Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread. - page 216. (Read 1030464 times)

You are absolutely right. But never mind me, I think we need to differentiate when to use government or CBN. In my opinion, so far no bill was passed by the legislative arm of government in Nigeria and no bill signed by the president (Mohammedu Buhari) to illegalize the use of cryptocurrencies in Nigeria, I think we should not use government in this regard, using government can even create more fear among Nigerians. It is CBN than ban cryptocurrencies in Nigeria while the use is actually not deemed illegal but direct bank-crypto transaction is what is not possible for now due to the CBN ban but crypto P2P transactioni are 100% legal in Nigeria.

I am not implying your points to be wrong, you are completely right in my opinion, even CBN ban could have made some Nigerians not to invest in bitcoin and other crypto assets, and yet many people are not crypto literate enough.

Removing the fuel subsidy should definitely result to price hike in Nigeria, but according to what I read recently, it is said that the price will not be increased much to the extent Nigerian economy will be affected and that it will not be instantly, but I know this is Nigeria, we should be expecting price hike in my opinion. The federal government are tired of paying the fuel subsidy. Nigeria will use 94% of its revenue for servicing debt, you know Nigeria is in debt as this present government are mismanaging the country.

You can trade even below  ₦510 ($1) on some exchanges.

On binance, you need to have a minimum of ₦5100 for spot trading, but you can trade less than ₦510 ($1) to go long or short on future contract.

₦5100 is enough to hold, but not enough to trade on binance because she will need to first learn spot trading even if she want to learn future trading. But using ₦100000 is also too much for beginners, having ₦25000 is enough to begin trading on Binance, and not all will be used at ones.

I believe you have taught her how to hold? Because as a beginner, she might only wanted to hold, confusing it to trading.

It is better to have money in Bitcoin and other cryptocurrencies like Tether, only the money to spend should be in naira, naira is depreciative.

This is not funny at all, when the government is contributing less on the youths, yet still imposing sanction on having huge amount in ones account as EFCC collaborate with banks to query our source of income, I swear dem go search tired.

Where is my govt at my young and tender age striving for survival, huzzling from street to street, doing hard labour to earn a living, scotting in my friends house, having 010 as daily meal, yet after the hustle and bustle God answered my prayers and bless me with divine connection, now I dey hammer but my govt in hunt of me on how I take hammer.

I could also remember sometimes back when a president could not even present a WAEC result and nothing happened, politicians loot funds and win case just to mention few, police brutality, bribery and corruption among other vices.

In UK, I also learnt that when a child is born the government takes full responsibility of the child with a monthly stipend till he attain the age of 18 years, I would love to title this epistle "A Patriotic Nigerian" but the news thread I came about couldn't let me, it read thus... "EFCC urges banks to query customers source of income".

I think this is a general problem, but it's worsening in Nigeria, a friend once told me she wanted to learn crypto-currency trading, and meet someone to teach her, she actually said she wanted to start with $10 which is about our 5,000 naira but the person turned it down saying it's to small to start with and it's below trading minimum on binance, that she should have at least $200 which is about our 100,000 naira she then withdrew her plans to learn crypto-currency trading, many of us know that she could trade with that amount, but the person wanted to scam her of good sum of money, scammers are making nigerian lose crypto-currency interest.

The action of removing fuel subsidy by the Nigerian government has been done previously, with very terrible results, it has caused a spike in the price of fuel, subsequently resulting in protests and strike actions, it's obvious the Nigerian government are more or less clueless and completely corrupt, we're in this situation in the first place cause of corruption, if the government can channel the funds generated from oil into developing the country and prolly get our refineries working again, the price of fuel would be relatively stable, with or without fuel subsidies, from the looks of things, the future looks bleak for our nation, with more and more inflation in sight.

Having said that, we dy put all our mind for oil, Naija get many other resources, but our government no wan develop them or put eye there, all them they do na just to put eye for oil, na so them go use this oil till they exhaust am, na that time naija wahala go multiply, creating more problems for the generation wey they come for front.

The issue be say this higher rate of Ponzi and pyramidal schemes them, don make plenty Nigerians become very cautious, to the extent say them no sabi differentiate legit ones from scam. I don stand up talk about Bitcoin for different gatherings, with some people wey dey talk say cryptocurrency na scam, even for school environment.
This ignorance they hold back some people from getting into it fully, as government come dey against am, that one make am worse.

