Bitcoin Price Surpasses US$1,250 In Nigeria Amid Surging Naira Value
Although Nigerian exchanges are recording such high prices, that does not mean the rest of the world will follow their lead. Bitcoin prices can vary significantly from country to country. Specific regions are subject to paying premium prices, with China being a great example. But Nigeria is warming up to Bitcoin as well, sending prices soaring to unseen levels. Just yesterday, the price per BTC touched US$1,251.18 across Nigerian Bitcoin exchanges. Considering how the average global price was US$725 at that time, such a large cap is rather unusual. Bitx is one of Nigeria’s most prominent....
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In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading around 411.25. Before the latest adjustment, the naira had fluctuated between 380 and 381 to the dollar since July last year. Unifying Multiple Exchange Rates Meanwhile, a report in the Nigerian media has speculated that the seeming devaluation of the naira indicates that the CBN is now working towards “unifying multiple exchange....
The Central Bank of Nigeria (CBN) plans to launch a digital naira pilot program later in October 2021, as part of its central bank digital currency project (CBDC). Central Bank of Nigeria To Launch Digital Naira The Central Bank of Nigeria (CBN) has been in the news for its anti-cryptocurrency actions throughout much of 2021. […]
Nigeria’s national currency Naira plummeted in value against the US dollars, amid the collapse of global oil prices. Although the Bitcoin industry and the market for the digital currency is still fairly small in size, ice3x.com founder Gareth Grobler predicts to see a rapid change in the rate of adoption and awareness of Bitcoin in Nigeria in the near future. Nigeria’s national currency Naira plummeted in value against the US dollars, amid the collapse of global oil prices. The central bank of Nigeria and President Muhammadu Buhari has already begun implementing various currency controls....
Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes. According to the CBN’s Aladeen Badajo, the central bank is concerned with the rate at which Nigerians “mutilate, deface, squeeze and even spray and sell the naira notes.” He adds that as a result of this abuse, Nigeria is now spending more money on reprinting banknotes than it should. According to a report that quotes Badajo, an assistant director at the CBN’s Currency Operations Department, offenders now face....
On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more residents continue to snub the digital currency. In a move aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to motorized rickshaw drivers and passengers that use the e-naira. Kingsley Obiora, a deputy governor at the CBN, suggested that the digital currency needs “a little push from the government” if it is to be widely embraced. E-Naira Rollout at Phase 2 As Nigeria commemorated the e-naira’s first anniversary on October 25,....