Economies are as healthy as the people deem it to be

I've held back from writing on this topic for so long but it's rather impossible to ignore at this point.

The Nigerian government has recently blamed Binance for the free fall of its nation's currency, the Naira.

More specifically, the Binance p2p market where users can trade USDT for Naira and vice versa. Of course, this is a comical conclusion and by a large margin, an embarrassing one but it is in no way “totally false”.

The Binance p2p marketplace essentially became a foreign exchange for Nigerians to move value around, so it's been a platform to trade the USD against the Naira.

Unlike the actual FXs where the likelihood of having government manipulations is in the mix of everything, the Binance p2p is an open and free market for people to trade these two currencies against each other.

A lot of people do not understand how dangerous a free market can be until there's one, I mean, just look at crypto, this baby is volatile as hell because every little thing earns an instant reaction.

Economies are backed by faith and belief first!

Forget developments, you can develop so little and build an army of faithful people when you understand that faith and belief is where the ultimate influence is.

I recall talking about this in the article “Faith and Belief Are The Ultimate Store Of Value”.

Value is not really quantifiable because it exists in a realm where numbers are not relevant.

This is from the article above and it really points to the fact that how much of value something has is largely difficult to determine because what is of value is based on human emotions and not directly external factors.

Surely this doesn't mean that external factors don't play a role, it simply means that how much they matter depends largely on how the people - individually, interpret it within themselves, this is why we say that there's no reality as we deem it, just perception of the multitude.

So if a government builds schools across the country, there's still the possibility of the people not finding that to be highly valuable, especially if they have pre-established needs.

So they essentially don't believe in anything else and will lose faith in the government if steps are not taken in their direction.

Why are we even talking about all this?

To point out that yes, the Binance p2p market was a medium for Nigerians to exercise their lost faith in the government by trading against the Naira with USDT.

The current governmental body in the country is hated by a lot of the citizens hence everything they do will be frowned upon and run down to be of no value.

All of this will build more distrust in people, essentially causing them to bet against the nation's economy.

Thr country has lost faith in their government, this is why the naira is in a free fall. Banning Binance may not solve anything, what needs to be done is a restoration of faith in the system, only then would the nation grow because it takes the people's belief for each development to yield value praises.

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