Topic: Hope for cryptocurrency in Nigeria. (Read 744 times)

Cryptocurrencies is a decentralized system that certainly no one can control, strange things if the Nigerian government is afraid of the development of cryptocurrencies for fear of not being able to control transactions, the government can actually get income from tax application from Exchanges.

There is no hope until the present government is removed because the government are trying hard to kill the use of cryptocurrencies. Nigeria has been one of the countries that is experiencing a lot of economic and job crisis. With this in mind, cryptocurrencies have resurfaced as a possible solution to Nigeria's economic. Some people believe that cryptocurrency might be able to help with the country's unemployment  rate and make it easier for the people in Nigeria to do business.

There have been alot of opinions concerning this aspect with the country Nigeria but as at recent days, the government has been giving a nice considering thought towards allowing bitcoin or any other cryptocurrency participate freely onna smooth ground in the country, the fact is the the economy in the country has gone so bad beyond the ordinary role fiat or the government officials and agencies could play in restoring it back, they believe if everyone is independently allowed to finds a survival means maybe things could go well to an extent but yet they were still adamant from accepting bitcoin as a means for a legal tender.

There is speculation that some of those politicians hide their wealth in crypto because it will be hard for the people under the government to track (as they know less), which is why they are taking advantage of it. Also, I think most politicians have a bad side, and only a few of them are good, but we can't really tell the truth as only speculation can be read. If there are no corrupt politicians, then for sure people will be happy as they can easily receive help from them, and also the economy will boost. but the sad truth is that it is not.

It's good too read and see that them cranky and retarded old brains has started functioning properly ( CBN ), and if I guess right they're huge holders of Bitcoin privately and then try to brainwash others from using it.

Yesterday, some bank's in Nigeria if not all had network challenge, it was difficult to recieve money it was difficult to make transactions for some else like. All because of the shortages of the new fiat currencies they brought up. I was stucked inside as I couldn't make it up for soccer drills.
The usage of Bitcoin has been massively going on and won't be stopped,but I really doubt if the usage of Bitcoin is going down for day to say activities. What's really done is convertion to fiat currencies.

Nigeria is a country that has good potential to become the largest crypto user in the crypto industry, it is only natural that some top exchanges such as binance have made local exchanges so that the growth of crypto users in the country is growing rapidly, unfortunately the rules in nigeria make many investors wait for clarity if opening crypto in nigeria . and the government should see the benefits of cryptocurrencies so that they can improve the welfare of Nigerians.

I've seen many stories about people from Nigeria actively using Bitcoin. It wasn't only about a huge trading volume, but also about actual use cases, such as accepting it as payment in a local store or fundraising for an important project to improve the lives of local communities in cryptos. Since people don't seem to hide that they use Bitcoin, I suspect that the ban isn't really enforced in Nigeria, but in any case, it's about time for the government to step in and to adjust the policies to reasonable and friendly ones. After all, Bitcoin isn't bad for the economy of the country, whereas banning just encourages a shadow economy, which is not as beneficial for the state.

well, we can't avoid such fact. politicians will always side their selfish interest even if they do not fully understand the market. but i believe, some of them are secretly hoarding some top coins. who knows, right? most of these politicians are two-sided face.  they want a different image in front of its people but they are doing other things behind the scenes.

Our leaders do most things that favours them. They see crypto as a way most youth can make way to become rich.This bann was made out of their selfish interest.

Ghana produces gold, thats quite important part of that statement in terms of trade balance its always ideal for a country to be able to swap what it produces for the goods it imports from others.    The problem with Dollar as a global currency is that its external and unregulated its flow leading to great constriction and pressure for countries especially outside of the oil trade.   Oil is especially tied to dollar along with a few other things like Finance which backs government debt and is highly subsided for that purpose in many countries.
    Unfairly many countries suffer by just producing normal goods not always in demand for dollars in those key ways.  I'm not sure crypto can fix those problem, Nigeria is part of OPEC but has various flaws and troubles ongoing.   Banning any trade isnt really to the benefit of the people so I hope this is a positive for them but probably requires they are part of tech development etc.

