Bitcoin Premium is trading at $38,000 in Nigeria following increased demand for the asset in the country.

The demand for Bitcoin (BTC) in Nigeria has soared as the fiat notes are set to be invalidated. This rise in demand is causing BTC to be traded at a premium of up to 163.77% in Nigeria.

The price of Bitcoin in Nigeria has skyrocketed to well above market levels amid continued efforts by the central bank to push its citizens into digitalized cash. At the time of writing, the price of 1 BTC on Nigerian crypto exchange NairaEX is currently 17.8 million Naira, equating to a whopping $38,792. This represents more than a 60% premium over the current market price of Bitcoin, which is around $23,700 at the time of writing. (Cointelegraph)

Nigeria’s central bank will explore the adoption of blockchain technology to power a central bank digital currency (CBDC), the potential of stablecoin adoption and regulatory considerations of initial coin offerings (ICOs) over the next two years.

Nigerian officials will be barred from withdrawing cash from government accounts from March 1, the head of the Nigerian Financial Intelligence Unit (NFIU) said in a statement. The new rules, which will apply to federal, local and state officials, are aimed at combating money laundering and corruption and are in line with government efforts to move Africa's most populous nation toward a cashless economy. (Reuters)

Nigeria has taken an unconventional approach to encourage the use of its CBDC, the eNaira, by limiting ATM withdrawals to $45 per day.

Nigeria has imposed limits on cash withdrawals in a move to push consumers towards alternatives, including its own Central Bank Digital Currency (CBDC), the eNaira.

Nigeria is one of the seven countries contributing to half of the global unbanked population. Around 64 million of the West-African nation’s 211 million citizens are unbanked as of 2022.