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Buy bitcoin in Nigeria

Bitcoin exchange rate in Nigeria breaking all records. Over last few months no surprise that highest Bitcoin price on the world market is in Nigeria. Exchange rate on local stock exchange broke the mark $ 1,600 per 1 BTC as on 06/02/2017. What influences BTC rate growth? Let's face it.

Let's start from fact that an economic situation of the country is not best, say the worst. Until recently, local currency Nigerian Naira (NGN) to US dollar stood at NGN 200 - 1 USD, but July 2016 Nigeria Government dropped rate, then its price just few hours later fell to NGN 310 for 1 USD. This led an unprecedented demand on currency from population and the foreign currency cash shortage. Same time there was gold, cryptocurrency shortage as people tried buying anything, because speculators sold dollars several times more expensive than market's rate.

If we take situation with Bitcoin demand, it is directly proportional the situation about foreign currency. Adds demand Mavrodi activities in Nigeria with its regular pyramid MMM Nigeria, which takes deposits including Bitcoin. If you look at major places to buy bitcoin in Nigeria NairaEx, it should be noted volumes lack as well as not very competent management of exchange place. Speaking about other markets, we can note similar situation. If trying to buy bitcoin on foreign exchanges Nigerians faced money transfer abroad problem, currency lack in hands. Banks, in turn, do not sell $, but making Western Union or Moneygram transfer - dollars needed. Additionally, according to Nigerian Central Bank decision, the transfer abroad amount is limited at mark $ 1000 per person per day and other rules.

Those who want earning by helping Nigerians buying Bitcoins I can say that currency cashout from country then almost impossible, and that is not casual Bitcoin Nigeria rate, half times higher than the market.

How to buy Bitcoin in Nigeria?

Most common way in Nigeria - Western Union. Country has long "friends" with this system, is popular for its scams all over the world. From fake lottery to strange presents made by local sheikhs, for which local scammers asked sending symbolic amount by particular payment system. One time Western Union banned whole country. But now problem fixed At a moment, those citizens who are still able to get USD cash and want getting Bitcoin still have opportunity doing it through Western Union at Bitcoins market price, you can also try to buy btc-e codes for account replenishment at exchange stock
Western union mostly used for all kinds of money cashout outside, facing problem of strict government and systems monitoring system.

Those who don't have ability sending money with westen union - will content by worlds Bitcoin highest prices by purchasing them on Nigerian markets.
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