That the Nigerian government will eventually work to have the ban on cryptocurrencies lifted does not surprise me. I am aware that this day would undoubtedly arrive due to Nigerians' involvement in the cryptocurrency industry. You can't just tie a nation like Nigeria, which is filled with young, active people who have been using cryptocurrency for so long, without giving in to their desire for the financial independence that cryptocurrency gives. I keep telling my friends that eventually all of these nations that have yet to legalize bitcoin will do that someday. It will happen in due course.

Crypto is becoming more and more popular, and no government will be able to stop it unless they also make it legal for their citizens.

I am yet to search and understand what is the differences between financial and capital market but based on this fact, lifting the ban and also approving for legal use must be a great boost for entire cryptocurrency world and not just for Nigeria economy. I wish that most other governments worldwide should consider this reasoning while trying to regulate cryptocurrency markets.

Some 4 to 5 years back itself, most European countries had taken the decision of treating cryptocurrencies as an asset and not a money. Overall, we are slowly moving toward a crypto for everyday usage kind of days. Really happy about that.

Currently Nigeria is one of the countries that is in trouble with economic income so many parties cannot control their income, to ban crypto is one of the difficult things in the world because currently Nigeria is a country with many crypto users, although some of them do not use local accounts but they are already so smart in using crypto to invest, in this case it is difficult for the government to ban crypto in their place, but the government can make a law to regulate the use of crypto in the country so that the current economic crisis they are experiencing can be resolved immediately, if it is not dealt with immediately, this problem will get worse.

Given the kind of exposure cryptocurrency has in many parts of Nigeria, the ban is kind of barbaric. Even with the ban many Nigerians still make crypto transactions on a daily basis and the ban doesn't seem to affect the users that much which makes one wonder why the ban is still considered effective till this moment and why should it continue.

A pretty good news for the crypto eco system for sure. I think this can give Nigeria the upper hand at world level and it can start to become host to many crypto related businesses, i saw that it is even training it's workforce for the blockchain and crypto related technologies so that it can be helpful when such businesses come in their country. After their ban now the road looks pretty clear to me.

It was surely hard for Nigerians to deal with the restrictions especially the big-time crypto investors in their country. However, it's still a good thing that they are now experiencing a lighter restriction and they're able to transact through banks that support crypto. I hope that their central bank would release the restriction and would let their people transact with crypto freely again.

Frankly, it should be clear that it's not actually the Nigerian government that restricted cryptocurrency, it's the central bank of Nigeria. If it were to be the Nigerian government, then it would have been so catastrophic for the users. But it's the CBN, and they only have the right with the banks by restricting the banks from dealing with individuals and companies transacting with cryptocurrency.

However, I did not use the word "ban" like the OP because what is being experienced in Nigeria is actually a play of restriction, it is nothing serious anymore. Many individuals and companies have started engaging banks directly with crypto-related transactions just like it was before the restriction was announced.

The Federal government of Nigeria hasn't/didn't ban Bitcoin, the ban by the CBN on the processing of crypto transactions is more about lack of understanding than in a bid to protect the dwindling economy, because crypto is providing something for the populace in the country, whereas the government has provided absolutely next to nothing, thus i find it amusing that the federal government of Nigeria continually say they are trying to protect people from the volatile crypto market.
Quite rightly Nigerian politicians loot public funds, but as for where they stash it, i think it is far away from in the crypto network.

Again, Nigerian government did not ban bitcoin and other cryptocurrencies, the central bank of Nigeria restrict crypto transactions, only the direct ones are banned, while Nigerians turned to p2p which is working effectively.

Secondly, Nigerian economy is dwindling, but cryptocurrencies are not responsible for the poor economy and retarding standard of living in the country, cryptocurrencies will only add to the economy, increasing its growth and development. The dwindling economy is as a result of poor leadership, self-centred interests and lack of competent and educated leaders.

