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Nigerians in Diaspora turn to Bitcoin to remit cash home

1 month ago
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Bitcoin has now come to the rescue for Nigerians in Diaspora seeking new ways sidestepping multiple exchange rates, high and sometimes hidden charges and the lack of interoperable platforms according to research findings from businessday.ng. 

Although the financial technologies ecosystem has provided appreciable solutions, exchange rate arbitrage opportunities remain and Nigeria is top among countries who suffer the most on this.

Cryptocurrencies are becoming increasingly popular in Nigeria where bank charges are high. Although these charges are aimed at making Nigeria a cashless society, they are also pushing people to find other ways to transfer money digitally.

Many Nigerians abroad have shown great interest in learning about international transfers to avoid bank fees and many in the Diaspora are now using bitcoin to send money home.  Till date, the Central Bank of Nigeria is yet to formally regulate cryptocurrency transactions in the country.

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