Bitcoin price on Nigerian NairaEX tops $38,000

The price of Bitcoin on the popular Nigerian exchange NairaEX, when converted from the local currency, подскочила to $38,935, implying a 64.4% premium to the global market. The divergence is due to imposed central bank limit on cash withdrawals at ATMs.

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#Bitcoin is Hope‼️

BREAKING: 🇳🇬 Bitcoin is selling for a 60% premium in Nigeria (37,235 USD) because of increased demand.

🇳🇬 Central Bank of Nigeria started limiting cash withdrawals to $44 per day earlier this month.

Now leads the world in Google searches for «Buy #Bitcoin » pic.twitter.com/SI861WUhVy

— SHIB Bezos (@BezosCrypto) January 29, 2023

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Under the regulator’s order, the daily limit in equivalent terms was $217 and a one-off cap of $43.5. ATM withdrawals are allowed to be loaded with notes of no more than 200 naira.

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The move is aimed at reducing the share of cash in the money supply.

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In a statement, customers should be encouraged to use alternative payment options, including mobile banking andCBDC.

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Earlier, the regulator released banknotes with a redesigned design, setting a deadline for exchanging the “old” notes by January 31.

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Against queues at bank branches and complaints, the Bank of Nigeria pushed this date to February 10. As a result, a premium on the dollar emerged on the black market relative to the central bank’s rate.

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The country выбилась to global leadership in search queries for “buy Bitcoin”.

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25 October 2021, Nigerian President Muhammadu Buhariannounced the launch of the national digital currency.

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Later, IMF warned that eNaira could pose risks of money laundering and financing of terrorism. Experts at the organisation saw similar threats in cross-border use of the digital naira.

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Earlier, in August 2022, the central bank governor Godwin Emefiele said that eNaira had been used to conduct transactions totaling 4 billion naira ($9.3 million at the rate at the time).

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At the end of the year, Nigerian authorities promised to pass a bill legalising the use of the first cryptocurrency and other digital assets.

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