LAGOS PARALLEL MARKET RATES NGN USD GBP EUR 23/06/2017 365 / 368 458 / 467 405 / 410 22/06/2017 365 / 368 457 / 465 405 / 410 21/06/2017 365 / 368 460 / 465 405 / 410 NGN USD GBP EUR SEE HOW MUCH YOU GET IF YOU SELL Please send us your ATM Rates for publishing Send: Date, Location, Bank, Rate, Currency BANK ATM RATES Current Lowest/Highest May DATE LOCATION BANK RATE Currency Currency BANK RATE Currency BANK RATE Currency LOWEST HIGHEST Expected OTHER PARALLEL MARKET CURRENCIES NGN GHS XAF XOF 23/06/2017 80 / 90 620 / 629 625 / 635 22/06/2017 80 / 90 620 / 629 625 / 635 21/06/2017 80 / 90 620 / 629 625 / 635 OTHER RATES WESTERN UNION NGN USD GBP EUR MONEYGRAM NGN USD GBP EUR CBN Exchange Rates NGN USD GBP EUR SEE HOW MUCH YOU GET IF YOU SELL NGN USD GBP EUR

A Case Study of Use of Bitcoin for Remittances in a Currency Crisis: Nigeria in 2016A shortened version of this was published on Bitcoinist.This essay answers this question by Bloomberg’s Joseph Weisenthal:Economies with Hard Currency Black MarketsThis is a case study of the currency crisis in the Nigerian economy, and the arbitrage benefits that using Bitcoin remittances offer its population of 173 million.Almost identical case studies can be written for any economy with a black market for hard currencies.This currently includes:Dated February, 2016In the event that President Trump taxes remittances from the US to Mexico (which is a form of capital control on the US economy) then a similar opportunity for the profitable use of Bitcoins applies in that case too.Source: Cato Institute Troubled Currencies ProjectRecent History of Nigerian NairaThe Nigerian Naira in the last five years.Through 2015 the Nigerian monetary authorities pegged the NGN at an artificially strong rate of 200 Naira to the USD above the free market equilibrium rate and as a result a black market for hard currencies, the USD, GBP, EUR etc. developed.The authorities allowed a massive devaluation of the Naira in June 2016.

However the official Naira market was not abandoned entirely to a free float; the Central Bank continued to peg the USDNGN rate at a new, cheaper rate and so the black market stayed active.cnn money bitcoin exchangeThe premium on USD sold in the black market is the gap between the blue line and the white (spot) line in the chart below.litecoin most profitableThe June 2016 devaluation decreased that premium but did not erase it.ethereum miner chinaThe premium continued to grow thereafter.Remittance OptionsThis is the scenario for millions of Nigerians.dogecoin watchYou are a family in Nigeria in January 2017 with members of your family working abroad earning USD, EUR, GBP, ZAR, and other relatively hard currencies in neighbouring countries.acumular bitcoin

The family members abroad wish to remit money to their family in Nigeria.Western UnionUSD 100 = NGN 33,750The Sender sends USD but the Receiver cannot withdraw USD from the local Western Union office — they may only withdraw NGN.These are the rates for USD remittances sent to Nigeria by Western Union.litecoin rig worth itUSD 100 buys 37,500 gross.Of course there will be hefty Western Union fees in addition, about 10% of the sum, so the family receives 90% of NGN 37,500 = NGN 33,750Source: AbokiFX2.Bank WireUSD 100 = NGN 32,000Send USD to your family in Lagos and again, they are not permitted to withdraw USD banknotes from the Nigerian bank.They can withdraw NGN from ATMs at the rate of $1 = NGN 320.That is worse than Western Union.Again there will be substantial additional fees to pay by both the Sender and the Receiver.3.PayPalUsers in Nigera may send funds internationally using PayPal but cannot receive funds.

Compare the Help from PayPal for Nigeria with that for New Zealand, where users can Send and Receive funds internationally.The explanation from PayPal, September 2016, in reply to many Nigerian users desperate to receive international payments by PayPal:4. :Today, 29 January 2017 BTC 1= USD 921.USD 1 = 433,700 / 921 = NGN 471USD 100 = NGN 47,100There are no fees to pay other than a tiny Bitcoin Transaction Fee, perhaps $0.50.5.Cash Dollars (Black Market)$100 = NGN 49,500Black market rates for cash Dollars.$1 = NGN 495$100 = NGN 49,500Most people in the West have never used a black market to sell hard currency.The procedure closely resembles buying marijuana.(I first bought grass in the Malay Quarter of Cape Town in 1982.I first used a currency black market as a University student travelling in Warsaw Pact/Communist Poland in 1984.)It is invariably an illegal activity punishable under criminal law.You take your stash of dollars to a street vendor and he gives you the local currency — NGN — in exchange for your dollars.

It is an uncomfortable and sometimes dangerous transaction.You are at risk to both dishonesty by the currency vendor who might supply counterfeit currency, and imprisonment by the police.SummaryPayPal does not work in NigeriaSo Cash Dollars convert to the greatest amount of local Nigerian currency but there remains the problem, how does the expatriate Nigerian deliver physical cash dollars to his family in Nigeria?Using Bitcoins is a close number 2 in terms of the total return, but does not encounter the problem of physically transporting currency to the destination. is not a crime, whereas selling USD for NGN in the black market is a crime.This is a great video about Jacob Hansen, a Dane, selling Bitcoin for Argentinians Pesos in Argentina in 2013 and benefiting from the black market rate for hard currency.Both economies have black markets for USD.India takes #3 position; its prominent position might be related to the current purge of high-denomination banknotes in the Indian economy.c) Google TrendsThe great interest in Bitcoin in Nigeria is confirmed by Google Trends:Bitcoin Ponzis in NigeriaSadly, much of the Bitcoin usage in Nigeria is probably related to the MMM ponzi which is rampant there.