Nigerian cash limits see Bitcoin 61% above spot prices

Nigerian cash limits see Bitcoin 61% above spot prices Bitcoin BTC Nigeria

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Prices are even steeper for Nigerians who do not wish to use a centralized exchange, as some sellers on the peer-to-peer exchange LocalBitcoins are offering one BTC for a price of 28.17 million NGN, or roughly $61,190. That’s 164% above the current spot price. Under the new laws put in place on Jan. 9, citizens can only withdraw a maximum of 20,000 nairas from cash machines per day, with a weekly limit of 100,000 nairas . The CBN also issued new naira banknotes with the intention of curbing inflation and money laundering.

Also contributing to the high premium in Nigeria is the recent turnaround in Bitcoin price, which has resulted in a spike in Google searches for BTC in Africa’s biggest economy, making it the leading country for Bitcoin web searches according to data from Google Trends.

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