Nigerians are turning to Bitcoin to escape their country’s financial collapse


Bitcoin has long been associated with a solution to the problems of inflation and in some places it can be seen that people are adopting Bitcoin for this purposeespecially in countries where the financial structure is collapsing.

Research Shows Nigerian Citizens Are Actively Acquiring Bitcoin In Large Amountsnot only as an investment but also as a way to protect your money.

Experts have pointed out that the popularity of digital currencies has grown considerably in the country and its neighbors. One of the main reasons would be the fact that Bitcoin and the stable coins they solve many problems of the local population due to the instability of the local unit of payment, the Naira currency.

Like other world currencies, Nigeria’s fiat currency suffers from inflation problems and has devalued considerably. The collapse of the Nigerian national currency has led many Nigerians to use alternative investment and storage of value options.

P2P exchange LocalBitcoins has seen a 258% increase in BTC purchases compared to last week. The surge of interest in Bitcoin and also stablecoins came after statements by the Central Bank of Nigeria that virtually banned residents of the country from exchanging Naira for dollars.

Governor of the Central Bank of Nigeria, Godwin Emefiele, warned that bank clients, dignitaries and politicians were advised not to exchange naira for US dollars. He assured: a special surveillance system will control all illegal operations and punish those who do not comply with the rules.

In addition to LocalBitcoins, other platforms have also noted increased interest in cryptocurrencies from residents of the African country. Representatives of the trading platform Paxful they also confirmed that Nigerian citizens showed increasing interest in cryptocurrencies in the first half of this year.

According to the broker, last year’s trading volume exceeded $760 million and there were 2 million unique users from Nigeria. However, in the first months of this year, the neighbors made transactions for around US $400 million, which indicates a positive trend that will exceed last year’s mark.

Analysts noted that in addition to Nigerians, residents of Turkey Y Argentina began to show a growing interest in cryptocurrencies, countries also that in recent months have faced the collapse of the local economy.

With that, outside the center of the euro and the dollar, Bitcoin does demonstrate a role in helping people at least try to escape the inflation that devalues ​​their money on a daily basis.

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