Bitcoin price in Nigeria has reached $76,000

The price of the first cryptocurrency in Nigeria surpassed $76,000 after the central bank banned financial institutions from providing services to exchanges and cryptocurrency-related companies.

On the Quidax exchange, the price of Bitcoin in the local currency pair reached 290 million NGN. Thats more than $76,000 at the time of writing.

BTC/NGN chart for the Quidax exchange from TradingView.

According to BitcoinPriceMap, the bid-ask spread exceeds 40%, and trading volume is limited to 112.59 BTC.

Data: BitcoinPriceMap.

According to Google Trends, the African country ranks first worldwide in interest in Bitcoin.

Popularity of the search term “bitcoin” by country over the last 30 days. Data: Google Trends.

In 2017, Nigeria’s central bank acknowledged that regulating or halting the spread of the first cryptocurrency is impossible.

In October 2020, Twitter CEO Jack Dorsey urged users to donate bitcoins to those harmed by abuses of law enforcement in the country.

Earlier the Nigerian Securities and Exchange Commission (SEC) recognised digital assets as securities, ‘unless proven otherwise’.

In November 2020, the country’s Finance Ministry announced the start of work with the SEC on legal standards for cryptocurrencies.

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