THE NAIRA FIGHTING FOR ITS LIFE

avatar
(Edited)

image.png

This is unduly discriminatory and unconstitutional. This is not regulation but oppression. Where is the @nassnigeria? @cenbank's action is ultra vires. This has to stop. We are not in a lawless country. Only the National Assembly can illegalize cryptocurrency.#endcbnoppression pic.twitter.com/VjxmhjR6g6

— Senator Ihenyen (@SenatorIhenyen) November 8, 2021

I woke up early this morning to a tweet that detailed how the central bank of Nigeria is reinforcing the crypto ban in Nigeria which they have refuted on several occasions, stating that the restrictions were set for the only financial institution. However, this letter clearly shows that individuals and businesses facilitating any crypto transaction stand the chance of getting their account(s) blocked.

What’s more troubling is the very vague yardstick used by banks in determining crypto transactions. As the tweet states, it is not only discriminatory but also unconstitutional.

I think this new development only makes a mockery of the Nigerian government and its agencies. The eNaira was launched a couple of weeks ago and many critics thought it was a step forward for the Nigerian Government, embracing digital currencies, although the CBDC received bad ratings.

This goes to show the two-faced nature of the Nigerian government when it comes to cryptocurrency. On one hand, they seem to embrace it and on the other hand, they want to ban (control) it which is their usual response to anything they cannot control.

My heart goes out to all the well-meaning Nigerians who would be caught up in the government's shenanigans. However, there is no need to cry over spilt milk. The deed has been done (a long time ago) and tough times and regulations make smarter people.

With the onset of the crypto ban in Nigeria came the increased adoption of P2P (Peer-to-Peer) transactions. In response, the central bank has been targeting personal accounts and business, unfortunately with little success, which is not enough to deter them from their futile pursuit.

The truth is the naira is fighting for its life (which in this case represents the government's economic control) and the government is willing to do just about anything to save it. Unfortunately, they are going about it the wrong way.

Banning cryptocurrency and restricting the inflow of dollars in the country will in no way engender the confidence of the Nigerian people in the naira. Nigerians dumping the naira for other currencies is a clear message to the government.

The people are simply telling the government that they cannot control their finances irrespective of the moves they make, and this is such a huge statement. Never in our history has the people ever wielded such power and it poses a threat to the Nigerian financial system which is on the brink of collapse.

I think we are going to see this sort of move, where the people take back control across nations. The case in Nigeria is just a litmus test for other nations to learn from.

I will choose cryptocurrency over the government’s interest, (which is disguised as public interest). Crypto has afforded me a life doing the things i enjoy, creating content and solutions. The same can be said about millions of Nigerians across the nation. I am not a criminal for pursuing my creativity and freedom.

A government that cares about its people will find solutions in line with the current reality of the people. No one can fight technology. It is a fruitless endeavour, so if the government is serious about making any process or even benefiting from the crypto boom, they should meet with stakeholders in the cryptocurrency and map out a solution that is beneficial to all concerning parties.

Crypto is here to stay.


Image Source

Posted Using LeoFinance Beta



0
0
0.000
12 comments
avatar

My heart goes out to the Nigerian people. I hope very soon governments would do the will of the people around the world in regards to crypto. Freedom is often mentioned but seldom granted even with a fight. I know I'm tired of fighting. What is the next move?

0
0
0.000
avatar

I think for many the watchword is caution. Those who transact on a regular basis should so so discreetly. Maybe once or twice a week so their account doesn't get flagged by the bank.

Hopefully, with time, we will get favourable laws supporting crypto. The election is in two years, I suspect some candidates will show this to score points with the youth

0
0
0.000
avatar

This morning I saw a USD seller with a record of just 8 transactions...I am not selling my USDT to anybody with less than 80 to 90 transactions. And as times go on I will increase that number.

They are finding ways to block accounts now from finance. I will soon start reporting accounts I suspect to binance

0
0
0.000
avatar

This morning I saw a USD seller with a record of just 8 transactions...I am not selling my USDT to anybody with less than 80 to 90 transactions. And as times go on I will increase that number.

I usually trade with people who have made over 1000 transactions. But there isn't much protection for those who usually sell as their account are always in displace. Platforms that offer p2p should look into that as well

0
0
0.000
avatar

Its their back and forth for me.

It is true half knowledge kills faster and thats probably what the Nigerian financial system is suffering as regards the crytocurrencies.

Why Adopt a CBDC and then ban others?.. Lol.

Definitely people will choose decentralized, that way no one's pocket is enriched except the holders.
They missed an opportunity to help the failing Naira tho, we hope it sticks around longer.

Well, a promissory hope for crypto at the polls will smear some suspicion at first, but its all we could pray for.

0
0
0.000
avatar

It is true half knowledge kills faster and thats probably what the Nigerian financial system is suffering as regards the crytocurrencies.

I am such they pay their research team (if they have any) huge sums, so they should be able to do their jobs effectively.

Why Adopt a CBDC and then ban others?.. Lol.

It is the height of stupidity for me. They should make up their mind already. It is getting old. I am sure they will come up with another misleading press receive soon.

Definitely, people will choose decentralized, that way no one's pocket is enriched except the holders.
They missed an opportunity to help the failing Naira tho, we hope it sticks around longer.

Certainly. The Nigerian elites have pillaged the country and people have had enough of it.

0
0
0.000
avatar

I am not a criminal for pursuing my creativity and freedom.

Dammmnn man!! I got goosebumps the moment I read those lines up there.. Goosebumps man.

I remember how hard I laughed when I heard that the enaira app has been pulled down from playstore due to bad rating. I was like "Maybe now they will know we're serious about cryptocurrency" but then this government never fails to amaze me with how foolish they are.

And that is why I would always say this "That even on their best days, they're still fools"

0
0
0.000
avatar

I remember how hard I laughed when I heard that the enaira app has been pulled down from playstore due to bad rating. I was like "Maybe now they will know we're serious about cryptocurrency" but then this government never fails to amaze me with how foolish they are.

They are clueless and will remind so. The youths have found a way to opt-out of a corrupt system and we are never giving it up. I would rather leave this country than be enslaved by greedy old men who have no one's interest at hear

0
0
0.000