The libertarian in me is pulling his hair out at that statement.  Of course we can--and, if we're being honest with ourselves, do--want things our way.  Everybody does to one extent or another.  Every government is set up differently, but in the US for example, those idiot politicians are supposed to be working for the people.  Instead, they've set up a time bomb in the economy with all the money printing and debt accumulation.  It's outrageous.

Dude, what country do you live in that has you so....brainwashed.  Governments want to regulate everything, and personally I'm for less government and less regulation.  Big Daddy government doesn't always know what's best, you know.

The main reason why Nigeria is banning crypto is because it wants to protect her already dwindling economy, thier politicians loot public funds tends to stash those money in a safe place and that's the crypto space and thirdly the fact that it's unregulated is a major problem remember, Twitter was banned in Nigeria and after having an agreement on some percentage the ban was lifted ....
I actually believe in the future there would be some sort of regulations in the crypto space...

You've said something that applies to every country's economy. Not everyone wants to live in peace and will seek chaos and destruction in order to further their selfish interests. If the government wants to legalize and regulate it, that's fine; however, they should be mindful of its use and not place undue burdens on the users who use it. Even if it is regulated one day because we lack power over the government, I will always prefer a decentralized means of money system, but that is the reality we must live with for the time being.

Nigeria's trading volume is second only to the United States, and it has a huge "bitcoin fan system".

Nigeria to ban cryptocurrency activities in February 2021.

Nigeria in September 2022 entered into early-stage discussions with cryptocurrency exchange Binance to develop a crypto-friendly economic zone aimed at supporting cryptocurrency and blockchain-related businesses in the region.

"The government only cares about interests."

I do not know why this is repeated again and again, it is no more new that Nigerian government do not ban bitcoin and other cryptocurrencies, they were mute about it until the lawmaker, Ibrahim Babaginda proposed a bill so that cryptocurrencies can be legalized in Nigeria. The Central Bank of Nigeria (CBN) are the one that banned crypto transactions, but Nigeria dealing with it through p2p are not illegally, still massively still making crypto transactions because the government did not ban cryptocurrencies.

Surprisingly, Nigerians are not that using CBDC, eNaira. I prefer the bank naira that I can just send electronically. Nigeria eNaira is just nothing more than the old bank naira that we can send electronically, no difference in convenience and function. I even prefer naira to eNaira.

For me, I would rather accept crypto regulation than get banned outright, which is also seen as a success for investors in Nigeria. Honestly, we shouldn't demand too much from the government, we can't just want things our way. In the position of the government, they cannot allow the free use of an unregulated currency, as it would destroy the economy faster. If people are not regulated and become too free, they will become more selfish and society will become more chaotic than peaceful as we think. Not everyone has the sense and desire for peace, and that's why society needs control.

I see authorities are in doubt about what to do. There is a lot of pressure from both sides, the one who wants to ban crypto and the other who wants to legalize crypto. The scenario in Nigeria from the law point of view is pretty unclear yet, but there is still hope, without any doubts. Furthermore, cryptocurrency is already part of the daily life of many nigerians. It's not something you can revert anymore. With or without a legal frame people there will continue using cryptocurrencies and will continue bringing more and more adepts to the digital and decentralized world of finances.

Some sectors of the government are simply trying to fight a lost war against crypto enthusiasts. That is waste of time and energy which could be being used to implement solutions for their people who are despaired for a better life quality.

I think it is important to note that the chairperson of the legislative body mentioned that the ban on cryptocurrency will be legalized. This implies that the government of Nigeria wants some sort of regulation and control over something that cannot be entirely controlled. While this may sound as a disadvantage, this will be better long-term as the government recognized its effects on the economy.

There will always be hope for the cryptocurrency situation in Nigeria given that the HR would pass a bill. This bill will definitely have amendments before it becomes a law and let us all hope that the amendments would not totally destroy crypto regulation.

