After the Central Bank of Nigeria significantly lowered the ATM daily withdrawal limit and “mandated the use of CBDC by all people” , Bitcoin has experienced a large premium in the local area.
As of press time, Bitcoin was quoted at 17.8 million naira on the local exchange NairaEX, equivalent to $38,792, more than 60% higher than the current market price (approximately $23,700).
According to statistics, Nigeria is the most active cryptocurrency market in Africa, and was once the second largest Bitcoin market after the United States in terms of global trading volume.
Nigeria just issued a new large-denomination banknote last month, intending to use it to deal with inflation that has soared past 20%, and to transform a cashless economy, restricting cash withdrawals, and trying to force people to use the central bank’s digital currency “e-Naira “Unexpectedly, it led to a surge in demand for Bitcoin.
At present, in Nigeria, people can only withdraw up to 20,000 naira ($45) in cash from ATMs per day, and the weekly withdrawal limit is 100,000 naira ($225). If the withdrawal limit is exceeded, a 5% fee will be charged. handling fee.
