Bitcoin To Benefit From Central Bank of Nigeria’s International Card Ban
By the look of things, trouble is brewing in parts of Africa, as the Central bank of Nigeria has issued an order to ban the usage of credit and debit cards abroad. According to one of the affected commercial banks in Nigeria, this is just a temporary measure, although the real reason behind the decision is still pretty vague at the moment. Will this create another opportunity for Bitcoin? Even though the ban will go into effect come January 1st, the consequences are far broader than just physical transactions. For those Nigerians looking to buy goods and services online from foreign online....
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Starting on 1 January 2016, credit and debit cards denominated in the Nigerian naira will no longer be enabled for international use. The decision by the Central Bank of Nigeria to ban credit and debit card purchases abroad comes amid declining foreign exchange liquidity and aims to slow the flow of foreign exchange out of the country. News of the ban broke via BBC. So far one Nigerian bank, Standard Charter, has informed customers of the impending change. The Nigerian economy, the twentieth largest in the world, has been hard hit by falling oil prices, and the unofficial value of the....
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