They ban crypto at the first time just to protect the citizen while they are learning this new thing, making rules .. and making way like what happened thesedays in nigeria to lift up the ban and get ready to welcoming a lot of crypto business on the floor, they are aware about how crypto bring a fresh air into their economic growth.

They are ready to have crypto friendly law and one by one the other nations will follows.

But knowing the government is sometimes bias when it comes to cryptocurrency matters, so all they do is  to banned it so that people will stop using it. However, based from OP’s post, I just hope that the Nigerian government will have a balance fair of system when it comes to crypto and CBDC. Now that the ban is now lifted, I hope that the citizens can freely utilize and choose with currency will suit for him and makes him more convenient to use.

Unlike you people, I don't think the Nigerian government is going to even think about banning cryptocurrencies and bitcoin in their country, I mean they won't do this if they are wise enough to think about earning benefits from it. Because by accepting or legalizing bitcoin and cryptocurrencies they can even have some income from the tax they get from the bitcoin investors while banning and suspension of bitcoin and cryptocurrencies will make many people unhappy there because as far as I know there are many people into cryptocurrencies in Nigeria

You can just perform p2p transaction and CBN will not do anything, there are many crypto to fiat and fiat to crypto transactions daily in Nigeria, as long as you do not go beyond that p2p, you have no problem.

We do not have to depend on a single person for bitcoin and other crypto adoption in Nigeria, it is true that Atiku is in support of cryptocurrencies, I prefer how the legislative arm is proposing crypto regulation which is better. It is a kind of bill that the executive (the president) will not hesitate to sign into law, I think.

Politicians have been using naira to embezzle many years ago. Fiat is still used more for corruption purpose. If fiat can be used for criminal activities, then why the issue with cryptocurrencies.

Crypto will be more legalised in Nigeria if Atiku Abubakar is the active president, this is the first politician that talked about crypto adoption years ago and he lost to the present active president, I am not taking a side here as Abubakar may win the election and forget about everything.

We really don't know who is saying the truth in the country anymore, a friend even said that any politician that supports crypto fully are doing so to start using the tech for money embezzlement, my friend could be right but who knows?

It's better if people embrace crypto adoption than waiting for the government to turn on the green light, crypto is for the people anyway.

This is purely a good move by the Nigerian government. Toward the end of the present government, there have been positive changes and good news happening in the country just to revive its economy. 

I don't know how long it will take for them to lift the crypto ban cos as it is now if the CBN finds out that your bank account is connected to crypto, it will be blocked automatically.

its really good to see one legislature care about cryptocurrencies and to see that the Central Bank is being too arbitrary in banning crypto in Nigeria .. by lifting the ban on cryptocurrencies it will definitely make the crypto ecosystem more developed in Nigeria and of course this will have an economic effect on the Nigerian economy .. and maybe this will be new income for the government and citizens of Nigeria, because the government can collect taxes from crypto trading and citizens can benefit from crypto adoption

The ban was on February 5th, 2021.

They are waking up to see that there is a lot of potential in bitcoin and other crypto and looking for ways to tax people, but this will favour crypto businesses in Nigeria.

Nigerians prefer to hold dollar, until I got to this forum to know that people from US prefer to hold gold and other valuable assets, that they do not value what we value here like the way we do. Naira is highly depreciating and an alternative is the way. Bitcoin and other cryptocurrencies are the alternatives.

Because Nigeria prefer to hold US dollars, likely they prefer to hold coins that are backed by US dollar like USDT and others as well along with bitcoin and some other cryptocurrencies.

To regulate bitcoin and other cryptocurrencies is a way to a better economy, instead of killing what could add to GDP as there will be more and better well regulated crypto businesses.

Actually you can also find the answer to your question for now. Because logically every country sees new things like cryptocurrency and tries to legalize it in state regulations or state laws that have been implemented for years, it always takes time to be discussed with fellow state officials or important staff within the country the.