Lack of person wey go teach them nah another problem as lots of people dey out to scam you. Some wan invest sef but no sabi how to buy and sell, and they fit lose their money to scammers in the end.

The first I knew about at first was a pyramidal scheme, it was actually through text message, but I couldn't have enough experience at the time to fathom how it could lead to scam, but eventually led to scam. I lost 2000 Naira, it was in 2012. I couldn't know it was a pyramidal scheme until when I joined this forum but I know how it operated, I know about MMM earlier but I did not do it because I already known what would definitely be the outcome due to my past experience, although, I was unable to differentiate between Ponzi and pyramidal scheme but yet both will result to scam, but I know how both operate.

That is correct, I think MMM is still the largest Ponzi scheme in Nigeria, correct me if wrong. When I went to bank after the collapsed, the story of a man that used the money he wanted to use for his wedding was all I was hearing around, the man also borrowed some money and put all on MMM, he lost all the money. My brother even lost 275000 naira to MMM which he showed me on his device. There were a lot of people that lost when MMM could no longer be able to use New Nigerian investors money to pay the old Nigerian investors when almost all or all Nigerians that were interested have all invested already and no new investors coming in. That led to the collapsed of MMM that result to losses for new Nigerians that invested at the time of the collapsed, and as we know the multitude will suffer the loss.

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Nigerians should avoid such high yield return investment that will result to scam, many Nigerians have lost to ponzi and pyramidal scheme, there are still many coming up, but we should all avoid them all if we do not want to be a scam victim. These links below show how Ponzi scheme in Nigeria resulted to scam.

7 trending Ponzi schemes in Nigeria in 2016
Nigerians lose N18b to Ponzi schemes - by The Nation  March 3, 2021.

To the defense of many ehh, dem no know say na ponzi dem dey do oh although d educated ones know and na dem dey promote am pass based on say dey wan be among the first ti chop so dey fit run. When me I been run MMM package back in 2015 dat time na the first time I dey do online investment.

I no sabi wetin be ponzi. I even think say I dey do normal investment unto my eye come open. Everybody for Nigeria dey hungry, so when dey see opportunity to make extra money dey jump on top am and for people wey no sabi wetin dey happen, na dem dey surfer pass. No think say those big man no dey hungry oh because na dem patronize this ponzi them pass.

If you see millions wey big man lose for MMM eh, like when I dey see update for online dat year, you go dey see millions wey people dey Provide help and the only people wey fit get dat kind money na only Igbo businessmen or politicians.

Nigerian as we are, we are naturally born to be curious and mostly venture into every and anything, this character has brought riches to many Nigerians and also poverty to some, if any Ponzi appears Nigeria practically go crazy about it, and I don't know about you guys, when ever I tell someone that am into crypto-currency the persons attention is already grabbed, I think you right Nigeria needs a board for home grown discussion and knowledge sharing.

Aboi no be lienus oh, it no be internet ehh we for don cast since na. I mean imagine how much you fit make by just running one or two things for online wey no involved fraud oh. If you keep your head for ground, you go see say blood money dey for Internet and any body wey first enter they succeed madly. Check our Instagram skits makers na see as those boys and gals they ball. Even when blogging be come out  see people wey first run am dey enjoy now like mad.


No be lie if na dat one me self I no dey border reaaon dem wetin dey sup again because on how you teach then finish and you no follow up  den they come misplaced this private key or lost their phone and no get how to access their wallet again, na u den go dey worry. Now anybody wey dey reason me wallet, I dey just trust wallet atleast that one dey somehow ok then the others but not totally decentralized why if you ask, anything wey binance put hand, fear dem.

That one na very strong point to use pushu this local board mata, we dey very uninformed for Nigeria. When I dey see this shitcoin rubbish e dey worry me. Na we even carry am for head pass  you go dey see careless WhatsApp update them and you know non of dem get any idea of wetin dem dey talk.

The president has signed the Petroleum industrial Bill, people are affraid again that if the petrol subsidy is removed, it could result to inflation which can later result to price hike and naira devaluation. What do you people think about this?

The pandemic affected many countries, but even before the pandemic, Nigeria has been suffering as being a developing nation subjected to high inflation and naira devaluation, Nigeria has also gotten worse ever since 2016 during this present government, naira touched over $500 per US Dollar if not the CBN governor's manipulations. Like MasterCard international monthly spending limit that was over $3000 before during Jonathan time that was reduced now to $100 and many others ways they use to inconvenient citizens to protect the foreign reserves.

