Nigeria gets first Bitcoin exchange for native Naira currency

South African-based Bitcoin exchange iceCUBED X has entered into an exclusive agreement with Nigerian payment processor VoguePay to give Nigerians the possibility to exchange Bitcoin in the country’s native Naira currency instead of US dollars.

“We have to be realistic though, the Bitcoin technology has yet to be packaged and applied correctly for it to be a mainstream alternative currency, but as an agnostic payment settlement mechanism within a larger framework it ticks all the boxes and could perhaps have a significant impact on shaping the Nigerian digital economy landscape. It is a market that simply just cannot be ignored any longer,” said iceCUBED founder Gareth Grobler in a media statement.

Bitcoin has been extremely popular over the last couple of years, and has been made available in more markets than ever before. The price per Bitcoin skyrocketed to a high of $1 242 (R14 000) at the end of November in 2013, after which it started to steady lose value. Currently, one Bitcoin will cost you around $300 (R3 500).

Official trading in Naira will begin on the 12th of January, and potential traders can sign up to verify their accounts from today.

In case you are still not sure how the cryptocurrency works, you can check out the video below:

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