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Nigeria: Entrepreneurs prefer Bitcoin to national currencyA growing number of businessmen in Nigeria are opting for handling their business using digital currency instead of the Naira. At times, the country’s national currency seems to be more volatile than Bitcoin.
A quick look at the Naira shows how the currency has been losing its value consistently over the past years.
With that in mind, it’s no surprise Nigerian entrepreneurs would rather deal in Bitcoin than their own currency. One example is Silas Okwoche, co-founder of Nerve Mobile. The self-taught engineer was purchasing Android smartphones from China via Alibaba. However, when the Nigerian Naira fell over 15% against the Chinese Yuan, his venture came to an end. Overnight, his
product became too expensive to purchase and resell.
While Nigeria’s adoption of cryptocurrencies might not be news, it is still interesting to see how people come up with creative ways to use them to ease their lives. Nigeria’s Central Bank might’ve called Bitcoin a gamble, and even warned against investing in it, but that hasn’t seemed to deter young entrepreneurs from pursuing their dreams.
Publication date: 7/11/2018
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