Because it will not be enough if it is only approved by one party or someone. So don't blame the state (in this case Nigeria) for initially banning cryptocurrencies. Maybe they still need more time to study cryptocurrencies which will ultimately lead to better decisions for the country and its citizens.


Yes, that's so true. As I explained above, the government really needs to do research before deciding on something new to be included in the state system. Moreover, this is related to cryptocurrency which basically is not known by everyone in Nigeria. So this clearly requires research on the part of the government.

And in the past week I also had the chance to read a news item stating that the proposed bill would lay out the crypto oversight powers of the Central Bank of Nigeria and the country's securities regulator, an official said. Which in essence Nigeria Recognizes Crypto as Investment Capital and you can read about it at - https://www.coindesk.com/policy/2022/12/19/nigeria-to-recognize-crypto-as-investment-capital-report/

I don't really believe in all this so called 'Nigeria politicians'. They mostly make decisions that will favour them but not for the country as whole but this one will definitely favour us as a crypto investors.

Compared to other experiences in countries with the same economic situation as Niger (political and economic instability, currency without value, social crises...) such as El Salvador and Central Africa, the experience shows that adopting crypto may not be the best option for these countries. In addition to the unwillingness of the people in the majority to use advanced technology, these countries lack the necessary technical infrastructure to establish an advanced technological system.
Even from a legislative point of view, the full adoption of crypto requires a set of laws and regulations that must be compatible with the financial and psychological situation of the population as well.
Currently, Brazil has succeeded in issuing a law recognizing digital assets, and I think it is a good example that the governments of poor countries should follow.

I think they saw the potential that bitcoin and crypto could offer in this dire time of need hence they are second-guessing the ban they have imposed prior. This is good as they could set sn example to less receptive countries especially if this does get actualized and a recovery of Nigerian Economy happens. Til then we can only hope and wait the legislators do the right thing, and most of all support our Nigerian vrothers and sisters as they weather a huge crisis in their land.

Exactly, if this came true it will be good and it can set as an example to other nations in the continent. There will be a huge benefit of crypto in each country, I just hope that government will not take crypto in a bad way, I just hope that more and more countries such as Nigeria will adopt crypto just like any e currencies available in the market.

They need to do thorough research before making a decision, if they don't research and accept cryptocurrencies from the beginning and cryptocurrencies don't work and destabilize the country then the people also blame the government .I find the government in no rush to accept cryptocurrencies is very right. We are too selfish to think that cryptocurrencies are in our favor and why they ban them.

Nigeria Government most times take actions without considering the benefit it gives the society. They mostly do things at their own advantage. I keep wondering why crypto currency was banned in the first place.

Just like Ibrahim Babaginda has stated, it was an abrupt decision that didn't come by a lot of consideration and deliberation, seeking to end all in a swipe move but of course, that wasn't going to work. CBN and NSEC failed to understand how the cryptocurrency industry works. There irrational decision was only followed by more participation as they ended up creating more awareness and drove people to be more private on there crypto investment/transactions.

The news as we have it now is one that comes from a very thoughtful individual as he not only seeks to lift ban but hopes to understand and find a common ground for proper categorisation and giving legal status to the niche.

Every country needs someone in position who are truly cares about the others, and with this development in Nigeria, I hope that it will be passed and make Cryptocurrency legal. Other countries started to amend their laws about financial investment, this could be a great start again. Didn’t know about the financial status of Nigeria but I know many people there are suffering because of poor financial system, they also deserve to use cryptocurrency and enjoy the freedom of choice by using other crypto as a legal tender.

Probably positive chances are also possible here. If this reconsideration will create positive outcome, the Central Bank of Nigeria will start boosting crypto adoption and will come to recognize crypto as a legal tender or a form of exchange in the near future. Otherwise, though crypto is not also illegal, but it will never be used as a legal currency.

