Nigerians moving toward Bitcoin amid national currency redesigning procedure


Reportedly Nigerian people are moving toward Bitcoin & Crypto adoption, as the deadline of the old currency exchanges has ended. 

Nigeria is a top Crypto & blockchain technology adoptive country. In the field of blockchain technology adoption, Nigeria stands on top of the countries with its e-Naira ( Nigerian Central Bank Digital Currency). The Central Bank of Nigeria noted that the country failed to push the adoption of Nigerian CBDC among the citizens.

In the present time, people in Nigeria are under a very big hurdle because the date to exchange their old fiat cash notes has ended. People were facing problems exchanging their notes because of the very long queue in the Banks. 

A report noted that in the recent few days, the search frequency of “buy Bitcoin‘ on global Google trends surged rapidly. 

The current population of Nigeria is approximately 200 million and in a few weeks, the country will conduct an election. These things are showing that a big part of Nigeria is looking to use Bitcoin as an alternative & decentralised payment system to fight against the current situation.

Many people took to Twitter to explain the problem that they are facing for the last three months, which was a limited period for the citizens to exchange their old notes against new notes. 

Mr. Kingsley Moghalu, a former presidential aspirant, noted that such decisions had been taken to stop any kind of Vote buy activities, in order to conduct fair elections. He noted that such decisions had resulted in a very big issue for the common citizens. 

Alhaji Atiku Abubakar, a presidential candidate from one of the major parties, shared his opinion on this situation and suggested the Central Bank extend the timeline for the Currency exchange because the majority of the citizens were under a very big hurdle.

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