{"id":518334,"date":"2023-02-01T23:00:13","date_gmt":"2023-02-01T23:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=518334"},"modified":"2024-06-11T08:06:53","modified_gmt":"2024-06-11T08:06:53","slug":"are-nigerians-really-buying-bitcoin-for-as-high-as-34000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/are-nigerians-really-buying-bitcoin-for-as-high-as-34000\/","title":{"rendered":"Are Nigerians Really Buying Bitcoin For As High As $34,000?"},"content":{"rendered":"

Over the last couple of weeks, reports have emerged that crypto users in Nigeria have been buying bitcoin (BTC) for a pretty hefty premium. On the surface, it may seem that these reports are accurate, but they are essentially wrong, and this report will address how.<\/p>\n

Nigerians Are Not Buying Bitcoin For $34,000<\/h2>\n

The reports that have emerged have claimed that Nigerians are currently buying bitcoin at a price of $34,000. These reports take into account the fact that the digital asset is currently selling for over 17 million Nigerian Naira on P2P platforms (which is the only way Nigerians can buy and sell crypto, by the way) but they then U.S.e the official central bank rate of $1 to 459.89 Naira to arrive at the $34,000 figure.\u00a0<\/span><\/p>\n

Related Reading: Data Suggests Sharks Were Behind Litecoin\u2019s 89% Rise To $97, But What About Now?<\/a><\/div>\n

Now, as previously mentioned, this might seem right on the surface but it is not, and that is because there are currently two different U.S. dollar rates in the country. The central bank rate and the black market rates differ widely.<\/p>\n

As of February 1, the black market rate for the U.S. dollar to Naira is around 750<\/a> which is what the broader population of the country uses. If the price of BTC is converted using the official central bank rate, then it is at the $34,000 figure. But since citizens can literally not get dollars in the country except for official purposes and international school fees payments, and even then it can be a nightmare, the black market rate is what residents of the country go with.\u00a0<\/span><\/p>\n

Using this black market rate, you will arrive at the same figure as everyone else – the around $22,900 figure that the digital asset is trading at. Besides, you sell your tokens at the same dollar rate you buy them at, not at the CBN dollar rate.<\/p>\n

\"Bitcoin<\/p>\n

BTC price recovers above $23,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
So are Nigerian residents paying a high premium to purchase bitcoin? No. They are rather paying a high premium to purchase the U.S. dollar. This premium on the U.S. dollar affects the buying and selling rate of everything in the country and bitcoin is no exception.<\/p>\n
Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment<\/a><\/div>\n
As for the claims that the price of bitcoin recently rallied more than 50% above the general market price, they are wrong. Bitcoin has always traded in the country at the price of the black market dollar rate, so this is not a new phenomenon in any way either.<\/p>\n
The only thing that the cash withdrawal limit could\u2019ve triggered in the country is the higher adoption of cryptocurrencies. There was no sudden 50% increase in the price of bitcoin in the last couple of days.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from PYMNTS, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Over the last couple of weeks, reports have emerged that crypto users in Nigeria have been buying bitcoin (BTC) for a pretty hefty premium. On the surface, it may seem that these reports are accurate, but they are essentially wrong, and this report will address how. Nigerians Are Not Buying Bitcoin For $34,000 The reports that have emerged have claimed that Nigerians are currently buying bitcoin at a price of $34,000. These reports take into account the fact that the digital asset is currently selling for over 17 million Nigerian Naira on P2P platforms (which is the only way Nigerians can buy and sell crypto, by the way) but they then U.S.e the official central bank rate of $1 to 459.89 Naira to arrive at the $34,000 figure.\u00a0 Related Reading: Data Suggests Sharks Were Behind Litecoin\u2019s 89% Rise To $97, But What About Now? Now, as previously mentioned, this might seem right on the surface but it is not, and that is because there are currently two different U.S. dollar rates in the country. The central bank rate and the black market rates differ widely. As of February 1, the black market rate for the U.S. dollar to Naira is around 750 which is what the broader population of the country uses. If the price of BTC is converted using the official central bank rate, then it is at the $34,000 figure. But since citizens can literally not get dollars in the country except for official purposes and international school fees payments, and even then it can be a nightmare, the black market rate is what residents of the country go with.\u00a0 Using this black market rate, you will arrive at the same figure as everyone else – the around $22,900 figure that the digital asset is trading at. Besides, you sell your tokens at the same dollar rate you buy them at, not at the CBN dollar rate. BTC price recovers above $23,000 | Source: BTCUSD on TradingView.com So are Nigerian residents paying a high premium to purchase bitcoin? No. They are rather paying a high premium to purchase the U.S. dollar. This premium on the U.S. dollar affects the buying and selling rate of everything in the country and bitcoin is no exception. Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment As for the claims that the price of bitcoin recently rallied more than 50% above the general market price, they are wrong. Bitcoin has always traded in the country at the price of the black market dollar rate, so this is not a new phenomenon in any way either. The only thing that the cash withdrawal limit could\u2019ve triggered in the country is the higher adoption of cryptocurrencies. There was no sudden 50% increase in the price of bitcoin in the last couple of days. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from PYMNTS, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":518344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,3179,87754],"class_list":["post-518334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-nigeria","tag-nigerians"],"acf":[],"yoast_head":"\nAre Nigerians Really Buying Bitcoin For As High As $34,000?<\/title>\n<meta name=\"description\" content=\"Over the last couple of weeks, reports have emerged that crypto users in Nigeria have been buying bitcoin (BTC) for a pretty hefty premium. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Are Nigerians Really Buying Bitcoin For As High As $34,000?","url":"http:\/\/wncen.com\/news\/are-nigerians-really-buying-bitcoin-for-as-high-as-34000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/are-nigerians-really-buying-bitcoin-for-as-high-as-34000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Nigerians-buying-bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Nigerians-buying-bitcoin.jpeg?fit=1200%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","nigeria","nigerians"],"dateCreated":"2023-02-01T23:00:13Z","datePublished":"2023-02-01T23:00:13Z","dateModified":"2024-06-11T08:06:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Are Nigerians Really Buying Bitcoin For As High As $34,000?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/are-nigerians-really-buying-bitcoin-for-as-high-as-34000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/are-nigerians-really-buying-bitcoin-for-as-high-as-34000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Nigerians-buying-bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Nigerians-buying-bitcoin.jpeg?fit=1200%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"nigeria\",\"nigerians\"],\"dateCreated\":\"2023-02-01T23:00:13Z\",\"datePublished\":\"2023-02-01T23:00:13Z\",\"dateModified\":\"2024-06-11T08:06:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Nigerians-buying-bitcoin.jpeg?fit=1200%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/518334"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=518334"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/518334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/518344"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=518334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=518334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=518334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}