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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.

Bitcoin to Naira Exchange Rates

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).

BTC to Naira General Overview

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.

Other News regarding BTC to Naira

• The first bitcoin ATMs will be launched in Nigeria, the eighth country to do so - announced on April 1, 2020.
• May 29, 2020: Electroneum announces the launch of a service enabling app-based payments for electricity (utilities) using cryptocurrency.

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