Even some of them that think they are experienced enough are using custodial wallets, to the extent I have friends telling me Luno and Binance are wallets, I always correct many of them as they do not understand crypto in details, some even do not know what seedphrase is, while some go for any altcoins not minding if it is a shitcoin or not. This is one of the reasons we need local board, most likely at all, we will discuss more about cryptocurrencies which would be helpful to some Nigerians that access this forum.

Government do not care, the struggle in life is solely on individual's shoulder. Buhari that said Nigerian youths are lazy was also the person that addresses the University graduands of University of Maiduguri in 2018 or 2019 that no job in the country, telling them to be engaged in vocational training.

Nor be lie, na crypto dey reign for our country because the youths don see say the government nor get them for mind at all. White collar jobs nor dey for common cos oga at the top don keep slot for him children way still dy secondary school. Internet money nai be wetin the youths don see say go fit help them escape sapa. If you really check am well, for the past three years now many Forex companies don come out way they trade for people and Nigerians dey jump into am. Some work out some nor work even some of us way dey hear na through MMM we take know Bitcoin. An average dey ready to work hard to escape poverty na information dey kill us. Na so them go carry one alt for head way nor get market cap dey shill am everywhere say them be investor those people dy hard to convince or teach something.

I wan use this opportunity thanks everybody wey wish me happy birthday yesterday, I no even know say the turn up go much. The thing sweet me to the extent I gaz last min organized small party and we been get enough representative from this community. Do people wey call, text and chat, I say thank you as una make the birthday a day to remember.


Already our youth don the pick interest in the industry, in every five Nigeria youth, four go don hear about bitcoin and cryptocurency then atleast 3 go dey parole with the market either by investing or trading this na just based on my own observation. You look am na wetin dey rain now, no be crypto?

Although I pity our youth as majority they misinform na e make dem dey run around they do rubbish say dem be crypto enthusiast. With just the right information, everywhere go stew.

The mata no hard at all for us to understand, we dy live for Naija, so we dy see wetin dy do our naira, there is a pretty high state of inflation in our country at the moment, the naira is devaluing everyday as the cost of living skyrockets, that's one of the reasons Nigerian youths are interested in cryptocurrencies, to use it as a hedge to the devaluing Nigerian Naira. Another thing be say, unemployment dy worry us well well as things be so, so people dy find better investment opportunity, na so their interest go land for crypto, cause e get the ability to give beta ROI, and thus means wey them go take chop.

The interest of Nigerians in crypto would obviously continue to grow, with the issues created as a result of the pandemic, making the economic situation worse in the country, definitely more people would definitely want to use crypto and we wey be Nigerians go contribute to mainstream adoption wey dy come for front.

I understand your points and you are right, we all knew how CBN banned Bitcoin and other cryptocurrencies after EndSARs protest, nobody is againsting this at all that the president may or may not have hand in it, but what we corrected is that it is not the president that ban cryptocurrencies in Nigeria, that it is officially banned by the CBN governor for this not to mislead people.

Naira is our legal tender in Nigeria, we have no option than we will spend it and make use of it, but it is a depreciating asset. 1 dollar in 2015 equals to 168 naira, now 1 dollar equals 410 naira. When Nigeria became an independent nation in 1960, after the Independence, Naira was equalled to British Pound and its price was greater than US Dollar, but as been depreciating all the time. Even the US Dollar is still a depreciating asset but Naira is worse. I think this is obvious for us to know that if we want to save our money and make it not to devalue, Bitcoin is a very perfect option because it is an appreciative asset, while naira is not advisable.

Naira for spendings
Bitcoin for savings

Assuming I saved naira in bank in 2015 at $160, and I withdrew it in 2020 at $365. You see how that is a complete loss, most likely who saves naira in bank over long period of time will lose huge amount in value.

Am looking forward to seeing my fellow Nigerian youths trooping into crypto investment with their assets, this got me motivated this noon as I come across the news thread on how the American youths are madly falling inlove to crypto investment of their assets and I know that with clearer understanding of this, our own naija youths will choose crypto over the traditional Fiat system.

Another interesting fact about this is when you save your assets with banks, you get no or little return over it, considering if it were to be crypto asset investment, trust me you will be excited, but if I borrow money from banks, we all know how tough the steps and requirements, terms and conditions and the consequences for non repayment.

