Nigerian showed a sudden increase in Bitcoin adoption after the central bank of Nigeria implemented the Naira Defense policy, which thwarted the transactions in Naira.
Bitcoin has been extremely bullish right now, and Nigerians resort to Bitcoin for making global transactions. Thanks to its global appeal and ease of cross border transactions, Bitcoin acts as a robust hedge to deflating currencies.
Bitcoin Adoption Surges In Nigeria
Nigeria is emerging as one of the most eventful countries when it comes to Bitcoin transactions. Paxful, a peer-to-peer Bitcoin selling and buying platform, shows that Bitcoin transactions in Nigeria are humongous. In the last five years, Nigerians have traded over $566 million worth of BTC on the Paxful application. Bitcoin has attracted much attention and acceptance in Nigeria.
The Central Bank of Nigeria has imposed strict policies for making transactions in Naira. The bank further tightened its legislation to close all out of border transactions in Naira. The bank said that the International money transfer operators should not process international payments while it also stopped TransferWise and Axiom to function within the country. The Nigerian citizens can, though, receive payments in their own domiciliary account, a current personal account through which users can accept foreign currencies and do foreign transactions.
As Nigerians flock towards Bitcoin, the government has also showcased its intent to channelize cryptocurrencies and bring a legal framework to process crypto assets like securities.
Central Bank of Nigeria issued a formal communication in which the various IMTOs operating in the countries were asked to immediately disclose to their beneficiary to receive diaspora transactions in foreign currency cash or in their accounts. The Nigerian Interbank Settlement System( NIBSS) would roll out a central reporting portal to manage the foreign transactions and bring transparency in cross border transactions.
Bitcoin is gaining massive popularity in the nations where the economic turbulence has impacted the national currencies, and people have started to doubt the future of financial stability. Since Bitcoin and cryptocurrencies provide a safe hedge to the unanticipated economic turmoil, the new generation is vouching for digital assets.
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