Nigerians Using Bitcoin for International Trade Despite Regulatory Uncertainties 

Per sources close to the latest development, businessmen in Nigeria are now using bitcoin to pay for their imported goods from China, bypassing the numerous challenges associated with obtaining foreign exchange from the nation’s apex bank. Chukwuemeka Ezike, a Nigeria-born international businessman who doubles as the community manager at the Singapore-based crypto exchange, Huobi, is one of several Nigerians who are now using bitcoin to pay for goods abroad.

Notably, Ezike is not the only entrepreneur taking advantage of the borderless and decentralized nature of bitcoin, as Monyei Chinazaekpele, a native of eastern Nigeria also revealed that he recently bought clothes, COVID-19 masks, and test kits from China for resale in Nigeria and paid with bitcoin (BTC). While bitcoin is increasingly being adopted by the younger generation and international businessmen in Nigeria, regulatory dark clouds still surround the nation’s crypto space.

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