© Reuters. Bitcoin Soars To $37K In Nigeria As Apex Bank Enforces Digital Cash
- BTC costs 17.2 million NGN, equivalent to $37,450 at the official exchange rate.
- it costs 1.1 million NGN, equivalent to $2,575, instead of the global $1,569.
- The Nigerian government recently banned daily cash withdrawals greater than $43 from ATMs.
Recently, prices of major cryptocurrencies in Nigeria, the world’s most populous African country, have been growing exponentially as its central bank urges citizens to go digital.
According to NairaEx, one of the leading local cryptocurrency exchanges, one costs approximately 17.2 million Nigerian Naira (NGN), which is equivalent to $37,450 at the official exchange rate of 460 NGN to the dollar. This figure is roughly $14,650 more than Bitcoin’s current global market price of $22,800.
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 substantial price discrepancies.
Last year, the central bank of Nigeria revised its cash policy to prohibit daily cash withdrawals above NGN 20,000 or $43 from ATMs and over-the-counter machines. It also placed a restriction of 100,000 NGN or $217 on monthly cash withdrawals.
Nigeria’s director of banking supervision, Haruna Mustafa, said customers should use alternative channels…
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