Bitcoin Price Reached $62,000 On This Exchange! –

Demand for Bitcoin in Nigeria has set a record. However, the price of Bitcoin in the country varies between 60% and 120%.

Problems of transition to the new system in Nigeria

One of the most discussed issues, weeks before the elections in Nigeria, is the change of currency. However, there is a shortage of new banknotes in Nigeria, where old banknotes have to be exchanged for new ones.

Withdrawals from ATMs with long queues have also been restricted due to digital transformation. Then all these problems accelerated the transition to Bitcoin.

Bitcoin preference for daily transactions

The transition to E-Naira in the country is not at the desired level and Bitcoin is much more preferred in the country. It also ensures the use of the largest cryptocurrency in these difficult days. Nigeria has previously been one of the countries with the largest volume of P2P transactions.

Attention: Bitcoin Price Reached $62,000 On This Exchange!

In this sense, Nigeria was Paxful’s largest market. In the country, where there is a shortage of cash and digital money, some of the people have started to prefer Bitcoin for their daily transactions.

Bitcoin price ranges between 40,000 and 62,000

Bitcoin price was 17.8 million Naira on NairaFX, one of the major cryptocurrency exchanges in Nigeria. This equates to about $38,600. It is also noteworthy that the price on the P2P exchange called LocalBitcoins reached $ 62,000. As we mentioned, BTC is traded at $22,867 on European exchanges.

Attention: Bitcoin Price Reached $62,000 On This Exchange!

As it is known, the government has introduced new banknotes in order to prevent inflation and money laundering in the country. However, the public was given until January 31st to replace old banknotes with new ones. However, due to the difficulties experienced, this process was extended to February 10.

Central bank pushing for digital currency

The Nigerian government aimed to promote cashless currency and set ATM cash withdrawal limits where citizens were allowed to withdraw a maximum of NGN 20,000 (approximately $43.50) per day from ATMs, with the daily limit being NGN 100,000 (approximately $217).

This is the second time BTC price has risen in Nigeria. The first example was the BTC premium to rise to 36% when the central bank banned licensed financial services from serving cryptocurrency exchanges in the country.

Attention: Bitcoin Price Reached $62,000 On This Exchange!

According to the report, the central bank of Nigeria has created a local card program to compete with global cards such as Mastercard and Visa. In an attempt to give Nigerians better access to debit card services and avoid the often expensive international card fees and conversion costs, the bank has released its ‘AfriGo’ card program.

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