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.
source
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.
I am a professional gamer, motivational speaker and a crypto enthusiast
Discord: burlarj#8326
Twitter id: burlarj1
Telegram: burlarj
God exists, I am a living testimony
Giving up is not an option, every hustler has a payday
Don't wish for it, Make it happen
