1 BTC for $38k on NairaEx
The bitcoin exchange rate exceeded $38 thousand on the crypto platform NairaEx.
As of January 31, the value of assets on this site is 17.8 million Nigerian naira (NGN) — this is about $38.7 thousand at the rate of 460 NGN for $1.
NairaEx is a Nigerian crypto platform that offers the exchange of 12 cryptocurrencies against the Nigerian national currency, as well as savings programs and crypto products with a yield of up to 4% per annum.
The BTC exchange rate recorded on the Nigerian crypto platform is 64% higher than the current market price of the asset.
The sharp rise in the value of bitcoin on the Nigerian crypto platform comes against the backdrop of the introduction of new restrictions on cash withdrawals by individuals and businesses from banks and ATMs in the country. These restrictions took effect on January 9.
The limit on cash withdrawals from ATMs is 20 thousand naira ($43.5) per day and 100 thousand naira ($217) per week.
Amounts above the limits will be subject to a commission.
The introduction of limits is aimed at reducing cash turnover and preparing for the introduction of the national digital currency, eNaira, in 2021.
The Nigerian government is actively promoting its use, but despite the authorities’ efforts, only half a percent of the population uses the national digital currency one year after its launch.