Nigeria’s weakening naira currency, as well as the shortage of U.S. dollars, are forcing businesses to switch to bitcoin as the means of settling payments for international transactions. Nigerian businesses need the American currency to buy new supplies, as well as to order essential equipment from abroad. However, formal sources of foreign currency like banks are failing to meet this demand.
According to a report by the Nigerian publication, Businessday, even Bureau De Change (BDCs), the popular alternative sources of foreign currency in Nigeria, are unable to meet the high demand for dollars.
An anonymous source tells the publication that “in recent times, a few BDCs have tried to take an education in bitcoin operation.” The education efforts are now paying off as “many of them (businesspeople) are coming to ask us how it works, and the ones that already know are switching to BTC for international trade.”
Cryptocurrencies have gained prominence in Nigeria given their use as a medium for settling cross border payments and for…