Nigerians Apply Bitcoin to Facilitate Trade With China

Coindesk reports, that Nigerians have been more frequently choosing cryptocurrency as a tool of trading with China. Currently, it is regarded as a proper way of doing international business. Primarily, it is connected with easier way of crossing national borders which facilitates increasing trade between the countries. Moreover, while effecting transactions using bitcoin, the Nigerian businessmen can operate the daily bank limit as of USD 10.000.

As a matter of fact, Nigerian traders do not operate with Chinese manufacturers directly. They prefer to find middlemen who transfer BTC to RMB. Later on, the middlemen find preferable manufacturers in China as per the buyer’s request, pay goods and commodities and arrange delivery to Nigeria.

One more reason for preferring Crypto for international trade in Nigeria is the following. Nigeria is a very import-heavy country, but it lacks foreign currencies inside the country to operate with importers. In this case BTC is a good way to bypass this problem. For example, it’s a hard work to find enough RMB or USD to exchange for Nigerian Naira.

Anyway, one issue is to be taken into account: the throughput capacity of international transfers of BTC is still limited. In case a great deal of traders commence to effect international transaction, the networks might collapse. But still, a lot of developers worldwide have been working to solve this problem via Lightning Network. It is forecasted, that in the nearest future this obstacle will become insignificant.

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