Bitcoin premium hits 60% in Nigeria as country limits ATM cash withdrawals

6 Comments

1. the_nigerian_prince on 12. August 2023 at 15:14

   No it hasn’t.

   There are two forex rates in Nigeria:

   * the official rate of N460/$1, which very few people have access to. This rate is fixed by the central bank.
   * a black market rate that’s market driven. This is what every Nigerian considers to be the actual value of the Naira, currently at N748/$1.

   Bitcoin’s price is based on the second rate. So divide whatever the Naira cost of Bitcoin is by 748, and you’ll get around $23k. Which matches its current global price.

   
   
   
2. AmericanScream on 12. August 2023 at 15:14

   The actual story is, “central bank puts limitations on co-mingling real money with crypto”, which the crypto publications spin as a so-called increase in the street price of crypto trading (not due to crypto being harder to get, but fiat being harder to get from crypto).

   
   
   
3. delly745 on 12. August 2023 at 15:14

   fraudsters

   
   
   
4. ComfortableEarth1 on 12. August 2023 at 15:14

   Since 2020, the price of cryptocurrencies has been rising quickly.

   
   
   
5. yossigol on 12. August 2023 at 15:14

   Bye-nance…

   
   
   
6. stellarcapo on 12. August 2023 at 15:14

   That’s unfortunate, P2P traders are making a killing right now.