Using Nigeria’s rates to arbitrage and make profit

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1 BTC = $48471.10 USD  (via Coinbase)
1 ETH = $3499.57 USD  (via Coinbase)
1 LTC = $182.21 USD  (via Coinbase)
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Recently I saw a post about the Nigerian exchanges and i realized that the buying rate is 20-30{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} higher.

That means that the people in Nigeria buy at +30{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8}, BUT that also means that the Nigerian exchanges buy at +25{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8}.

Simple math:

Buy rate at BitFinex at 05:00 GMT = $918

Sell rate at Naira Exchange at 05:00 GMT = $1147

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

submitted by /u/sasrsd
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1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

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Ticker

1 BTC = $48471.10 USD  (via Coinbase)
1 ETH = $3499.57 USD  (via Coinbase)
1 LTC = $182.21 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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