In demand much? One Bitcoin in Nigeria can cost more than $38,000 amid the central bank's efforts to limit ATM cash withdrawals.
As of Jan. 9, citizens were only allowed to withdraw a maximum of 20,000 NGN from cash machines per day with a limit of 100,000 NGN .
The move also came just days before new Naira banknotes went into circulation with the aim of curbing inflation and money laundering. The central bank imposed a deadline of Jan. 24 for Nigerians to exchange their old higher denomination bank notes for the new currency. However, people suffered long queues amid complaints that there was insufficient time to meet the deadline. The central bank has now extended that deadline to Feb. 10 according toIt is not the first time the Bitcoin premium has surged in Nigeria. In February 2021, the central bank
from providing services to cryptocurrency exchanges in the country. This drove the BTC premium as high as 36% at the time.
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