Bitcoin was trading at $38,000 at the time of writing in Nigeria's leading crypto platform, NairaEX, a 60% premium over its price elsewhere.
The demand for Bitcoin (BTC) has increased in Nigeria, causing its price in Nigeria to rise due to new cash withdrawal limit policies.
- The reason that the price of BTC in Nigeria has significantly increased beyond the global market valuation is due to the government's decision to create a cashless economy.
- The Nigerian government is imposing a limit on banks and ATM cash withdrawals, which came into effect on Jan. 9.
- Recently, the Nigerian central bank imposed a weekly limit of $217 and $1,085 withdrawals on individuals and corporations.
- Anything above the limit will have a 5% processing fee for individuals and 10% for corporations.
- Maximum cash withdrawal per week via ATM is set at $217, subject to a maximum $43 cash withdrawal per day.
- As a result, the demand for Bitcoin has increased in the country; Nigerian investors are becoming more interested in purchasing Bitcoin than investors in the United States.
