Bitcoin had a massive 2024 overall regardless of one’s geographical location in the world. Countries like Nigeria especially experienced a massive increase in crypto adoption and it is currently leading in the world on that front. The lucrative uptick in the market of spot BTC prices resulted in the digital currency performing phenomenally well against national currencies like the Nigerian Naira (NGN).
The premier digital currency posted new All-Time Highs (ATHs) several times during the 2024 calendar year against the NGN. It is going into 2025 on back of an exceptional Q4 of 2024 so the trend is likely to continue into the new year.
BTC/NGN Price Action
Here is the graph of Bitcoin’s 2024 calendar year performance against the NGN:
Image Source: Coinmarketcap
The 2024 BTC/NGN price action can be described as a massive start and equally strong finish with a period of low volatility in between. The first quarter showing was particularly bullish as the digital currency started to go ballistic in February after the approval of the first Bitcoin Exchange Traded Funds (ETFs) in the United States. BTC rose 270% to go from 40 million to as high as 108 million NGN in a matter of weeks. But the story of the next 7 months or so was of consolidation and small price dips as the market became accustomed to the new realities. This is the same time frame when the Nigerian authorities initiated a major crackdown against digital asset exchanges like Binance and placed a blanket ban on them for several months. It is unclear whether the ban helped BTC’s cause or reined it in for the time being as the trend mimics the performance of other national currencies against BTC during this time.
Then came the last quarter and the bulls were awakened yet again. The market rose from around 85 million to 165 million in the space of two months and is still going strong during the first few weeks of the new year.
The Future
If 2025 can mimic the performance of the preceding year, Bitcoin’s worth may just triple or even quadruple against the Naira. The country remains at the top of the list when it comes to crypto adoption around the world and with a weakening naira, Bitcoin is expected to have a field day even if it doesn’t show the same outing against stronger fiat currencies like the USD, the EUR or the GBP.
Buy & Sell Bitcoin with Remitano
Given Nigeria’s leading role in crypto adoption, peer-to-peer exchanges like Remitano are likely to see increased activity. Known for its escrowed security, user-friendly interface, and ability to facilitate fast and secure Bitcoin transactions, Remitano may also provide a valuable service to Nigerians who are seeking to buy & sell Bitcoin .
