Nigerian Government tighten their grip on Crypto traders throat
A few months ago the Nigerian government banned the most populous exchange Binance from letting users trade the local currency on their site as they felt that was why the Naira was losing its value against the dollar, it led to some charges against the Binance officials in Nigeria and at the end, Binance stops all Naira P2p transactions on their site.
Maybe they were right? because a few days after the ban, Surprisingly the naira started to regain strength again, and from an all-time high of 1800+, the Naira to dollar value became less than 1100 but then people started to flood other centralized exchanges like Okx, Bybit which made the Government to come after those exchanges too.
The latest update is that Okx also dropped all activities that have to do with trading Naira to Fiat on their site, The government has also tampered with the online banks that most of us use for this kind of transaction, I checked my Palmpay account today and I saw a notice that if I trade or get involved in any crypto transactions, my account would be frozen.
Last week, I heard that 300 merchant accounts had been frozen and some other accounts were being investigated as those accounts transacted in billions of naira just this year alone... My advice to my fellow Nigerians is to stay away from any p2p transactions for now until things stabilize and we find a way to sell our coins without the government and banks noticing that could lead to a ban.
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I am curious to know if it is truly the Naira p2p that is making the currency lose value because the Naira has been depreciating since many years ago. there was a time when 100 Naira could buy a car but now 1000 Naira for food can't satisfy you, there was no p2p then, so why would the government think now that p2p transaction is the problem, it is not only Nigerians that do p2p, why ain't other countries complaining.
In a country with a high rate of unemployment and crypto is the savior of the citizens, crypto saved a lot of the masses from starvation and made many avoid going into crimes, but it seems the government does not want the good and happiness of the citizen and they will always look for a way to close all their source of income, they want to make them suffer for their selfish benefit!
What is the way forward? just relax! crypto is decentralized and no matter how hard they try, there will always be a way!
Just call me Burl.
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It is the number one exchange in the world and it should not be banned at all people have a lot of trust in it our government is also trying to ban crypto in many places here but it won't happen Because people are very interested in this industry.
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p2p on binance has been banned for month, we just hope they don't ban bybit too
Yeah thats so sad
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Seriously, when I saw this news yesterday, I feel so disappointed. What has crypto got to do with the way economy of Nigeria is falling? I feel there is more to this than what we think.
there i definitely more, the naira has been losing value before the start of p2p, that is just an excuse
Exactly my point. Even CBN are trading and even at a higher rate. So what's with the excuses they are giving. They just want to eradicate every means for youth to survive.
Bro please I need to ask somethings from you, how can I reach you? I did want to ask her because it's something private. Please🙏
you can contact me on discord burlarj and it the same user name on telegram
Okay will send you a DM on discord. Thanks
I sent you a friend request already
Similar things are happening in India also but I think that govt needs to follow an approach that strengthens the crypto community. Rules are required but these should not be harsh on industry.
they are suffocating the youth, but I know we will figure out a way to thrive... India is even worse as I heard they enforce 30 percent tax
This 30% is crazy tax cryptocurrency income and on top of that 1% TDS deduction happens with each trade
It's a really tough time for Nigerians and I just hope that the situation will be stabilized soon. I think money laundering is the real issue with cryptocurrency and I think it's the thing which making influences behind losing of the value of the currency. Remember that every human is not good.
yea some people are using it to do that, but why must everyone pay for that...
That's the thing man, there will always be a way to move in and out of crypto. Crypto is an open system, trying to make it a close system will not work.
The government should not even think of banning crypto again. I even saw a message on my OPay account that they don’t accept any form of crypto transaction but that’s where I’m getting paid
How do we survive?
we will survive, not just opay, palmpay too and am sure other online banks too notify their customers... we will definitely find a way...
I don’t really seem to understand why he Nigerian government is doing all this. I would have said they know what they’re doing but truth is, they don’t.