Ibrahim Babaginda besides being a smart thinker is also a clear thinker. Because Ibrahim Babaginda knows that prohibiting crypto is the same as prohibiting water from flowing from the highest place to the lowest place. It's something hard to control. So he made a decision in his way of thinking that instead of controlling or prohibiting it, it would be better to control it with certain rules so that it has clear income for the country.

The government should appreciate what's happening in their country based on the feedback of their citizens. The feedback was terrific and amazing that's why they have to capitalize it instead of being an obstacle to their people.

I guess every country will be a villain at first tries whenever they see the thriving market on their country.

But eventually, they'll change their decisions to be give way to its early adoption that's happening on their jurisdiction.

I don't really think this will happen any moment from now, because of the current Economic crisis. It will somehow increase inflation in some ways like the pump of btc to $60k alot of people became a millionaires in the US and that would definitely increase inflation in some ways but the fact is not only btc gives this some alt coins do this (they literally do x100% - 1000%).
But the Good thing about it is that it will in some ways reduce fraud and be a better investment for the middle class and below in the country.
Also Our currency will not be depreciated this much because there won't be much people converting NGN to USD
So I guess it's better they legalize it

That’s seriously bad condition in the Nigeria. I dint know they have such worst economical issues with banking system that nobody even cares to have the account in a bank. No wonder the decline in price against USD. It feels like as if I am looking at the charts of altcoin Vs bitcoin price. It’s noticeable that we are actually talking about a country which has its freedom since long time ago and still it dint gain that much market and economic standard as one country should have. Definitely something is wrong with the administration or may be they are failing with the whole principles behind it.

This is the hope for crypto, although I am fairly certain that this will not happen immediately, but will take some times. There are many individuals into crypto in the country already and due to the massive awareness being raised by Forum members who are Nigerians the number of crypto users is increasing. I patiently wait for the period when Crypto will be declared legal for use in Nigeria.

Good for Nigeria! It's great to see that Nigerian government has come out of the decision of completely banning bitcoin and other cryptocurrencies. Rather they are looking to legalize it. So Nigeria should be able to build businesses around cryptos in coming years with the availability of legal framework.

Nigerian government has finally realised that they can't control it. I hope other governments also acknowledge the same in next few years after trying their best!

Let them try, they will fail, Months ago the government plan to limit daily Fiat spending and now they have increased it, I knew that won't work as well, this currency of a thing is not the appropriate way to change the country's situation, the problem that Nigeria is facing today is because of it's people.

All they think about is making more money that's why they set eye on crypto, probably buyers will start paying tax, this is where I expected them to be active, as if taking this path will ease the country's suffering.

You are right because lately the regulatory body as sec is pushed to the background and nothing is heard of it in Nigeria rather CBN is taking all the shine and I guess that is because the CBN governor, Godwin Emefiele is at the corridor of power. He whines and dines with who is who in the APC government and so he gets every approval he needs from the president. But now that the legislative body is trying to wake up to their responsibility and define roles, lets see if sec will take up the mantle. It is only reasonable that there should no restrictions to trading of cryptocurrency and bitcoin in Nigeria and the youth are allowed to take the same chance that other youths has. The economy will begin to have positive vibes in investment.


On behalf of the Nigerian users on the platform, I welcome your congratulatory message. I say a big thank you.

The case of Nigeria is interesting because citizens are escaping government control measures.

I learned the other day that they are not paying much attention to CBDCs and use cryptocurrencies instead. The inflation of its currency, as Hydrogen shows, must be a major factor in this regard.

I guess now the government have capitulated and are thinking: "if you can't beat 'em, join 'em".

I would like to take this opportunity to congratulate the Nigerian community for the creation of their local forum.

News media interpretations may vary, just check on other sites. It's only a matter of sentence, the point is that the bill on the legality of using crypto will soon be passed.
Adoption of bitcoin by the country's SME business class seems unstoppable, this is clearly not going to benefit Nigeria if it does not have a clear regulatory framework. A statistic says that Nigeria is in 4th place in the world based on the number of crypto holdings of its citizens as of June 2022.

