Ask Leo: is this a good signal to Nigerian currency as Naira crashes to N710 per πŸ’²πŸ’΅dollar?

For weeks this situation has been the talk of the town as Nigeria naira begin to crash against the US Dollar πŸ’°
It is quite unfortunate that this is happening due to the bad governance and incompetence of the Nigerian administration
At the moment this has become the trending news every where on Radio stations television station ,news πŸ“° papers and so on
In Nigeria at the moment the US dollar which was trading for about 500 Naira per dollar is now up to 710
the surprising thing is that few days ago it was 620- to 640 per dollar. but in a tickle of an eye here we are .the crypto exchange rate has emerged as Nigerians increasingly accumulate the digital asset due to scarcity of the local currency from official sources
a lot of people are buying crypto because they are losing confidence in the naira,
On February 5 2022, the CBN released a ruling that orders all financial institutions to stop facilitating crypto transactions and desist from transacting with entities engaging in crypto. The statement also instructed all banks and financial institutions to close accounts of individuals or entities engaging in this type of transaction.
The CBN warned in the letter that breaches of the directive will attract severe regulatory sanctions.
This letter sparked a lot of reactions and caused a lot of confusion amongst the people as to whether they can still buy bitcoin and some other cryptocurrency in Nigeria and engage in crypto transactions. This prompted interviews with top officials of the CBN and they explained that the CBN release is not to discourage people from trading crypto but it shouldn't be linked to the banking sector anyway this is not where am going to just a little diversion for clearefication however despite this sanctions crypto investors still have a way to do their dealing through the peer to peer (p2p) transactions as we all no Nigeria is one of the leading countries that trade cryptocurrency in Africa. but with this issue of naira will the government ever think of lifting the bann ? even more sanctions are coming as it's stands buying of dollar is now prohibited except for some purposes things that the banking sector or government can monitor. their is also a limit to this transactions $4000 example are travel , school fees

here are some questions from people

  • what is the reason behind the crash in naira value ?
  • is it government to be blame for this ?
  • is it ( CBN ) centrabank of Nigeria?
  • is it crypto to be blame ?
  • is it the citizens that trade cryptocurrency that are to be blame ?

I will be gladly waiting to receive your opinion on this

Thanks for visiting my blog @tobywalter cares πŸ’•πŸ’žπŸ’žπŸ’•πŸ’•πŸ’žπŸ’žπŸ’•πŸ’•πŸ’žπŸ’žπŸ’•πŸ’žπŸ’•πŸ’•πŸ’žπŸ’•πŸ’•πŸ’ž

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