My beloved brothers, here is the challenge I bring to us all on investing our assets on crypto (btc).

This isn't new to us all, all of these is just a calculated effort from the Nigerian government to hamper the growth of cryptocurrencies in Nigeria, irrespective of if they are knowledgeable about it or not, I'm pretty sure we're all aware how corrupt and incompetent most of our government officials are, and they are more often than not, loyal, not to the citizens, but to one 'god-father' or the other who made it possible for them to get to that position. That is why it seems there is as yet no consensus from the government as to what the state of crypto in Nigeria is, cause most of them hardly even understand what it is, how it operates, it's pros and cons, but are just basically following the bandwagon to attack it.
That one no matter at all, me and you know say CBN oga no fit take decision on im own like that, the president was definitely aware of the whole situation, and if you ask me, he has more role to play than anyone else in this case, I know officially it's the CBN that issued the statement, but oga president hand full for the matter.

Well, make we just leave am like dat 🤷.

That brought up the comment that you were neither wrong nor right, but could be misleading people. For people that do not know what exactly who officially banned cryptocurrencies in Nigeria, reading from your post can mislead the person to think the president of Nigeria banned cryptocurrencies, but cryptocurrencies are officially banned by the CBN governor irrespective of the political aspect.

Even the incumbent president rival during the last election who is also the formal Vice President of Nigeria during Olusegun Obasanjo regime against the CBN ban, requesting the CBN to rescind the ban. We also know how Nigeria Security and Exchange Commission only calls for regulation rather than ban, the reason I think the CBN president got no option than to take to media that Nigeria can still make use of cryptocurrencies that only the banks will not support any transaction that are crypto related directly, the p2p crypto transaction in Nigeria is legal while making it illegal is beyond the jurisdiction of the CBN, what most Nigerians did not know until CBN government made that statement, but what we Nigerians on this forum knew.

As far as I know in Nigeria, the president too have much power which ought not to be, if Buhari wants to revoke the CBN ban, we all know that the chances is more than 70% possible, else CBN governor would most likely be fired, this is Nigeria, and purely political. Although, it is necessary the president (I do not know about Nigerian president, no be me talk that one o) should know about cryptocurrencies, but should be totally left alone for the CBN to make their own decisions. We would still see people that will take the move to court so that the ban will be revoked in court, but this can take a long time as it happened in India. Also, I believe the opposition party might be crypto friendly than this present government that find all means to distress citizens.

The same person that says most cryptocurrency transaction are illegitimate, he personally dislike decentralized cryptocurrencies. When most criminal activities in Nigeria are mostly in fiat, but he has nothing to say about naira, this is self-centeredness in my opinion.

Cryptocurrencies breed illegal activities, raise risks – CBN
The CBN governor says most cryptocurrency transactions are illegitimate

No be that same CBN Governor wey talk say "Bitcoin is made from thin air" say e go vanish very soon with this kind statement this kind of man dey like person wey sabi about how cryptocurrency works? From VP statement it very clear that the man knows how crypto works but he was not in position to decide whether the ban will stand or not.

The CBN position na appointment position no doubt and Buhari must make decisions based on the Governor's report and that was what he did when the CNB presented him with the crypto report. Wetin you feel say CBN Governor wey no sabi how bitcoin work go write? Buhari on the other hand will only take what the CBN wrote since him too na OLODO for the field and him believe say the CBN is correct.

CBN played the most important role here and not the President in my own unpopular opinion.

Una dey talk dis thing like sey una dey for sane societies of Europe and America where institutions dey function without presidential interference. Haaba! Abi una dey wind me ni like sey una nor sabi sey all government functionaries for Naija dey do wetin Bubu want ba. Who be Emefiele sef to argue wetin dem tell am to do? Who born 🐒? But wait oh, so una think sey if dem leave Emefiele and give am free hand im go dey do all this rubbish wey im CBN dey do? No nah! The man dey learned to understand how d economy works but na im master tune im dey wan dance to. For instance, make una see the way wey other CBN governors before im take work and the presidents of their time and how dem dey determined to help the economy. Na just simple case I give here. Emefiele own dey different because d present administration nor even send whether d economy dive of not. Shey una listen to VP Osinbajo comment when CBN banned crypto for Naija ba? So, una think sey if na Osinbajo be presido, Emefiele go ban Bitcoin? 🤷