Bitcoin to Naira Exchange Rate 2023 Current Market Update

Filed in Articles, Exchange Rate by on March 13, 2023

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As a Nigerian crypto trader, it is important that you are updated on the exchange rate often. Read through this article to get the latest news of the current Bitcoin to Naira Exchange Rate 2023.

Bitcoin to Naira Exchange Rate 2023

Because the black market BTC to Naira exchange rate is not pegged to the CBN rate, it fluctuates on a daily basis.

In this regard, this page is frequently updated with the most recent Bitcoin to Naira exchange rate, we recommend that you bookmark it.

Bitcoin to Naira Exchange Rate 2023

1 BTC to NGN =10186724.52

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Bitcoin is currently worth NGN 10,208,804.20 per BTC. With a circulating supply of 19,316,293 BTC, Bitcoin has a total market capitalization of NGN 196,731,549,113,626.66.

The value of Bitcoin traded has increased by 85.52% in the last 24 hours, to NGN 15,348,514,456,609.65. Furthermore, NGN 17,948,076,384,786.72 worth of BTC was traded in the last day.

About Nigerian Naira (NGN)

Country:Nigeria
Region:Africa
Sub-Unit:1 Naira = 100 kobo
Symbol:

Nigeria’s currency is the naira. It is subdivided into 100 kobo units. The Central Bank of Nigeria is the Federation’s sole issuer of legal tender.

Currently, the amount of foreign currency is regulated through weekly auctions, and the exchange rate is set by the Central Bank.

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About Bitcoin (BTC)

Country:Worldwide
  
CodeBTC
Symbol:฿

Bitcoin is both a cryptocurrency and an electronic payment system created by Satoshi Nakamoto, an unidentified programmer or group of programmers.

Bitcoin was introduced to a cryptography mailing list on October 31, 2008, and was released as open-source software in 2009.

Key Factors that Influence Bitcoin Price

However, the factors influencing bitcoin prices are quite diverse. Some of them, like the gradually rising supply and demand curve, are slow but steady.

Others are sentimental and violent, such as the speculative trade, which influences bitcoin trading every day.

Despite the opposing forces that frequently exert influence on the bitcoin market, the long-term average price appears to be rising.

It is important to note that understanding these factors will not necessarily make the bitcoin price more predictable.

Understanding them, on the other hand, can help you feel more at ease with price fluctuations and make informed decisions at the right time.

Here is the list of other secondary factors that can also influence the price of bitcoin:

  • Government Regulation
  • Media Influence
  • Stability of the Bitcoin Network
  • The Bitcoin Demand and Supply
  • Wider Mainstream Acceptance
  • Large Businesses Dumping to Fiat Currency
  • Technological Changes and Innovations
  • Market Manipulation

With this guide, you can see that there are factors that can influence the price of bitcoin making it go up or down, we hope you are now well informed about the current exchange rate of Bitcoin to Nigerian Naira

CSN Team.

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Comments (2)

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  1. Chioma Okeke says:

    This is Quite amazing

  2. Godwin Akpan says:

    nice one

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