Bitcoin The Solution To Nigerian Recession

Bitcoin has many uses on a daily basis and in this article we will cover the three main reasons you should buy Bitcoin in Nigeria.

Bitcoin VS Naira

The age old debate of whether you should hold your assets in US dollars or the Naira, but the bitcoin could benefit you compared to both. The volatility of the Naira being connected closely to the value of oil and the restriction in foreign exchange placed by the CBN may make these volatile long term holds of value. 

Bitcoin has had a reputation for long term stability particularly over the past year where it has rarely dipped below the $300 mark and currently sits at a handsome $600 price range. Not only can you cash in on bitcoins price swings but can also stay assured the value will remain above certain levels as with no government affiliation and complete decentralization the market is free to go wherever it wants.


                           1 Bitcoin = ₦ 193,724

From its very humble beginnings Bitcoin has propelled in value over a thousand times. Starting of at a fraction of a cent the currency was initially mined by computers but after the advent of ASIC technology home mining has pretty much ceased to be a profitable activity when factoring costs in. This has in turn increased the number of people using exchanges such as NairaEX for their bitcoin needs, as creating bitcoin not only takes weeks and weeks at current mining conditions, it also has a reputation for stretching computers to their maximum potential (in some cases lowering life expectancy).


Below is a picture of the exchange rate of the bitcoin to the Naira from 20th of September to 20th of October 2016. From the Picture you can see that the Biticoin has been increasing on a monthly basis

What is Bitcoin

The first question which comes to the mind of most but once answered can lead to you deciding whether the digital currency will be able to meet your needs be they for consuming or investing. Bitcoin can be likened to the Naira on many levels. 

Having a wallet which is similar to the bank account you may have for your Naira, allows for easy but secure access to your money on demand. The Bitcoin is a currency in its own right It also has incorporated the Blockchain which is a framework allowing you to keep track of transactions and increasing the overall transparency as you know exactly where your money went and how much.

Personally I use Bitcoin especially on MMM where I get 50 percent Mavro growth for using Bitcoin. Meaning if I provide help of 200 Thousand Naira I get 100 Thousand on my money. Blow is a screen shot of  my Bitcoin wallet. 

I always make sure I have Bitcoin in my wallet because I can be matched any time to provide help. 

Below is a screen shot of my Bitcoin wallet

What to use Bitcoin for

Bitcoin can be used for a whole host of things, buying jewellery paying bills and most importantly to complete remittances. Remittances via Bitcoin have become a talking point as due to their fast and cheap nature Bitcoin transactions can safely transfer your money abroad at under 200 Naira. 

You can directly send Naira as Bitcoin abroad and receive Bitcoin as Naira within a matter of days to your Nigeria bank account.

The Nigerian recession is hoped to end by the end of the year according to the central bank. This state of economic volatility was confirmed by the bank, but not everyone was willing to except the optimistic predictions that it would be finished by the end of the year. With minimal growth in the hospitality and oil/commodities sector, it may take much longer to leave it. Bitcoin potential has been highlighted as a potential driver for growth as the freedom to make transactions across borders on demand will increase short term trade exponentially.

The Bitcoin decentralized nature and blockchain technology could be key to unlocking growth in Nigeria. Fuelling the ever expanding remittance and commodity industries, Bitcoin is ideal for business relying on international money transfer and remittance services. Considering current Forex controls and restrictions the central Nigerian bank has restricted man options of asset transfer which has been counter intuitive so far. With the aim of propping up the devaluating Naira, the moves have sadly just worsened the recession for many civilians and the whole economy.

Furthermore the investment industry is currently one of the worst hit by the recession and capital controls placed on foreign exchange. The limits have sadly negatively affected the capital intensive activity which makes a significant proportion of the GDP for Nigeria. Bitcoin is ideal to avoid hitting the limits placed by the central bank as there is no possible way of tracking what transactions you make.

To conclude Nigeria currently has reached an awkward economic state. Civilians and traders alike are tight on a budget and consumerism is at a low. Sadly these factors will only push the current state of recession further unless the central bank actually puts in place financial precautions to aid the growth of trade and Forex which are some of the country’s biggest GDP contributors.