported that the deadline was too short, which led to an extension. 

Nigeria’s Long Relationship With Crypto Assets

The Central Bank of Nigeria has come a long way in embracing digital currencies. In 2021, the Central Bank issued a circular to all financial institutions to stop providing services to crypto exchanges. It also called for the closure of accounts of individuals and companies that actively use cryptocurrencies and trade in digital assets.

A few months later, Nigeria planned to pass a law recognizing Bitcoin and digital assets as capital for investment. This industry has generated a lot of interest and alternatives to diversify capital and provide solutions to economic problems in different countries.

This law was implemented after the country’s central bank failed to introduce a Central Bank Digital Currency (CBDC). This digital asset, called the e-Naira, was poorly accepted and adopted by the population last year, with an adoption rate of 0.5%.

Nigeria has also been in talks with Binance, the world’s number one crypto exchange, to develop an economic zone to support crypto and blockchain businesses in the region.

BTC price falling on a 4HR chart Source: BTCUSDT Tradingview
Related Reading: This Unknown $20 Million Transfer In MATIC Caused A Price Drop?

Bitcoin has begun a correction as of press time, falling 4.6% in the last 24 hours. And 0.1% down in the last seven days in the global markets. Investors expect the Federal Open Market Committee (FOMC) meeting tomorrow to have an impact in the price action. 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Ronaldo Marquez

Ronaldo Marquez

Related Posts

Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

6 hours ago
Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

2 days ago
bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

2 days ago
Bitcoin

Bitcoin, Other Cryptos See $360 Million Sold Off In Single Day – Here’s Why

3 days ago
Shuttered Crypto Bitzlato Exchange Allow Users To Get 50% Of BTC Funds

Shuttered Crypto Exchange Bitzlato Opens Withdrawals For Users

4 days ago
Crypto and Bitcoin

Crypto Liquidations Hit $291 Million As Bitcoin Shows Volatility

4 days ago

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Binance Coin (BNB) Price prediction, Experts think RenQ...

    14 mins ago
  • Betnomi Affiliate Program 2023

    2 hours ago
  • Tremendous Growth in TMS Network (TMSN), While...

    3 hours ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    3 hours ago
  • TRON (TRX) and Tether (USDT) Fail to Impress Investors, TMS...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.