It is no longer news that the central bank of nigeria has intensified their campaign against cryptocurrencies in the country, Many Nigerians have turned to p2p for their daily crypto transactions. I recently wrote about reasons why we hate the banks in Nigeria , one of the reasons i made mentioned of is the control the government has over crypto. The rate at which accounts are being freezed for crypto involvement is scary. Guess what? Nigerians government can't stop crypto, Nigerians love Bitcoin
I remember reading on Twitter when it was announced that crypto companies in nigeria can no longer work with the bank. It was funny as big companies like flutterwave, paystack and even Patricia were doing so well and making trading crypto with naira very easy. The fear of a hostile take over has always been with them for a long time, this year, they couldn't take it anymore. According to the central bank;
"cryptocurrency does not belong in our monetary system, and cryptocurrency transactions should not be carried out through Nigerian banks,”
Crypto Thrives Even After The Ban
I personally didn't know how to buy USDT after the ban, I use my debit card all the time before the ban. I felt my crypto life was over. I hoped someday there would be a solution. A week later, a friend called me and asked which coin he could invest in, I was like, We can't purchase usdt, how then are we going to invest in an alt coin?. He then told me p2p Is growing strong in the country, Binance offers a very good coordinated p2p transactions. It works in a way that the Nigerian bank can't detect it's a crypto transaction which is interesting. It's been months now and crypto in Nigeria is even bigger than before.
Government Worried About The Fate Of Our Fiat Currency (Naira)
Nigeria is a developing country, The leaders have made alot of mistakes and the country has a lot of debts. However, the country is blessed with a very good source of revenue in Oil, but they fail to use it to improve the economy. Naira to usdt has moved from 1$- #420 to 1$ - #560 in just a year which makes the government very worried. According to the International Monetary fund;
Cryptoassets pose immediate and serious risks to some emerging markets and developing economies’ currencies such as the naira (Nigeria’s local currency)
The country's major goal in 2022 is to be able to regulate and control crypto in order to save Naira. Because at this rate, Nigeria face high risk of currency substitution!
I don't care about Naira at the moment, 80% of my money is in crypto, I withdraw to survive and take Care of my loved ones. So sincerely speaking, I hope their plans to regulate and control crypto further than this fails
Nigerians Will Always Support Cryptocurrency
In a recent post by 
Nigeria and Africa at large is filled with a lot of talented people who have potentials but unfortunately stuck in a country where the government doesn’t care about your potential.
In Conclusion...
Nigerians pay as much as 37% more to buy bitcoin, and they do this consistently because Crypto has offer more value than any Nigerian asset will. It would be interesting to see the government new plans to regulate or pursue crypto next year.