Bitcoin recently broke the $ 50k resistance, but in Nigeria the price is 50 percent above the global price.
Bitcoin price exceeds 80 thousand dollars in Nigeria
Cryptocurrency trading continues to thrive in Nigeria, despite the ban imposed by the Central Bank. The Central Bank of Nigeria has previously issued a warning against enabling financial institutions with Bitcoin transactions. The digital asset is currently traded in Nigeria at 52% above the global price.
Statistics show that Bitcoin is currently traded in Nigeria at a 52 percent premium. The premium is spotted on the leading cryptocurrency platform Luno. While the global price stands above $ 52,000, the digital currency is currently traded in Nigeria for over $ 78,000. It also seems to be increasing exponentially. About two days ago, it was only 36% above the global market price.
The price difference is far from other countries in the list. Venezuela ranks second with just 3.5 percent. Argentina, Chile and Malaysia make up the top five, with less than 3 percent each.
How is this price difference possible?
The price difference in Nigeria is an indicator of increasing peer-to-peer trade activity.
P2P trading took center stage in Nigeria after the Federal Reserve ordered financial institutions to close accounts involved in cryptocurrency trading. The Apex bank also warned banks and other financial institutions to stop facilitating cryptocurrency-related transactions. While banks terminated their relations with crypto exchanges, other fintech companies in the country also stopped related services in accordance with the circular.
However, the ban did not succeed in curbing the growth of the world’s second largest P2P cryptocurrency market. Volumes on peer-to-peer trading platforms are increasing. Industry giants are also designing vehicles that will appeal to the developing Nigerian market.
Binance recently rolled out new services to enable compatible BTC trading in the country. Express mode will allow investors who have completed KYC to trade the Nigerian Naira (NGN) for cryptocurrencies.
Other exchanges may imitate this by offering similar services to encourage continued Bitcoin trading in the country. For Nigeria’s young population, BTC is more than just a digital asset. He played an important role in the nationwide End of SARS protest last year. After the Federal Reserve freezed the accounts of donor activists, they started buying Bitcoins instead.