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Recently, the government of Nigeria moved against digital currencies by banning banks from interacting in any way with crypto company. The move is the latest in the series of war against the depreciation of the naira. However, while the action is welcomed in some quarters, most Nigerians, especially the digital elites, consisting mainly of young people frowned at the gesture.
Without doubt, the restriction of banks in the processing of funds for transactions involving digital money comes at a very odd time. Many coins and evolving projects are gaining popularity everyday. Every youth who wants to make it big and through legitimate means has taken a solace in digital currency. The recent move by Nigeria's apex bank is rather counterproductive for many who have chosen to thread the path of crypto. Questions as the next moves have arisen.
Many exchanges have responded to tye situation overtly or covertly. For luno, one of the leading exchange apps, the declaration of suspension of both deposit and withdrawals have been announced. Binance has chosen to encourage and manage peer to peer trades. The exchange also maintains withdrawals for now.
Meanwhile, the youths and desperate ones have begun to seek viable alternatives to tye present predicament. Certainly, in no time, a more profitable, non regulated measure would soon evolve. One of the possible ways is to patronize black marketers to obtain dollars and send same to trusted acquaintances for deposit into exchanges.
Soon, the apparent crisis would dissipate and once again, the unfettered access to the world of crypto would be granted Nigerians, and most especially, the business minded ones.
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