Topic: Nigeria Economy before and Now after cryptocurrency Ban. (Read 308 times)

Before the ban on crypto trading in Nigeria it was as if the high volume of cryptocurrency transactions in the country was the major issue facing Naira at that moment and being the cause of its depreciation in price and so have a negative impact to the Economy. As at then the exchange rate Naira to Dollar was around #400-#500 to a $1 dollar.
Before the ban living were a bit easier then than now for most youths without jobs who engaged on crypto trading and investment.
Then the ban came and brought more suffering and hardship to the youths who was restricted from crypto transactions because to most of them, it was only source of income and they were leveraging from that opportunity due to in availability of job for already graduated and fresh graduating youths.

Taking a look at the Economy then and now there isn't much better changes done to the Economy for banning cryptocurrency transaction, rather the Economy is experiencing high inflation and the price of goods and services are skyrocketing.
Instead of the Naira to even gain value it has suffered further depreciation in price and as at the time of writing, the exachange rate a dollar ($1) to Naira is currently around #580-#600 black market rate compared to what it was before the ban.

SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.

In general I see no sense or positive impact on Nigeria Economy for  banning crypto transaction,  rather it worsen the state of living for the youths who found thier selves in the business.

Akpata stated that “the results of the study show that corruption in Nigeria could cost up to 37% of Gross Domestic Products (GDP) by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. The boost in average income that we estimate, given the current per capita income, can significantly improve the lives of many in Nigeria”.

https://www.pwc.com/ng/en/press-room/impact-of-corruption-on-nigeria-s-economy.html

Banks should be stayed out of this, that is the reason CBN fineed those banks, CBN banned crypto transactions in Nigeria. But p2p, the CBN has no power, Nigerians can transact from one person to another without the bank knowing. There are centralized exchanges that Nigerians are using, they should have been restricted if truly there was total ban on cryptocurrencies in Nigeria.

What do you mean by not completely ban, ban is ban can you transact legaly using your bank or bank card?. when a Government of the country  stopped crypto transactions then whom else will do so for you to call it a ban, anything your doing right now is illegal and back door business in the country, secondly there has been clamp down on accounts and fines placed on banks recently involved in helping out people to carry out crypto transaction. Go do more research on Access bank , UBA , Zenith etc recent fine if you're not current.

Who is Central of Bank of Nigeria? and what is the difference between central Bank and the Government of Nigeria ? By you having to respond this way. It will be interesting to know if you can give detailed differences between the two.
Your point is mainly based on the fact you can have access to p2p trading platform and the Government does not have control over it. Aside that you should known the full effect and therefore believed it was a Ban.

Take away cryptocurrency related issue from Nigerian economy because it doesn't relate to it or causing any fall of the local currency just like any other countries, cryptocurrency doesn't lead to the fall of the currency. Nigerian problem in economy is very clear, Nigeria is highly an importing country. Nigeria hardly produce anything even as little as rubber by products from crude oil. They only depend on the importation of finished product of their exported raw materials and they rebuy at high price, so how will such improve the economy and strengthen the naira?

Cryptocurrencies are banned in Nigeria by the Central Bank of Nigeria, the government did not ban cryptocurrencies, Nigerians are still easily buying, holding and trading cryptocurrencies. The Nigerian economy is not good right from the beginning after colonial masters left the country, before CBN banned cryptocurrencies, the economy has been falling, it is also falling after cryptocurrencies were banned by the CBN, not that the bad economy is unusual.

How can high volume of cryptocurrency transactions affect a country's currency, maybe you are mistaking what the actual reason for the depreciation was. Printing more money to help the covid situation which caused inflation, and bad economic decisions probably could have caused that negative impact to the economy you are referring to.
From my research, crypto is not completely banned in Nigeria, banks and other financial institutions are only restricted from handling cryptocurrency transactions, so don't you think you are making more out of it, people in Nigeria can still use crypto through peer to peer method, and i know they are all doing it that way and nothing changed for them. If a crypto ban is going to have a serious effect like you are saying, then it will be a complete ban, and even if it is people will still use crypto, though illegally then.

SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities

In general I see no sense or positive impact on Nigeria Economy for  banning crypto transaction,  rather it worsen the state of living for the youths who found thier selves in the business.

SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.

In general I see no sense or positive impact on Nigeria Economy for  banning crypto transaction,  rather it worsen the state of living for the youths who found thier selves in the business.

SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.

In general I see no sense or positive impact on Nigeria Economy for  banning crypto transaction,  rather it worsen the state of living for the youths who found thier selves in the business.

Even if its banned but doesnt mean that citizens couldnt really still engage with crypto thing but well we know that it is risky because once caught then you know the consequences but we know that this isnt something

Regardless of the ban, I assume Bitcoin is still very much vibrant among a certain population in Nigeria. The ban didn't eradicate Bitcoin. If I am not mistaken, there are a number of users from Nigeria in this forum. And they could probably testify that despite the ban on Bitcoin in their country, they could still buy and sell Bitcoin quite easily.

So whatever happened to the fiat economy of Nigeria, it mustn't have anything to do with their policy on Bitcoin. I doubt the ban has contributed to the falling value of Naira.

SOLUTION
therefore what the Federal Government and central Bank of Nigeria should have done is find a way to regulate cryptocurrency and it activities, this would have created more Job opportunities and help bolster international remittance from profits generated from crypto investment and transaction.

In general I see no sense or positive impact on Nigeria Economy for  banning crypto transaction,  rather it worsen the state of living for the youths who found thier selves in the business.