Last Updated on January 31, 2023 by Bitfinsider
The Bitcoin surge in Nigeria’s cryptocurrency exchange follows the country’s central bank’s decision to limit over-the-counter (OTC) cash withdrawals by individuals and business entities each week.
This withdrawal limit policy permits Nigerians to take a maximum of 20,000 Naira (NGN), or approximately $43, from the country’s ATMs per day, with a daily ceiling of 100,000 NGN, or approximately $217.
The letter released in December 2022, in which the Central Bank of Nigeria changed its policy regarding cash withdrawal limits, resulting in the addition of a premium to the price of Bitcoin in the African country.
This measure is intended to purportedly minimize money laundering and cut inflation in the African country, which had an inflation rate of 21.34% in December 2022 according to the most recent report. It dropped marginally from a high of 21.47%.
Nigerians have until January 24 to swap their old higher-denomination banknotes for the new money, according to the Central Bank of Nigeria. This measure sparked public outrage; individuals complained that the deadline was too short, prompting an extension.
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