Home   »   Nigerian Naira   »  to   Bitcoin = 1.1501e-6 Bitcoin Currency Conversion Tables Naira   Bitcoin₦ 1000000B 1.15₦ 3000000B 3.45₦ 5000000B 5.75₦ 10000000B 11.5₦ 50000000B 57.5₦ 100000000B 115₦ 200000000B 230₦ 500000000B 575₦ 1000000000B 1150₦ 3000000000B 3450₦ 5000000000B 5750B0 per NairaFri, 23 June, 2017 Bitcoin   NairaB 1₦ 869560B 3₦ 2608679B 5₦ 4347798B 10₦ 8695597B 50₦ 43477983B 100₦ 86955966B 200₦ 173911932B 500₦ 434779830B 1000₦ 869559661B 3000₦ 2608678982B 5000₦ 4347798304₦869559.6608 per BitcoinFri, 23 June, 2017 Today's Change Range of Change 0 0 DateExchange Rate24 Jun 171 NGN = 0.0000 BTC23 Jun 171 NGN = 0.0000 BTC22 Jun 171 NGN = 0.0000 BTC21 Jun 171 NGN = 0.0000 BTC20 Jun 171 NGN = 0.0000 BTC19 Jun 171 NGN = 0.0000 BTC18 Jun 171 NGN = 0.0000 BTC17 Jun 171 NGN = 0.0000 BTC16 Jun 171 NGN = 0.0000 BTC15 Jun 171 NGN = 0.0000 BTC14 Jun 171 NGN = 0.0000 BTC13 Jun 171 NGN = 0.0000 BTC12 Jun 171 NGN = 0.0000 BTC11 Jun 171 NGN = 0.0000 BTC10 Jun 171 NGN = 0.0000 BTC09 Jun 171 NGN = 0.0000 BTC08 Jun 171 NGN = 0.0000 BTC07 Jun 171 NGN = 0.0000 BTC06 Jun 171 NGN = 0.0000 BTC05 Jun 171 NGN = 0.0000 BTC04 Jun 171 NGN = 0.0000 BTC03 Jun 171 NGN = 0.0000 BTC02 Jun 171 NGN = 0.0000 BTC01 Jun 171 NGN = 0.0000 BTC31 May 171 NGN = 0.0000 BTC30 May 171 NGN = 0.0000 BTC29 May 171 NGN = 0.0000 BTC28 May 171 NGN = 0.0000 BTC27 May 171 NGN = 0.0000 BTC26 May 171 NGN = 0.0000 BTC Date: Bank Commission +/- 0%+/- 1%+/- 2% (Typical ATM rate)+/- 3% (Typical Credit Card rate)+/- 4%+/- 5% (Typical Kiosk rate) Currency Conversion Tables Naira   Bitcoin₦ 1000000B 1.15₦ 3000000B 3.45₦ 5000000B 5.75₦ 10000000B 11.5₦ 50000000B 57.5₦ 100000000B 115₦ 200000000B 230₦ 500000000B 575₦ 1000000000B 1150₦ 3000000000B 3450₦ 5000000000B 5750B0 per NairaFri, 23 June, 2017 Bitcoin   NairaB 1₦ 869560B 3₦ 2608679B 5₦ 4347798B 10₦ 8695597B 50₦ 43477983B 100₦ 86955966B 200₦ 173911932B 500₦ 434779830B 1000₦ 869559661B 3000₦ 2608678982B 5000₦ 4347798304₦869559.6608 per BitcoinFri, 23 June, 2017

Virtual currencies may be the promise of the future of finance, but the Central Bank of Nigeria (CBN) seems to prefer to keep things real.In a circular distributed on Friday, the apex bank of Africa’s largest economy warned local financial institutions against doing business in virtual currencies like bitcoin as they “are not legal tender in Nigeria.” Banks who trade and exchange digital currencies do so at their own risk, CBN said.bitcoin mining vga cardIt also included Ripples, Monero, Litecoin, Dogecoin and Onecoin in its warning.litecoin mining regular computerThe warning by CBN is similar to notices issued by the People’s Bank of China on Jan.5 about the risks of trading in bitcoin.bitcoin purchasing powerAs a result of the warning from China, confidence in bitcoin was rocked, resulting in a sharp dip in value.bitcoin soho

While China appears to be worried about bitcoin being used to avoid the country’s capital controls, for its part, CBN cites the possibility of exploitation by criminals and terrorists.With transactions “largely untraceable and anonymous”, CBN claims virtual currency transactions are “susceptible to abuse by criminals, especially in money laundering and financing of terrorism.” Given the risk of loss of money if digital currency exchange companies collapse or shutter operations, CBN says there is a “need for guidance to protect the integrity of the Nigerian financial system.” As such the apex bank has drawn up a procedural guide for local financial institutions trading in digital currencies, including ensuring effective money laundering controls and reporting suspicious transactions, “pending substantive regulation.” Describing the CBN’s concerns as “valid,” Nonso Obikili, research associate at Economic Research Southern Africa, says the central bank’s measures can be justified.use bitcoin anonymously

“There are significant risks around terrorism financing and other illicit flows with virtual currencies, especially due to the anonymity,” Obikili told Quartz.But while the CBN suggests money laundering and national security as its main concerns, just like in China, the warning is seen as a pretext for capital controls.Given a prolonged dollar shortage, Nigerians have began exploring bitcoins and other virtual currencies as a workaround to access foreign exchange.bitcoin gute frageNairaEx, a digital currency trader, corroborates this reality.“Trading has increased significantly in [the past] few months as more Nigerians realized the potentials of bitcoin for remittance, investment and other types of financial instrument,” a NairaEx rep told Quartz via email.CBN is also likely wary of the adoption of virtual currencies by the controversial money-making schemes such as MMM, a popular Russian Ponzi offer with over two million participants in Nigeria.

Having caused panic after suspending operations last month, MMM has launched a comeback with participants now able to make and receive payments through bitcoin.Obikili also agrees the apex bank’s stance on virtual currencies “might be related to a loophole which is currently being used to get around the CBN’s capital controls.” With Nigerian bank cards not working consistently outside the country, Obikili says digital currencies “have become a real alternative.” Unlike Nigeria’s Central Bank, other African countries have been more welcoming of digital currencies.In late 2015, Tunisia digitized its national currency using blockchain technology.Closer to Nigeria, fellow West African nation Senegal has announced plans to digitize its currency this year.The eCFA, as the digital currency will be called, is expected to be used across most of Francophone West Africa.Regardless of the CBN’s current motives though, long-term, Obikili advocates more flexibility by the apex bank to allow for exploring financial technology.