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Topic: Crytocurrency and Nigeria government amidst dollar rise. (Read 54 times)

full member
Activity: 378
Merit: 230
Bitcoin in Niger State💯
Lolz na dis kind things dey make laugh. Na di person wey make dollar rise nai go still make come down and who be dis person na the president with his cabinet members. Them use policies to make di dollar rise and that do same policy nai dem go still use am make come down. We just need a political well to make a pronouncement and everything will be over. Now look at it. The government was thinking that when they devalued the Naira then the country economy go Stanley bit Americans government deceived them and to Revive this economy is not here again unless the president use his veto power carry some certain activities so that things go come back and if not Military will take over.

I don't know why this government consistently makes me feel like they're out of touch with current realities, especially regarding the economic downturn. We continue to struggle with the way the country is currently being managed.

Associating the rise in the dollar and the devaluation of the naira with bitcoin or cryptocurrency exchanges doesn't seem like a viable solution to me. It's evident that shutting down platforms like Binance won't solve our problems, rather, we need to address the underlying issues and establish proper regulations to generate revenue.

The removal of fuel subsidy has significantly impacted the economy, and the government must focus on providing tangible solutions not just sharing of palliatives to the Governor when LGA Chairmen have been largely excluded.
hero member
Activity: 700
Merit: 577
Eloncoin.org - Mars, here we come!
Lolz na dis kind things dey make laugh. Na di person wey make dollar rise nai go still make come down and who be dis person na the president with his cabinet members. Them use policies to make di dollar rise and that do same policy nai dem go still use am make come down. We just need a political well to make a pronouncement and everything will be over. Now look at it. The government was thinking that when they devalued the Naira then the country economy go Stanley bit Americans government deceived them and to Revive this economy is not here again unless the president use his veto power carry some certain activities so that things go come back and if not Military will take over.
newbie
Activity: 53
Merit: 0
The rich getting poor and the poor getting poorer, ahahaha. Even since these whole binance & federal government saga. The price of dollar is still very high, so imho federal govt are wasting their time on irrelevant things. A better approach would have been better if they feel the likes of Aboki fx , binance and the rest are the reasons why naira has depreciated.  They should have come to a better consensus and give a clear out rule for exchanges operating in Nigeria, the likes of bitget would definitely adhere to it owing to the fact that they’ve good regulatory compliance even binance also .. but detaining two of binance representatives who came to have a conversation with them is just over the board
jr. member
Activity: 98
Merit: 4

What could be the remedy to this dollar rise?

The federal government of Nigeria is doing everything possible to fight dollar hike. Believing that dollar hoarders and crytocurrncey is a pivot to the hike in dollar. Cryto users I know are happy with the dollar to naira exchange rate as their little dollars is converted into a huge naira.
In a bid by the federal to ensure stability of naira has imposed restrictions on many  crytocurrency companies including Binance websites due to money laundering.
 Binance officials who came to disprove the federal government opinion were arrested yesterday and had there passport seized.

https://bizwatchnigeria.ng/binance-ceases-all-dollar-and-naira-trade-amidst-clampdown/

Cryto has really helped the youths as a form of business, trading income and job. Therefore since it has done more of good than bad it should be allowed. The only issue is that these cryto companies should be properly registered and licensed inorder to close those loopholes concerning money laundering and fraud. Recently one of my friend I contacted to teach me cryto told me that in South Africa, once, you finish with your secondary school there is this pressure to go and learn crypto before furthering your education or learning a trade so Nigerians case should not be different.
To me the problem is not crytocurrency but the high rate of importation and reliance on foriegn goods. The best thing to be done is to revamp our refineries not politicising it. After fooling us that by September last year dangote refinery will be supplying us with petrol, we are still getting nothing from there.
The port Harcourt refinery that was given a mandate to start operation, produced petrol that was lacking sulfur meaning that they have to export it for re-refining.

Remember cement now na #13500 for my area o. Small belle full indomie na #1300 here. Poor man go fit survive? The Mata get as e b o.
Abeg make them leave binace for us o.
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