The Central Bank of Nigeria’s new measure to limit the daily and weekly withdrawal of local currency from the ATM has led to a surge in the price of Bitcoin in the country. The exchange rate of 1 Bitcoin is reportedly $38,792 on the country’s crypto exchange NairaEX, which is at a premium of more than 60% over the Bitcoin market price. The central bank’s measure aims to facilitate the adoption of digitalized cash. Nigerian citizens could only withdraw a maximum of nairas equivalent to $43.5 from ATM per day as of 9 January. They are allowed to withdraw no more than $217 per week.
Source: https://cointelegraph.com
