Bitcoin Price Hits $68,000 In Nigeria: Here's Why
02/24/21 AT 6:51 AM
The price of a bitcoin has rise by nearly 90 percent since the start of this year Photo: AFP / Ozan KOSE
KEY POINTS
There is a budding informal market for the dollar in Nigeria and other emerging markets
The Bitcoin rates may be a reflection of the real value of the local currency
The price of Bitcoin in Nigeria has exploded to $68,000, which is $20,000 higher than the current global market rate, primarily because of the current exchange rate between the U.S. dollar and the Nigerian naira.
As per a listing on LocalBitcoins, 1 Bitcoin is worth 26,000,000 naira in Nigeria. At the rate of 380 naira per dollar, the price of 1 BTC in Nigeria when converted to dollars is $68,246, a large 24% premium from the current market rate.