Nigerians Buy Bitcoins In Droves

According to the survey, it turned out that the citizens of Nigeria are actively acquiring bitcoin (BTC) cryptocurrency. Experts noted that the popularity of virtual currencies has grown, as Bitcoin and stablecoins solve many problems of the local population, due to the instability of the local payment unit – naira.

The collapse of Nigeria’s national currency prompted many of the country’s residents to use alternative options. Peer-to-peer exchange LocalBitcoins recorded a 258% increase in BTC purchases compared to last week.

Such a stir arose against the backdrop of statements by the governor of the Central Bank of Nigeria, Godwin Emefiele, who warned bank customers, dignitaries and politicians that they were advised to refrain from exchanging naira for US dollars. He assured: a special surveillance system will monitor all illegal operations and punish those who do not follow the rules.

Representatives of the trading platform Paxful also confirmed that the citizens of Nigeria showed a growing interest in cryptocurrencies in the first half of this year. According to them, the volume of trade last year amounted to more than $760 million; there were 2 million unique users from Nigeria. However, in the first few months of this year, residents made transactions worth about $400 million, which indicates a positive trend.

Analysts emphasized that in addition to Nigerians, residents of Turkey and Argentina began to show increased interest in cryptocurrencies, which in recent months also faced the collapse of the local economy.

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