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Nigeria’s Foreign Currency Crisis Boon for Bitcoin: Country Tops Wallet Downloads Ahead of the US

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…

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