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Conversion Bitcoin to Naira | BTC to NGN Exchange Rate

BTC to NGN

June 10, 2020 | 

Dan Mitchell |  0 Comments| 

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In Nigeria, there has been a recent surge in cryptocurrency-based industry, with both local and internationally established entities establishing operations in the country; offering mostly either exchange and trade based services or real-life implementations of digital assets with real-world practical value.

The rise in prolificity and volume of such businesses is but one of the many factors which can influence the fiat-to-crypto, and here: we are specifically discussing the exchange rate and influencing factors of the exchange between Bitcoin (BTC) and Nigerian Naira (NGN).

Exchange Rates

At present, one BTC is worth 9,756.86 United States Dollar (USD). It must be noted that the token values and market caps of Bitcoin, as well as cryptos across the board, have primarily recovered since a big crash/dip in March surrounding the COVID 19, causing uncertainty in the markets.

One BTC is worth 3,790,828.81 Nigerian Naira (NGN). Looking at trends, Bitcoin to Naira has experienced a similar trajectory to Bitcoin to USD. This confirms that: just as Bitcoin’s token economy (and influencing factors) are reflected in the rest of the market, so is USD with the world’s fiat economies.

So what are the potential circumstances which may be influencing the value of the Nigerian Naira (NGN) and its exchange rate with Bitcoin (BTC)?

Nigerian Naira (NGN)

One potential reason that Bitcoin has grown in popularity in Nigeria is that they prove a relatively stable (and even positively volatile) investment compared to either NGN or other locally available assets such as stocks.

NGN combined has been on a significant downtrend since March 2020 (vs USD, EUR and GBP) and a reported deficiency has spurred liquidity fears in USD stores / national reserves (for exchange) held within the country. Confirming this is news from April 2020 that ‘Nigerian banks limit debit card withdrawals abroad’ - primarily due to recommendations by the country’s central bank.

As such, BTC may have become a means of hedging against negative volatility of fiat currency and other assets with adverse fluctuations.

These recent BTC and cryptocurrency investments from Nigerian citizens have been facilitated through many crypto organisations which have opened or started operations in the country over the past year.

Furthermore, there is little in the way of regulatory frameworks or restrictions from the Nigerian government (with meaningful impact). This has helped pave the way for those who have driven and pioneered the local industry to a thriving status. Yet the flipside of this is that scams have been somewhat prevalent, successful, and unprosecuted in the country.

The most popular fiat exchange options for cryptocurrency include USD, EUR, GBP and JPY - to BTC, ETH and LTC; however, there are still some options available for users seeking to trade NGN for BTC (and vice versa).

NGN, Cryptocurrency, and BTC Exchange

Binance has been targeting the Nigerian market, with ‘Binance Nigeria’ - arguably the biggest and most significant crypto organisation in crypto to enter Nigeria. Smaller, more local entities include Nairex, Bitfxt, and Busha.

On March 5 2020: Binance announced that it would be adding peer-to-peer (P2P) trading services for the Nigerian Naira to its Binance.com platform. It has integrated NGN among its range of fiat-crypto pairs (including BTC, ETH, USDT, BNB and BUSD). This made NGN the first African fiat currency to be supported by Binance’s P2P platform.

On April 30 2020: Binance launched ‘Bundle’ in Nigeria -> a payments app which offers users a ‘fee-free’ method of using cryptocurrency (or fiat) as a means of payment.

In Other News

  • Bitcoin ATMs first introduced to Nigeria, the eighth country to do so - announced April 1, 2020.
  • May 29, 2020: Electroneum announced the launch of a service which allows app-based payments for electricity (utility), using cryptocurrency.

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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.

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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.

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