Nigeria’s cashless bid pushes Bitcoin premium to 63%

The Bitcoin premium has reached 63% in Nigeria. Restrictions on cash withdrawals paired with a push towards a cashless economy have led to an increase in demand for BTC. The Central Bank of Nigeria’s recent efforts to push its citizens towards a cashless society has led to a sharp increase in the price of Bitcoin […]

Restrictions on cash withdrawals paired with a push towards a cashless economy have led to an increase in demand for BTC.

The shift to a digitized economy paired with the ongoing restrictions on ATM withdrawals has prompted people to resort to the flagship cryptocurrency in order to facilitate daily transactions.The increase in demand for Bitcoin has sent its price soaring. The price of one Bitcoin on the Nigerian crypto exchangeThis represents a 63% premium against the market price of BTC at $23,603.

As for ATM withdrawals, citizens are allowed to withdraw a maximum of 20,000 NGN every day with a weekly cap of 100,000 NGN. Citizens initially had until 24 January to exchange their old banknotes for new ones, but the deadline has been pushed to 10 February.

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