Why Bitcoin Is Attracting A 60% Premium In Nigeria

The price of Bitcoin BTC/USD in Nigeria has skyrocketed to levels far beyond global market averages, as the Central Bank of Nigeria promotes a digital, cashless economy.

What Happened: At the time of writing, a single Bitcoin for an extraordinary 17.2 million naira on the Nigerian crypto exchange, NairaEX. That’s a whopping $37,296.

This means a massive 60% premium over the current market price of Bitcoin, around $22,867 at the time of writing.

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This comes as the Central Bank of Nigeria announced a move towards a cashless society, it has tightened limits on ATM cash withdrawals to help bring about this shift.

According to Google Trends, Nigeria is leading the ‘How to buy Bitcoin’ search worldwide.

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Image and article originally from www.benzinga.com. Read the original article here.