• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Could Nigerias Decision to Halt Dollar Sales Boost Bitcoin Adoption. newsbtc

Halt Dollar-Sales Boost Bitcoin Adoption in Nigeria?

Joseph Young by Joseph Young
7 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Nigeria’s national currency Naira plummeted in value against the US dollars, amid the collapse of global oil prices.

The central bank of Nigeria and President Muhammadu Buhari has already begun implementing various currency controls to avoid additional devaluation of the currency. Due to fear of hyper devaluation and extreme currency volatility, the country’s black market exchanges have seen an explosive demand of US dollars, leading to a surge in the value of USD.

Based on the data provided by Google Finance, the value of Nigerian naira fell to nearly US$0.05 for one naira, recording an all time low since early 2005.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

In January 12, 2016, the black market rate for USD spiked to 282/USD according to financial blog Zerohedge, recording a staggering 29.4% increase in the value of US dollars.

“Without the CBN’s support, it is unclear who will fund BDCs and to what extent. Ultimately, we think these measure are precursor to a devaluation of the interbank FX rate – which we think is the only way to address the large and growing premium for USD on the black market,” said Alan Cameron, an economist at London-based investment bank Exotix Partners.

Bitcoin’s Capitalization

As opposed to the Nigerian naira, which heavily depends on the performance of its oil industry, Bitcoin as an independent currency has begun to gain traction from the relatively small community of Nigeria. Bitcoin exchanges such as ice3x.com reported additional traffic following the recent decline in the value of the national currency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Although the Bitcoin industry and the market for the digital currency is still fairly small in size, ice3x.com founder Gareth Grobler predicts to see a rapid change in the rate of adoption and awareness of Bitcoin in Nigeria in the near future. The factor behind such growth of Bitcoin is speculated to be the increasing controls and regulations of other assets, commodities, and currencies including the US dollars.

“The Bitcoin ecosystem in Nigeria is extremely small and even though using bitcoin as a payment tool is theoretically possible in Nigeria, the bitcoin market itself is not able to sustain profitable commercial ventures yet. I think this is rapidly changing, but it is not time to cut your credit cards yet. Small business and entrepreneurs are embracing the technology and we have seen a shift towards adoption and education, away from speculation.”

Grobler further emphasized the spectacular growth in the requests from local merchants to learn more about the technology and how it can benefit them financially.

“Our payment partner voguepay.com have been inundated with calls from clients wanting to be able to accept bitcoin as payment method or local portals to international sellers wanting to use bitcoin as their payment rails.”

The one vital element that is desperately needed by the Bitcoin community and industry of Nigeria is higher liquidity and trading volume of Bitcoin. Historically, the national currency of Nigeria has maintained a declining trend, refusing to demonstrate a sign of recovery. With additional heavy currency controls and possibly, capital controls yet to be implemented by the government, Bitcoin could be a more stable option for Nigerians to store their wealth.

Tags: bitcoinBitcoin NewsBitcoin NigeriadollarsICE3Xice3x bitcoin exchangeNigeria
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Related Posts

fetch ai fet chatgpt

Fetch.AI (FET) Soars 20% In Under 24 Hours As AI Arms Race Hastens

56 mins ago
Polkadot

Polkadot (DOT) Gains 6% In One Day As Market Sees Correction

1 hour ago
Litecoin

Litecoin (LTC) Tallies Over 12% Increase In Last 7 Seven Days

3 hours ago
DOT Price (Polkadot) Prediction

DOT Price (Polkadot) Prediction: Break Above $6.80 Could Spark Fresh Rally

16 hours ago
Ethereum Price

Ethereum Price Looks Ready For Another Leg Higher Over $1,700

17 hours ago
Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

18 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.