Nigerians Need Bitcoin, So Where Will The Restrictions Lead?
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.What Are Bitcoin Forks?The massive rally in bitcoin prices has created a lot of buzz around cryptocurrencies lately, but Nigeria is one of the countries where bitcoin has been widely accepted for some time. The West African country has the highest bitcoin trading volume in Africa and recently ranked second globally of any country after the United States. According to Bitcoin.com, Nigerians have traded more than 60,200 BTC (worth more than $566 million)....
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Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....
Some Nigerians plan to continue using bitcoin (BTC) and other cryptocurrencies despite a directive issued by the Central Bank of Nigeria (CBN) last week ordering banks to close down accounts associated with cryptocurrencies.
A rule in Nigeria banning financial institutions from facilitating cryptocurrency activity has elicited a range of reactions from citizens. The post How Nigerians Are Reacting To The Cryptocurrency Ban appeared first on Bitcoin Magazine.
Despite the ban in early 2021, Nigerians are trading millions of dollars worth of bitcoin in peer-to-peer markets every month.