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Bitcoin: Value of transactions in Nigeria rise to N1.9billion weekly—BH Report

Contrary to the warnings handed down both by the Central bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC) that involvement in digital currencies transactions is against any known law in Nigeria, the trade is making serious headway in the country.

Besides, Bitcoin is adjudged as one of the leading digital currencies in the world.

Investigations by the Business Hilights Intelligence Unit (BHIU) showed that Nigerian Bitcoin subscribers may hit six million by the end of 2018.

It would be recalled that as at 2016 when the trade first touched down on Nigeria, subscriber base stood at 300,000 but jumped to about three million before the end of 2017. This is as the increasing value of the virtual currency in Nigeria has spurred surge in value of transactions which has risen to N1.9 billion weekly.

Whereas predictions indicate further rise to about N3 billion mark per week by the end of 2018, the CBN Governor, Godwin Emefiele, expressed concern over the speed with which Nigerians jump into Bitcoin trading, saying “investing in the cryptocurrency or bitcoin is a ‘gamble’ which needs to be regulated as soon as possible”.

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