Using Nigeria’s rates to arbitrage

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Recently I saw a post about the Nigerian exchanges and i realized that the buying/selling rate there is 20-30% different that the EU and US rate.

That means that the people in Nigeria buy at +30%, BUT that also means that the Nigerian exchanges buy at +25%.

Simple math: Buy rate at BitFinex at 08:00 GMT = $915 Sell rate at Naira Exchange ar 08:00 GMT = $1149

That is a huge difference and it can surely be used for arbitrage.

submitted by /u/bsadfw
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