After the ban of crypto transactions and threats to customers by mobile banks as directed by CBN, Naira has drastically lost its value. In my own opinion, there are two reasons that resulted in Naira falling and they are;

(1) Increase demand for dollar: Most traders especially gadget traders and Jewelry traders does not request dollar directly from BDC or CBN for their business before the threats from mobile banks/CBN. Instead, they purchase cryptocurrency to import gadgets/jewelries since most electronics retailers and Jewelers abroad accepts cryptocurrency. Since CBN criminalized cryptocurrency trading, the demand for dollar increased and Naira started falling. Note: Those who import cars also use cryptocurrency.

(2) Decrease in Naira demand: There are two players in cryptocurrency trading (Buyers/Sellers). Buyers bring Naira and Sellers bring Cryptocurrency to the trade. Either CBN ban crypto or not, seller will always have their crypto currency while buyer who only has Naira has been rendered useless. This means there’s no demand for Naira in crypto trading anymore. Naira has been rendered useless by the CBN. My question to CBN is this, how does making naira worthless in crypto trading helps Naira?

The only problem of Naira when it comes to bitcoin trading are those that launder naira. When there’s excess Naira in the market by money launderers, Naira will be devalued. But instead of CBN attacking money launderers, CBN attacked naira itself by criminalizing crypto trading using Nigeria banks. Where will the demand for Naira come from? Why should I keep Naira that can’t buy cryptocurrency? It’s a stupid decision by CBN and they spoiled all the gains they made with Naira by this useless directive. This is just my opinion.

Everybody for Nigeria na economist.

Carazon:
Everybody for Nigeria na economist.

I believe everyone studied economics in primary and secondary school. Unless you dropped out in primary 2.

Jagabanbattle:


I believe everyone studied economics in primary and secondary school. Unless you dropped out in primary 2.

🤣🤣

Fg should ban Bournvita,Bet9ja ShopRite for naira to gain value.
Stupid set of people in government

Jagabanbattle:


I believe everyone studied economics in primary and secondary school. Unless you dropped out in primary 2.

No..always going to climb mango tree to pluck mango when others are in the class..!!

Jagabanbattle:


I believe everyone studied economics in primary and secondary school. Unless you dropped out in primary 2.

Finishing!!!

Toh

Jagabanbattle:
After the ban of crypto transactions and threats to customers by mobile banks as directed by CBN, Naira has drastically lost its value. In my own opinion, there are two reasons that resulted in Naira falling and they are;

(1) Increase demand for dollar: Most traders especially gadget traders and Jewelry traders does not request dollar directly from BDC or CBN for their business before the threats from mobile banks/CBN. Instead, they purchase cryptocurrency to import gadgets/jewelries since most electronics retailers and Jewelers abroad accepts cryptocurrency. Since CBN criminalized cryptocurrency trading, the demand for dollar increased and Naira started falling. Note: Those who import cars also use cryptocurrency.

(2) Decrease in Naira demand: There are two players in cryptocurrency trading (Buyers/Sellers). Buyers bring Naira and Sellers bring Cryptocurrency to the trade. Either CBN ban crypto or not, seller will always have their crypto currency while buyer who only has Naira has been rendered useless. This means there’s no demand for Naira in crypto trading anymore. Naira has been rendered useless by the CBN. My question to CBN is this, how does making naira worthless in crypto trading helps Naira?

The only problem of Naira when it comes to bitcoin trading are those that launder naira. When there’s excess Naira in the market by money launderers, Naira will be devalued. But instead of CBN attacking money launderers, CBN attacked naira itself by criminalizing crypto trading using Nigeria banks. Where will the demand for Naira come from? Why should I keep Naira that can’t buy cryptocurrency? It’s a stupid decision by CBN and they spoiled all the gains they made with Naira by this useless directive. This is just my opinion.

We have enaira
Any serious legit businessman can still make use of enaira
Or am I missing something?

Difrent:


We have enaira
Any serious legit businessman can still make use of enaira
Or am I missing something?

Enaira is not an accepted crypto in the crypto world. Anyone can start any crypto coin and call it whatever he/she likes (just like enaira). No business organization abroad that accept cryptocurrency will accept enaira as mode of payment.

What you said is correct.

As the government ban crypto platforms, the few remaining usdt merchants will increase their prices because of scarcity and demand pressures.

The more government fights crypto the more it gets worse

Jagabanbattle:
After the ban of crypto transactions and threats to customers by mobile banks as directed by CBN, Naira has drastically lost its value. In my own opinion, there are two reasons that resulted in Naira falling and they are;

(1) Increase demand for dollar: Most traders especially gadget traders and Jewelry traders does not request dollar directly from BDC or CBN for their business before the threats from mobile banks/CBN. Instead, they purchase cryptocurrency to import gadgets/jewelries since most electronics retailers and Jewelers abroad accepts cryptocurrency. Since CBN criminalized cryptocurrency trading, the demand for dollar increased and Naira started falling. Note: Those who import cars also use cryptocurrency.

(2) Decrease in Naira demand: There are two players in cryptocurrency trading (Buyers/Sellers). Buyers bring Naira and Sellers bring Cryptocurrency to the trade. Either CBN ban crypto or not, seller will always have their crypto currency while buyer who only has Naira has been rendered useless. This means there’s no demand for Naira in crypto trading anymore. Naira has been rendered useless by the CBN. My question to CBN is this, how does making naira worthless in crypto trading helps Naira?

The only problem of Naira when it comes to bitcoin trading are those that launder naira. When there’s excess Naira in the market by money launderers, Naira will be devalued. But instead of CBN attacking money launderers, CBN attacked naira itself by criminalizing crypto trading using Nigeria banks. Where will the demand for Naira come from? Why should I keep Naira that can’t buy cryptocurrency? It’s a stupid decision by CBN and they spoiled all the gains they made with Naira by this useless directive. This is just my opinion.

Months ago when dollar hit 1,800 what was the reason?


There was no crypto crackdown at the time, kindly explain


This mess cannot be easily explained, otherwise the CBN would've solved the puzzle SINCEEE