Due to very bad leadership and government, emphasis on "very bad", the super inflation that has hit the Nigerian economy in the last 8 years is more than crazy, the value of dollar against naira has skyrocketed 3x plus what it used to be before this current President and government came into power, but the funny thing here is they keep blaming crypto for the bad economy instead of themselves and their selfish and greedy reasons of filling their pockets until it overflows, not caring about the people and how they are doing or in this case paying the price of a failed government and economy, which is why the younger generation stopped waiting on the government to do anything for them and embraced crypto, bring the power back to the people, with the opportunity of being financially free in the future, which is why the government are a scared and hate crypto so much that they placed a ban on it.

The Governments Biggest Mistake

Honestly, I would say the ban was the wake-up call for everyone in the younger generation that the government is not ready for us to succeed, so most people like me moved all our money from our bank accounts and started funding our crypto accounts, as usual, the government found out about a lot of money leaving the banks and not coming back or less coming back in so they added more restrictions to make our lives harder and make it impossible for us to use our credit or debit card to fund our crypto wallet by placing a $20 maximum limit on foreign transaction done in a month.

The ban on crypto and $20 maximum limit on foreign transactions was the governments attempt to stop us from taking our money from the bank and funding our crypto wallets but that did not work because it made us smarter and look for more ways to do our transaction without the $20 limit, which the government can't touch, which is where peer to peer (P2P) comes in, and also Nigeria has been experiencing high inflation, especially in the past seven days, where the price or value of dollar against naira has risen 3 or 4 times, so the citizens are rushing to secure their wealth in stablecoins and Bitcoin, which led to P2P trade in Nigeria to increase +258% in the past 7 days. It was also reported that the central bank governor has been summoned by lawmakers regarding Naira depreciation, and he also made a recent announcement that they would be arresting anyone that uses naira to buy dollars in the country.

THANKS GUYS FOR READING MY POST.

PLEASE FOLLOW ME ON:
Discord: onwugbenuvictor#3447
Twitter: @VictorOnwugbenu

Posted Using LeoFinance ^Beta