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.