CandleFocus Bitcoin Nears ATH In Nigeria, As Naira Hits Record Low
2024-11-01
Author: Content Editor
In Nigeria, the Naira is performing poorly against the US dollar, with its lowest level in months. Bitcoin, on the other hand, is rallying and approaching its all-time high. Factors such as limited US dollar liquidity and delays in forex disbursements are contributing to the Naira's underperformance. As a result, many Nigerians are turning to bitcoin and USDT (a stablecoin) as alternative options. Stablecoins now account for a significant portion of crypto transaction volume in Sub-Saharan Africa. Despite the challenges faced by the Naira, there may be some hope for its recovery as the government implements measures to address economic and currency issues.
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