Nigeria's central bank continues to impose limits on cash withdrawals to its citizens. But Bitcoin is fixing this.
As of Jan. 9, citizens are only allowed to withdraw a maximum of 20,000 nairas from cash machines per day, with a weekly limit of 100,000 nairas .
The move also came just days before new naira banknotes went into circulation with the aim of curbing inflation and money laundering. The central bank imposed a deadline of Jan. 24 for Nigerians to exchange their old, higher denomination bank notes for the new currency. However, there were long queues and complaints that there was insufficient time to meet the deadline. The central bank has now extended that deadline to Feb. 10, the BBCIt is not the first time the Bitcoin premium has surged in Nigeria. In February 2021, the central bank
from providing services to cryptocurrency exchanges in the country, driving the BTC premium as high as 36%.
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