The Central Bank of Nigeria has passed a rule that leaves most Nigerian money transfer operators unable to provide services to that country, making bitcoin a more valuable remittance tool, according toThe Daily Post Nigeria.
Only three companies – Ria, Money Gram, and Western Union – can continue money transfer operations. Nigerians using these services will have to pay high fees for sending money across international borders. Hence, bitcoin offers a solution since it allows people to send any amount anywhere at any time at negligible cost, usually in less than five minutes.
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