Exchange rate situation between Nigerian Naira and international currencies
It had always been clear to me that Nigerians would struggle with crypto someday, but I wasn't expecting this soon. The news came as a shock not just to Nigeria but also to people across the world. When it comes to cryptocurrency, the presence and impact of Nigerians can't be overlooked, but the government isn't seeing this as something to be proud of but as a threat. I expected the Nigerian government to embrace crypto as a means to assist the economy, but unfortunately, the reverse is the case.
We all know how incompetent the government is, but what do we expect from old cargos and greedy men on the government seat who are visionless about the country? Minus their year-to-year budget, they can't see beyond what could happen to our economy in the next ten years and work on it ahead, and that's why growth has been impossible due to bad leadership. Even a yet-to-be born child knows, and putting a stop to the Binance operation just exposes how we underestimate their incompetence. It's weird for the Nigerian government to blame crypto as the cause of the naira devaluation and the untold hardship in our country today. I feel that the Nigerian government should look deeply for the root cause of the inflation and depletion of the naira and leave crypto out of it. They have done enough damage to young people already, and now that our Nigerian youth have embraced crypto for their livelihood by discovering P2P after the initial ban on crypto trading in Nigeria, they are out again to frustrate us, perhaps leaving many to succumb to crime since job opportunities for graduates are very difficult to secure, especially if you don't know or relate to any politician.
I woke up to the news about the Binance P2P ban by our government sometimes last week. I was unable to trade my crypto to fiat, and it got me worried. That day, I lost the appetite to continue my hive activities for a few hours. I was like, if I can't trade what I earn here, of what use is it? But then, my people kept researching and saw other exchanges where hive is listed and also exchanges that support naira P2P, of which one of them is bybit. I quickly downloaded the app, did my KYC verification, and traded. It wasn't a bad experience anyway, but Binance remains my first choice.
Binance is one of the most popular cryptocurrency exchanges in the country, and currently, the Nigerian government is imposing a $10 billion fine on Binance as punishment for being the root cause of the depreciation of the naira in recent weeks. Can you imagine that? I see this as a big joke, and I doubt if Binance will answer them. Today's news has it that Binance is set to depeg the naira USDT trade and so advise anyone who has naira on the platform to convert it to other coins or fear losing it. Now my fear is that if our government succeeds in removing naira from Binance,how am I sure that these other exchanges we are currently using will last?.
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Nigerian currency is not strong at the moment, and our government's stance on crypto is not favourable for the people. This is really affecting me. Imagine paying some fees to withdraw and, most times, selling at a cheaper rate. The Binance transaction was free and easy to use. Crypto is my major source of income currently, and I hope that our government can rethink and bring back our naira to Binance and other exchanges where they removed it from the list so we can continue our transactions in peace. At least it's been a big relief to many families who are into crypto in this harsh economy.
I feel for my fellow Nigerians, as the current exchange rate of naira to USD has been terrible and has brought untold hardship to the masses. Things are extremely expensive, bills are on the high side, and survival has been difficult. I have heard of the cases of some parents committing suicide due to their inability to feed their children, and they end their lives.
If there's a way some experienced economic analyst can open the eyes of our government to crypto and our economy, perhaps they will retrace their steps for the good of everyone.
This post is inspired by the #Hivelearners community and is also my entry to the #MarchInleo monthly topic about currencies around the world, exchanges. Please check out the announcement post to get involved.
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I’m sorry but I laughed in the first minute of the post
It looked like the leaders have personally stepped on your toes🤣🤣
What’s the year to year budget
Is it what we call annual budget in Ghana
The fact that they banned p2p is even funny because what’s the point in that
Haha 😂😆
You are free to laugh out loud my dear
The decision of our government is crazy, terrible and weird 😩
Lolz
I'm sorry to hear that Binance has been banned in your country. Something similar is happening in my country, they have banned many platforms and exchanges, because the government cannot control them and take advantage of them. Corrupt and incompetent governments will always blame others for their mistakes and mistakes. Let's hope everything is resolved in Nigeria. Greetings.
@sagarkothari88 vote
Exactly, they are always looking for whom or what to blame instead of accepting their incompetence. It's really sad and I hope not to wake up one day and see that all exchanges has been shut down
I do appreciate your visit and the curation
Seriously, our governments are just incompetent and are blind to the light, because why would they decide to ban Binance in Nigeria? That is so absurd and it shows how stupid they are. Imagine putting a fine of the sum of $10 billion again with their blaming game instead of admitting their incompetence. So sad for our government. Well, all I know is that they may think they are smart, but we will always take a step ahead of them. I also downloaded bybit and did the verification. The process of p2p is similar to Binance even though we all are used to the app. Now, Binance won´t be working in Nigeria again, so unfortunate but we still get to transact with our earned money. I just hope they do not tamper with the other exchange apps.
My fear is if they finally tamper with other exchanges
No one will find it funny... Nigeria government is tiring I swear
It won't be funny oo but let's just keep hoping it won't be so.
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This is the one that touches me the most - old men who don't understand what's up. We pray for God to help us with new and vibrant youths who can move this around for us.
Thanks for sharing
It has always been our prayers, maybe you add fasting this time Ada
Lol
It's alarming how the government seems to blame cryptocurrencies for the economic crisis, ignoring the deep-rooted problems faced by the country. Your hope for a change in perspective from the authorities is shared by many who yearn for a more sensible and inclusive approach to cryptocurrencies and the economy at large.
I am craving for change...I want to see changes
Their decision doesn't add up atall
It's very obvious that the government doesn't know what to do when it comes to the naira, they are just shooting at imaginary enemies and this time it's Binance, maybe tomorrow they will blame Google and Instagram.
Truly, nothing can ever replace Binance, the experience there is something Bybit and the other exchanges cannot offer for now, but at this point we really don't have a choice but to use them
Haha 😆😂
Imaginary enemies indeed.. haha 😂
They are unpredictable old men
I don't have any choice but to flow with the working exchanges
Thanks for visiting
Government never ready to take the blame of anything. There find a escape way and targeting crypto is just an example to cover up their failure. They are trying to control the asset of general people. So they are trying their best for it.
!PIZZA
Exactly, they are never ready, pushing blames on crypto over Their failure but they can't control people's asset no matter what they try
Fingers crossed 🤞
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Seriously dear this decision of our government are so crazy most times i wish i can leave the country other countries are advancing and they want to remind the same place
It is very sad and dissapointing that the government refuse to focus on the actual thing causing the devaluation of our currency. I am sure it is because they are the main causes, they have businesses outside the country and still import it back to our country. Sometimes, I wonder if they want this country to even grow at all. We import even really basic things and local products are not embraced enough. How do we want to thrive in the international market when we are not even able to dominate the local market?