Why Bitcoin Is Attracting A 60% Premium In This African Country

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.

BREAKING: Nigerian central bank introduces new cash withdraw limits (20,000 naira ~ $44 daily) and announced that all old naira bills will be worthless at the end of January.

Nigeria is leading the „How to buy #Bitcoin“ search worldwide  pic.twitter.com/O26si2nHde

— Carl ₿ MENGER � (@CarlBMenger) January 18, 2023

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