Cointelegraph Team
Cointelegraph
The price of Bitcoin (BTC $23,695) in Nigeria has skyrocketed to well above market levels amid continued efforts by the central bank to push its citizens into digitalized cash.
At the time of writing, the price of 1 BTC on Nigerian crypto exchange NairaEX is currently 17.8 million Naira, equating to a whopping $38,792.
This represents more than a 60% premium over the current market price of Bitcoin, which is around $23,700 at the time of writing.
It comes as the Central Bank of Nigeria has continued to impose limits on ATM cash withdrawals amid an ongoing effort to accelerate its shift to a cashless society.
Earlier this month, the central bank imposed a limit on cash withdrawals following a December announcement.
As of Jan. 9, citizens were only allowed to withdraw a maximum of 20,000 NGN (around $43.50) from cash machines (ATMs) per day with a limit of 100,000 NGN (roughly $217).
The move also came just days before new Naira banknotes went into circulation with the aim of curbing inflation and money laundering. The central bank imposed a deadline of Jan. 24 for Nigerians to exchange their old higher denomination bank notes for the new currency.
However, people suffered long queues amid complaints that there was insufficient time to meet the deadline. The central bank has now extended that deadline to Feb. 10 according to reports on Jan. 29.
It is not the first time the Bitcoin premium has surged in Nigeria. In February 2021, the central bank banned regulated financial institutions from providing services to cryptocurrency exchanges in the country. This drove the BTC premium as high as 36% at the time.
The recent interest in Bitcoin has also seen Nigeria becoming the leading country for Bitcoin web searches, according to Google Trends.
Additionally, on Jan. 26 Reuters reported that the Central Bank of Nigeria launched a domestic card scheme to rival foreign cards like MasterCard and Visa.
The "AfriGo" card scheme was designed to give Nigerians better access to bank card services and circumvent often expensive foreign card fees and exchange costs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025
The adoption of cryptocurrency-related financial products, including tokenized treasuries, is on overdrive globally, with the focus now shifting to robust networks such as Ripple's XRP Ledger (XRPL).
Sei rallies as Wyoming selects protocol for WYST stablecoin pilot
Sei extends gains above $0.21, decoupling the token from the broader crypto market amid low sentiment and macroeconomic uncertainty. The Wyoming Stable Token Commission selects Sei Network as a candidate blockchain for the WYST, the first fiat-backed stablecoin issued by a US state.
Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat
Bitcoin bulls step up, pushing the price above $106,000, as Trump said he would delay his decision about launching strikes on Iran for up to two weeks. Ethereum rebounds from the 200-day EMA support at $2,477 amid steady interest in the derivatives market.
Solana eyes trend reversal as bearish momentum bottoms out above $140
Solana experiences a minor uptick of under 1% at press time on Friday, with multiple long shadow candles forming above $140 as bearish momentum fades off. The optimism surrounding Solana is on the rise, as evidenced by the SOL Open Interest reaching a weekly high.
Bitcoin Weekly Forecast: The calm before the storm
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.