Blockchain and cryptocurrency enthusiasts in Nigeria claim that recent claims that locals in their region are paying a premium of almost 100% on top of the current price of bitcoin are “totally false.” They contend that such reports should be disregarded because they are founded on a claim that is being spread by individuals who are unaware of the country’s dynamics.
Some cryptocurrency and blockchain enthusiasts and users from Nigeria claim that recent reports claiming that the value of BTC on local crypto exchanges is nearly twice as high as the current U.S. dollar value are completely false. The reports, according to the users, are based on tweets made by social media users who are unaware of the specific ways in which Nigerian citizens use local crypto exchange platforms.
The claim, which was reportedly started by a single tweet, has continued to spark interest among bitcoiners, prompting pushback from the Nigerian enthusiasts and influencers. The user shared a screenshot in their initial tweet thread that claimed Nigerians were paying $47,924 for one bitcoin on the peer-to-peer exchange Paxful.
As a result of recent cash withdrawal restrictions put in place by the nation’s central bank, the user further claimed that many Nigerians have exchanged their naira for bitcoin. This, according to the user, increased the value of the cryptocurrency asset in terms of dollars.
Benjamin Eseoghene, the CEO of local cryptocurrency exchange Roqqu, responded to the tweet and the ensuing media reports by saying that while there are price differences, it is untrue that bitcoin is trading above $47,000 in Nigeria.
“This is totally false, we’re trading at normal price, tho there’s some speculation around the crash of dollar rate after the general elections, maybe by then there can be some premium, but likely nowhere near 100%,” Eseoghene insisted.
The CEO of Roqqu added that some of the social media users who are spreading this claim are only doing so to support a particular point of view.
While this was going on, some Twitter users from Nigeria insisted that the widely shared screenshot was false and that nobody was buying cryptocurrency for more than $47,000. Others lamented the ease with which “half-truths and one-sided stories” can be spread via a single tweet, including author and crypto advocate Nathaniel Luz.