Bitcoin to Naira Exchange Rate Today: This article will keep you up to date with the current Bitcoin (BTC) to Nigerian Naira (NGN) Officially and Black Market Exchange Rate Today.
This article will keep you up to date with the current prices of bitcoin. it is advisable to you bookmark this page for fast updates.
How Much is Bitcoin to Naira
I want you to know that the BTC to Naira exchange rate in the black market is not pegged as CBN rate, as such, it fluctuates daily. In this regard, this page is updated frequently with the latest exchange rate for Bitcoin to Naira, we advise you to Bookmark this page.
Bitcoin(BTC) to Naira(NGN) Exchange Rate Today
1 BTC to NGN = 8,778,878.65
About Nigerian currency Naira (NGN)
|Sub-Unit:||1 Naira = 100 kobo|
The Naira is the only currency used in Nigeria. It is subdivided into 100 kobo. The CBN Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation.
As at the time of writing this article, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate.
About Bitcoin (BTC)
What is Bitcoin ? Bitcoin is a cryptocurrency and an electronic payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto.
When was Bitcoin introduced ?
BTC was introduced on 31 October 2008 to a cryptography mailing list and released as open-source software in 2009.
Key Factors That Influence The Bitcoin Price
They are so many factors that influence the prices of the cryptocurrency (bitcoin)
- Government Regulation
- Media Influence
- Stability of the Bitcoin Network
- The Bitcoin Demand and Supply
- Wider Mainstream Acceptance
- Large Businesses Dumping to Fiat Currency
- Technological Changes and Innovations
- Market Manipulation
However, factors that influence the price of bitcoins are quite diverse. Some of them are slow but quite steady, such as the gradually rising supply and demand curve.
Current state of Bitcoin in Nigeria
Market sinks under $1.0 trillion
The global crypto market is now worth less than $1.0 trillion, data aggregator CoinGecko revealed Monday.
That is down from a level of more than $3 trillion at its peak seven months ago, when the market rode a wave of massive investor demand amid growing acceptance from large financial institutions.
In a sign of the growing importance of cryptocurrencies, two countries, El Salvador and the Central African Republic, have taken the gamble of adopting bitcoin as legal tender — despite strong criticism from international financial institutions.
Inflation ‘too hot to handle’
In recent years, the crypto sector benefitted from a vast infusion of cash due to easy money policies from the world’s biggest central banks.
However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.
“The worry is that inflation is becoming too hot to handle by central banks who will be forced to douse economies with jets of freezing water, in the form of much steeper interest rate rises, to get it under control,” added Streeter.
“With the era of cheap money coming rapidly to an end, traders are becoming much more risk averse and turning their backs on crypto assets.”
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