Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China

Chukwuemeka Ezike sends thousands of dollars worth of bitcoin a month in order to trade with Chinese exporting companies. In return, he receives spare auto parts, construction equipment, and juices for a family business his father started more than 30 years ago. Ezike works full-time at Singapore-based crypto exchange Huobi as its community manager but helps with his familyࢀ™s business on the side. He says bitcoin is faster than exchanging currencies the old-fashioned way. And he can use it to leapfrog bank limits of $10,000 a day, which he often needs to do. Ezike doesnࢀ™t pay the manufacturer directly. Over…