Recession Is Hinted At - Nigerians Will Seek Crypto As Support
As many may already know about the economic crisis the African giant has been in both long and recent times, it is not really new that the numbers in crypto users therein, has only seen an upward trend as every economic indicator so far, potrails a red flag. The CBN has been the top contributor to the nation's detolorating economy. The biggest threat to the government has been cryptocurrency, the roll out of the internet money, and it's everyday expanding market has created worries in the heart of the criminals in the system.
Some time back, when the news broke out on Naira seeing more bearish performance in the foreign exchange, this was one big push recorded, but however, the rate in commercial insurance companies were kept stagnant, not the first time actually, as though CBN has been known for manipulating the value of the naira, while also endangering the nation's economy by randomly printing money fraudulently. Of course, Central authorities will always do what they want and when they want, but crypto rolling into the system became a huge opposition to the supposed value they were filling in their pockets, while hurting the citizen's finances. The best way to oppose the growth was to prohibit commercial banks from engaging in any crypto related services. A ban was however placed.
That being the back story, in recent news of the Naira losing more value in the foreign markets, the CBN had turned their attention to the Lagos leading exchange in the nation. Abokifx has been the surest plug in the country when it comes to black/parallel market trading, currently speaking, the CBN has made the owner of the exchange platform its target to eliminate, news carries it that he lives in England and foolishly, the CBN governor is furiously expressing himself on the media.
CBN Governor, Godwin Emefiele
“The CBN act section 2, does make it clear that only the Central Bank can determine the value of the naira, and yet a single individual living in England continues to manipulate the exchange rate and make huge profit which he withdraws through an ATM in London.”
”I have requested for the website to be shut and the owner arrested, we can not allow this to continue,”
“Oniwinde is using the information on Abokifx to milk the economy, while manipulating the exchange rate.
There was a particular time I asked our colleagues to call the so-called owner of abokiFX, that we want to understand his model and how he came about advertising those rate, we find him as someone, a Nigerian who lives in England and conducts this nefarious activity on our economy
The CBN governor is such a retard, how does a single being in London manipulate an entire country's currency market through an exchange that merely 10% of the country population knows of? If anything, the CBN is the biggest threat to the economy, Abokifx has just been there to offer better rates, not the over 40% manipulated rate the Central Bank of Nigeria makes all commercial banks put up. This same government has been one recorded on tape, plotting on printing more naira to cover a n500 billion fraud. Coupled with this, the CBN has been engaged in numerous money printing activities, which is well suffered by the citizens as inflation is rapidly growing.
It is however clear that the nation will be sliding down into recession once again, the naira is basically worthless, the 5 naira and 10 naira note is currently useless in the country as though it can't buy anything anymore. Prices of goods are going skydiving, and people are becoming worried about their wealth. A lot of people will be running to crypto for support, even though blind citizens will find buying the dollar an option now, the more informed population will weigh crypto options. With the upcoming rollouts of CBDCs, the government will be forced to educate the public on its origination and this will contribute to crypto education seeing an increase. A wider population will gain exposure to crypto and the naira will basically keep losing value and that's only more reason why CBDCs will be a total failure in the nation!
Posted Using LeoFinance Beta