   -  Ibrahim Babaginda's cryptocurrency proposal is good in this regard. And I liked what he said that the central bank of Nigeria has no right to control the cryptocurrency industry and the banks have no authority to regulate it.

Sometimes the owners of the bank think they have the money they are holding, they will make a large percentage of those who want to lend to them, but they will make a very small per annum, which is one of the reasons that I prefer to use my money to invest in cryptocurrency even though I know there is a risk.

I hope that Ibrahim Babaginda's good thinking will continue for his constituents, especially for the crypto enthusiasts in his country.

This is good news. At least they're trying to reconsider their previous policy on Bitcoin and crypto. It seems this bill has a bright future. The chairman of the committee on capital markets in the lower house, which happens to be a former president of the country, seems positive on it and probably influential enough to bring his colleagues into passing it. And if Bitcoin and crypto thrived unrecognized in the country, this will certainly provide a boost to its local adoption.

From the source OP gave there is no information that the the bill proposed by the legislature is targeted at lifting the ban on or legalizing cryptocurrencies. But it is a very good news because the Nigerian legislative arm is waking up from its slumber. How would a single entity like the Central Bank be the one that make policies that concerns a big sector like the crypto space. The CBN arbitrary makes laws and policies targeting the crypto industry without the input of the Security and Exchange Commission or the law makers.

What this proposed bill wants to achieve is to reduce the autocratic powers of the CBN and transfer more powers to the SEC and the National Assembly The CBN should focus more on cryptocurrencies as a means of exchange, while SEC would handle the the sector as an investment option. This is a welcomed development because SEC is more friendly to cryptocurrencies than the CBN, in fact the former recognizes crypto assets are securities  .

Positive approach from the government. The country that have got good number of cryptocurrency users, and still without proper stand from the government is really a mess. One side the government is showing its interest on making cryptocurrency legal and lift the ban. On the other side through its CBDC launch the government is trying to keep things under control.

Anyhow it is really good to make the best choice to support its economic uplifting. As in the above response, maybe considering it as the alternate could help in retaining the economy as it is the country to have the highest number of cryptocurrency users in the African continent.

This announcement makes me wonder if FOREX exchange rates around the world are forcing nations to implement extreme measures.



Image link:  https://i.ibb.co/wCnNtr2/nigerian-naira-to-usd.jpg

Above we can see the FOREX exchange rate for the nigerian naira and us dollar for 2022.

These fundamental shifts in trade could seriously threaten stability for major economies.

Which could greenlight crypto as an alternative.

Ghana announced they would seek to purchase oil in gold rather than their native currency to avoid price swings in FOREX exchange:

https://bitcointalksearch.org/topic/m.61353854

A similar negative precedent may also be felt in nigeria.

I really hope that Nigeria will be able to overcome its financial and economic crises soon.
Since the spread of the culture of crypto and digital assets since late 2016, we have noticed that some countries have resorted to changing their currencies from paper to electronic, and the reason, of course, is careful monitoring of money movements and financial activity of individuals and companies.  It is an attempt to escape forward and does not provide real alternatives that encourage people to abandon the use of crypto.

Nigeria has come to consider the banned  which was put to crypto currency in the country in 2020. Ibrahim Babaginda the chairperson of legislative body committee on capital market and institute said that Central Bank of Nigeria does not have the right to control crypto industries and the Apex bank don't have the authority to regulate cryptocurrency because many digital investors don't even use local account since it is not a financial market but a capital market. the House of Rep be asked to approve a bill to that seeks to amend the investment and security in Act 2007 in other to designated cryptocurrency as a capital investment. Ibrahim Babaginda said the banned on cryptocurrency will not only be lifted but will be legalize.



https://news.bitcoin.com/report-nigerian-lawmakers-set-to-pass-law-that-diminishes-central-bank-influence-on-crypto/