How can i get bitcoin in nigeria

In Iran, officials recently targeted crypto exchanges and even pinned blamed for high levels of air pollution on Bitcoin mining.

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The developments illustrate the regulatory conundrum governments face with crypto assets that by design are intended to be decentralised and beyond their reach, but which are part of a rapidly evolving sector of global finance that pivots on innovation. Against this backdrop, Bitcoin and other cryptocurrencies soared in popularity last year, as both a hedge against the eroding purchasing power of the naira, as well as a way to move money around more easily. But it does not appear to have curbed appetites for crypto. The data suggest that despite the CBN directive, Nigerians are determined to leverage cryptocurrencies to increase their earnings, especially with rising inflation and limited access to foreign exchange liquidity.

Annan said if anything, the CBN directive only served to amplify the popularity of Bitcoin and pique the curiosity of crypto sceptics. Bitcoin: From buying a Bentley to losing it all. Why I bought Bitcoin. Cryptoasset investors warned they may lose the lot. It was a decision that transformed his life. No Nigerian comes to cryptocurrency and wants to look back.

Nigeria's cryptocurrency business 1. I'd made naira but lost US dollars. That's when I realised we're hustling backwards". The move to invest in digital currencies has paid off. How Bitcoin's vast energy use could burst its bubble How do cryptocurrencies work? Cryptocurrency ban. However, this year the institution doubled down on its stance.


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However, not everyone has been so fortunate. One source says his bank account was frozen two weeks ago with tens of thousands of naira in it. The software engineer says the bank would not disclose the reason for its actions. He suspects he was targeted for running a cryptocurrency remittance business. Nigerians also see cryptocurrencies as a way to get around foreign currency restrictions.

Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade

Ms Nwachukwu says this resulted in a wave of new sign ups and an increase in transactions. Many express their frustrations with government policy and the decline of the Nigerian economy. Related Topics. Nigeria Business in Africa Cryptocurrency Bitcoin. More on this story.

Bitcoin Is Trading at a 46% Premium on Luno Nigeria After Central Bank Ban

Published 27 February. Published 3 August Cryptocurrencies eliminate the need for banks and other financial intermediaries in managing exchanges of currency and assets. Despite the technology being decentralized — with no government, company or person controlling it — the Central Bank of Nigeria CBN is cracking down on the trade of cryptocurrencies.

Last Friday, the CBN instructed commercial banks and other financial institutions to close accounts involved in transactions with cryptocurrency exchanges.

A week later, its value had doubled. Osasenaga showed me on his phone just how much the trade-in digital currencies has recently risen. Tech-savvy young Africans are often looking to make money, making them more likely to venture into the world of cryptos.

Bitcoin Is Trading at a 46% Premium on Luno Nigeria - CoinDesk

The CBN also asked banks to identify "persons and entities" operating cryptocurrencies within their systems. Since July , Nigerian banks have reduced the amount customers can spend abroad using debit cards.


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Africa's giant economy faces dollar shortages due to the sharp fall in oil prices, Nigeria's main export. That's why Osasenaga looked for a way to circumnavigate the restrictions set by financial institutions. The CBN doesn't clearly state its reasons for the crackdown. Shuaibu Idris, managing consultant at Time-Line Consult, suspects the CBN had foreseen a potential crisis in the digital currency trade.

There will be a systemic collapse," Idris told DW.