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Bitcoin Price on June 29, 2025, and its Impact on Nigerians

The current price of Bitcoin (BTC) is approximately $107,474.32, with a 0.49% increase in the past 24 hours. In Nigerian Naira, the price of 1 Bitcoin is around ₦165,640,027.48, with a 0.34% decrease in the last 24 hours.

Effect on Nigerians

Nigeria has seen a surge in Bitcoin adoption due to the country's economic challenges, including a shortage of US dollars and a depreciating Naira. The Central Bank of Nigeria's policies, such as cash withdrawal limits, have driven individuals and businesses to seek alternative financial solutions like Bitcoin.

*Key Factors Influencing Bitcoin Adoption in Nigeria:*

- *Dollar Scarcity*: Nigerians are turning to Bitcoin as a means of international trade and cross-border payments due to the scarcity of US dollars.

- *Naira Depreciation*: The devaluation of the Naira has made Bitcoin an attractive option for stabilizing trade and financial transactions.

- *Regulatory Uncertainty*: The Nigerian government's stance on cryptocurrency remains unclear, posing risks for businesses and individuals.

*Benefits and Challenges of Bitcoin in Nigeria:*

- *Benefits:*

- Faster and cheaper transactions for cross-border trade

- Efficient way for money transfers, especially for Nigerians with relatives abroad

- Potential to stabilize trade and financial transactions

- *Challenges:*

- Price volatility can deter businesses that require stable financial transactions

- Regulatory uncertainty and risk of government intervention

*Current Exchange Rates:*

- 1 BTC = ₦165,640,027.48

- 1 NGN = 0.000000006037 BTC

Overall, the current Bitcoin price and its fluctuations have significant implications for Nigerians, particularly those using it as a means of international trade and financial transactions. As the global economic landscape continues to evolve, it's essential to monitor the trends and developments in the Bitcoin market .