For the past few months now, the Nigerian currency has dropped in value drastically. This has affected businesses across the nation and the citizens are lamenting bitterly over the high cost of food stuff and other items. The government is currently using all means to make sure that the Nigerian naira that has gone weak to dollar wax strong. This led to the further fight against cryptocurrency in Nigeria at the moment
Three months ago, the Central Bank Of Nigeria issued a circular to all banks and financial institutions in Nigeria giving them the guidelines on operation of bank accounts for virtual asset service providers. They emphasized on the regulation of crypto assets and cryptocurrency. However, the CBN has gone more steps further to coarse binance from delisting NGN from P2P
Nigerians cannot trade on binance p2p at the moment
The news came as a joke, and many Nigerian crypto folks are yet to believe that transactions can no longer take place among Nigerians on binance P2P. Immediately I heard, I logged into my binance account to confirm the authenticity of the news. Lo and behold, I couldn't do anything on P2P. The page was deserted. Is it really true that this is happening? The CBN believed that this would help the Nigerian naira to gain stand , and also, those laundering money would find things difficult
Is there any other way for Nigerians to transact?
Well, at the moment, only binance has taken us out of transactions. There's another exchange where we can continue from
.
is a trading platform that has P2P transactions for Nigerians, and many other countries. It's very similar to binance P2P, so be rest assured that you won't have to find it's operation difficult
Is that all
We all know that the Nigeria government won't stop at that. CBN will still go extra mile to make sure that Naira drops, which is a good thing, however, the fight against crypto is what many of us really frown upon. This is the time to embrace the opportunity that crypto has to offer. The unemployment rate in the country is increasing day by day, and the only opportunity many young Nigerians have is keying into online jobs, as they have no job security after graduating from school
Will buybit also stop P2P for Nigerians?
Like seriously, I don't know why Binance delisted us. I'm still within myself thinking maybe it's a technical issue, but the binance that I know pretty well would have made an announcement to keep us calm if there's any issue at their end, but nothing was heard from them. Many questions posted on their last post about P2P not working for Nigerians were left unanswered. For now, no one knows the next move from exchanges. The government are really fighting hard, but I pray
remain for us, because P2P transactions have really helped many people.
Please, all Nigerians trading crypto should be careful
There's no time to think one way. Our thinking and reasoning should go in different directions. What if CBN issued a circular to block all accounts that have traded crypto. What if we are compelled to pay huge tax if caught, or go to jail for a few months. I don't want to believe that this can never happen, with the current situation of the country. They can go to any length to stop crypto in Nigeria.
Thanks for reading
This is ckole the laughing gas
One love
I believe that no matter how much they try, there's always going to be a way to manage it. Let's keep our fingers crossed, and head up. We would sail through the storm
This is ckole the laughing gas
One love
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