Nigerians Switch to Bitcoin Due to Currency Scarcity


As of January 29, 2023, Nigeria, the most populous Black country in the world, with a population of over 200 million, has the highest Google searches for ‘buy Bitcoin‘ This occurs only weeks before the next national election.

As the deadline approaches, many Nigerians struggle to swap their old notes since there are no new ones available. Long lines in banking rooms and automated teller machines distributing outdated currency added to the issue.

Numerous Nigerians have taken to the Internet to voice their worries about the situation. On Twitter, Mr Kingsley Moghalu, a previous presidential candidate, said,

“It seems that the Naira reform policy has become a fight between preventing politicians from buying votes and allowing regular folks to live a normal life with legal tender currency. For some, preventing vote-buying may cause individuals to suffer as well. A extremely challenging circumstance. Nigeria!”

Alhaji Atiku Abubakar, a contender for president from one of the main parties, also expressed his worries on Twitter. Admitting that this is a worldwide practice, he urged the central bank to extend the deadline so that unbanked individuals and artisans would have sufficient time to swap their old money.

According to the official Twitter account of the Nigerian Presidency, while the Central Bank has extended the deadline by 10 days, it remains unclear why so many Nigerians are resorting to cryptocurrencies at this time. Could it be due to the shortage of fiat currency, the high inflation rate, or both? Time alone will tell.

Also Read: Research indicates 82% of billionaires seek crypto advice

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