Bitcoin Price Reached 38 Thousand Dollars In This Country: What’s Happening?

Nigeria, the most densely populated country in Africa Bitcoin (BTC) price on exchanges rose 50% above global market levels.

Price of one Bitcoin in Nigeria local currency naira in terms of for $38,000 flew away. The local people, who turned to Bitcoin after the decisions taken by the Central Bank of Nigeria, caused a serious increase in the price in the country.

At the time of writing, the Nigeria-based crypto exchange NairaEXPrice of 1 Bitcoin in equivalent to $38,792 from 17.5 million naira is being traded. Looking at the price difference, compared to the current market price of Bitcoin 50%It seems to be worth more than .

What’s going on?

Central bank transition to a cashless society in efforts to accelerate ATMHe declared that he would limit the withdrawal of cash from the . In the statement made by the government, as of January 9, citizens use the most cash from ATMs per day. 20,000 naira (about $43.50) weekly limit when allowed to withdraw 100,000 naira (about $217) was determined as.

The central bank gave Nigerians until January 24 to replace their old and high denomination notes with the new currency, but this time was deemed too short and was met with public outrage. Then the government extended the time with a new announcement. until 10 February extended.

In a statement made by the Nigerian government at the end of 2022, legally recognize cryptocurrencies It was announced that a new bill would be submitted to parliament for approval.

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