Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
In Nigeria, the cryptocurrency-based industry has recently taken off. Both local and internationally established companies have set up shops in the country. Most of them offer either exchange and trade-based services or real implementations of digital assets with real practical value.
The increasing prevalence and size of such companies are just one of the many factors that can influence the conversion of fiat currencies into cryptocurrencies. This is specifically about the exchange rate and the factors that influence the conversion between bitcoin (BTC) and Nigerian Naira (NGN) n short BTC to naira.
Currently, one BTC is worth 42,563.96 US dollars (BTCUSD). It should be noted that the value of tokens and the market capitalisation of Bitcoin and cryptocurrencies, in general, have recovered since the big crash in March related to COVID 19, which caused uncertainty in the markets.
One BTC is worth 17.569.543.46 Nigerian Naira (NGN). Looking at the trends, Bitcoin to Naira has performed similarly to Bitcoin to USD. This confirms: Just as Bitcoin's token economy (and the factors that influence it) is reflected in the rest of the market, the same is true for the USD and the world's fiat economies.
So what are the possible circumstances that could affect the value of Nigerian Naira (NGN) and its exchange rate to Bitcoin (BTC)?
One possible reason for bitcoin's growing popularity in Nigeria is that it is proving to be a relatively stable (and even positively volatile) asset compared to NGN or other locally available assets such as shares. Nigerian Naira (NGN)
The NGN has been in a significant downtrend since March 2020 (against USD, EUR and GBP) and a reported shortage has fuelled liquidity fears in USD warehouses / national reserves (for exchange) in the country. This is confirmed by news in April 2020 that "Nigerian banks are restricting debit card withdrawals abroad" - mainly due to recommendations from the country's central bank.
BTC may thus have become a hedge against the negative volatility of fiat currencies and other assets with unfavourable fluctuations.
These recent BTC and cryptocurrency investments by Nigerian citizens have been made possible by many crypto organisations that have opened or started operations in Nigeria in the past year.
There is also few regulatory frameworks or restrictions from the Nigerian government (which has significant implications). This has paved the way for those who have led the local industry to thriving status. However, the flip side of the coin is that fraud in Nigeria is widespread, successful and not prosecuted.
The most popular options for exchanging cryptocurrencies into fiat currencies include USD, EUR, GBP and JPY - into BTC, ETH and LTC. However, there are still some options for users who want to exchange NGN into BTC (and vice versa).
Binance has set its sights on the Nigerian market, with 'Binance Nigeria' - arguably the largest and most significant crypto company to gain a foothold in Nigeria. Smaller, more local companies include Nairex, Bitfxt and Busha.
On March 5 2020: Binance announced that it will add peer-to-peer (P2P) trading services to its Binance.com Nigerian Naira platform. It has integrated NGN into its fiat-crypto pairs offering (including BTC, ETH, USDT, BNB and BUSD). This makes NGN the first African fiat currency to be supported by Binance's P2P platform.
On April 30 2020: Binance launches 'Bundle' in Nigeria - a payment app that offers users a 'fee-free way to use cryptocurrency (or fiat) as a means of payment.
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Binance´s Launchpad Gears Up Tor Arkham Token Sale, Starts Recording BNB Balances
2 months ago | Benzinga
Arkham´s New Crypto Intel Trading Platform: A Game Changer For Traders?
2 months ago | NewsBTC
Bitcoin Could Rise to $120K by End-2024: Standard Chartered
2 months ago | Coindesk
Bitcoin Edges Lower; Bone ShibaSwap Becomes Top Loser
2 months ago | Benzinga
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
YouHolder
YouHodler is not just another player in the crypto space; it's a dynamic and innovative company ...
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Conversion Bitcoin to Naira | BTC to NGN Exchange Rate
In Nigeria, the cryptocurrency-based industry has recently taken off. Both local and...
Should You Invest in Crypto Currencies?
More than a decade ago, cryptocurrency was a strange concept. It was introduced in 2008 to...
Zcash Review (ZEC)
What is Zcash?Zcash was launched in 2016 by several university groups. Among others, a team from...
All Crypto Whitepapers Database
Any company that looks to launch a cryptocurrency project creates a whitepaper. It contains the...
New Defi Gem with Anti-Manipulation Feature
Decentralized Finance (Defi) is the most used term today in the cryptocurrency market. According...
(adsbygoogle = window.adsbygoogle || []).push({}); Introduction In t...
(adsbygoogle = window.adsbygoogle || []).push({}); Einführung Wenn es um Er...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
COMMENTS (0)