The price of Bitcoin in Nigeria is surging beyond market levels as demand increases. This has been largely caused by central bank restrictions on cash.

The Bitcoin premium in Nigeria is currently around 64%. The cost of 1 BTC on one of the country’s leading exchanges, NairaEx, is 17.2 million nairas (NGN). This works out at a whopping $37,378 U.S. dollars. The market value of BTC is currently $22,866.

Furthermore, the price on peer-to-peer markets is even higher, according to some reports from Paxful users.

Nevertheless, it is not the first time there has been a massive Bitcoin premium in the West African country.

(By Martin Young)