Following the recent ban on Nigerian banks from serving crypto exchanges, the price of Bitcoin in the country has spiraled out of control.
Bitcoin is more expensive
It has been nearly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from serving cryptocurrency exchanges in the country. All banks and institutions at risk of harsh penalties were directed to close the accounts of crypto-related companies immediately.
Following the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outpace other countries, according to the latest data from Google Trends. The price of Bitcoin is trading at a 36% higher price as of the time of writing.
Accordingly, compared to the average spot market price of $ 51,314, Bitcoin turns into a $ 71,150 price tag in Nigeria.
Nigeria’s Securities and Exchange Commission halted the planned regulatory sandbox for crypto firms last week, citing the consequences of the central bank ban.
Nigerian senator Sani Musa pointed out at the Senate plenary on Feb. 11 that Bitcoin poses a significant threat to the national fiat currency, the naira.
Cryptocurrency representatives in Nigeria declined to comment on the further sale of Bitcoin, citing a sensitive climate after the Central Bank of Nigeria banned banking services to crypto companies.