Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin. The post Nigerians Need Bitcoin, So Where Will The Restrictions Lead? appeared first on Bitcoin Magazine.
Although their central bank is attempting to outlaw use of cryptocurrencies, it’s clear that Nigerians have real need for access to bitcoin.
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.
Despite the ban in early 2021, Nigerians are trading millions of dollars worth of bitcoin in peer-to-peer markets every month.