Last Updated on 2 hours by John Piper
The price of bitcoin ($BTCin Nigeria) has increased significantly compared to global values. That’s more than 60%, which is a top price for investors and users in the country.
The current price of Bitcoin is $23,600. In Nigeria it is currently 17.8 million naira. This equates to a staggering $38,700. This is due to the high demand for cryptocurrency in Nigeria, which has led to strong adoption as more and more people want to shop on local exchanges.
Due to the high demand for Bitcoin in Nigeria, the Central Bank of Nigeria has imposed protocols to encourage and enforce a cashless system. Cash restrictions at ATMs are part of the push towards digital cash and cryptocurrency.
Why is Nigeria going cashless?
For various reasons, the Central Bank of Nigeria wants to build a digital-centric financial system.
Mobile Money and Digital Payments: Introduction
Digital cash is becoming increasingly popular. With the widespread use of smartphones, mobile internet, mobile money and digital payment systems, users can access funds without having a bank account or being involved in traditional banking.
In addition, digital payments offer more convenience and accessibility than traditional methods such as cash transactions.
Trust in technology is growing
People feel more comfortable using digital payment options as technology advances and becomes more widely accepted.
Financial inclusion and less corruption
The Nigerian government has decided to halt withdrawals as part of an initiative to encourage digital payments and improve financial inclusion.
Limiting the number of banknotes in circulation or being cash-free also reduce the risk of money laundering. The Central Bank of Nigeria also stated that the old naira notes will stop working at the end of January and only new notes will be available.
BREAKING NEWS: The Nigerian Central Bank has announced new cash withdrawal limits of 20,000 Naira per day. It also announced that all existing naira notes would expire at the end of January.
Nigeria leads the world in searches for “How to buy #Bitcoin” pic.twitter.com/O26si2nHde
— Carl BTC-MENGER (@CarlBMenger) January 18, 2023
Which African Countries Are Leading the Way in Crypto Adoption?
Africa is home to many of the most successful Bitcoin adopters, including those in developing countries. Since crypto can offer financial inclusion to unbanked users, this is referred to as “banking for the unbanked”. Global payments are also easier, faster and cheaper. This is a popular way to send money abroad via wire transfer.
Chainalysis data shows that the top countries for crypto adoption are:
Nigeria
Nigeria is one of the most active African countries for Bitcoin adoption. It has a large, growing youth population, high smartphone adoption, and an expanding e-commerce industry. This is in addition to the cashless policy.
South Africa
South Africa’s large population is unbanked. It has a well-developed online market and a growing technology sector that have made it one of the most progressive countries in Africa when it comes to cryptocurrency adoption.
Kenya
Kenya is home to a strong mobile money sector and a supportive government for financial technology innovation. Bitcoin is a popular choice for investing and payments due to its crypto-friendly regulations and high-tech adoption.
Coin Insider’s first article, “Bitcoin Value Rises in Nigeria as Cashless Society Initiative Expands,” appeared first on Coin Insider.
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