As of press time, Bitcoin’s (BTC) price within Nigeria sells at an astounding 36% premium following its central bank’s decision to ban crypto services. This means that BTC sells at about $71,150 per token within the country, a stark contrast to its already-whopping current average market price of more than $52,000. Not only that, the BTC premium in Nigeria also eclipses the subsequent five-largest global premiums for the crypto to date by more than 30%.
It has already been about two weeks since the Nigerian Central Bank prohibited all country-regulated financial institutions from providing any form of crypto service. The banning entails for all institutions and banks to discontinue any crypto firm accounts at once or be subjected to hefty fines and strict penalties. While the banning did indeed cripple some of the country’s crypto businesses, Nigeria’s public interest in BTC is still at a level above others. This is evidenced by the crypto still performing well despite the ban.