I'm sure there are plenty of bitcoin holders both in and out of Nigeria who are looking to score big on this arbitrage opportunity. I feel very sorry for the Nigerian people right now.

• demonetization - a widely used medium of exchange ceasing to be one

Historically, demonetization has happened through

1. hyperinflation - the money is devalued
2. bimetallic standard - changing from using gold to silver
3. metallic standard is abolished/defaulted on (e.g. 1971 - https://wtfhappenedin1971.com/)

When the EU adopted the euro, it demonetized local currencies (e.g. Italian lira) and monetized the euro.

-- an excerpt from the 2-minute version of Bitcoin Hypermonetization: Bubble Talk (2013) originally posted in https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013

Seems like a 1) to us. Can anybody give more detail?