Ever since cryptocurrency came into existence, there have been eyes on it from the Nigerian government and banking system alike. The latest move to have us return our money to the banks and keep it there is just a cry for relevance.

I remember them banning cryptocurrency transactions by banks because it was the cause of the Naira falling now they are less and less about the Naira falling and more about monitoring Nigerians.

I am most likely wrong anyway because I don’t know why they are asking for this change of currency even as it affects the economy adversely. With the next election coming soon and we are trying to leave the country in case of war due to parties not accepting the results I think I might be right.

The only people who have control over their finances right now are the politicians. They are warning us to keep our money in the banks so that hidden Naira notes can come back into circulation. But the truth is that the government officials who had enough Naira to hide and have not converted them to crypto, foreign currencies or precious elements will easily use this as means to steal more money.

Elites

Never have elites designed any laws or rules to benefit the masses, I don’t expect this to be any different. The closer you are to these people the more you find out that these rules are not for them, they are for us to keep us away from the type of wealth they are gathering.

I don’t know much about examples from Nigeria about this but when COVID lockdown happen the stock market in the US crashed and the government officials knew about this and took removed their money from there, leaving the struggling masses to deal with the consequences.

I will not be surprised if after not the Naira falls to the point where $1 is 1000 units of the Naira and at the same time I will not be surprised if the federal government still goes ahead to do more to worsen the economy. The people with the most amounts of cryptocurrency maybe these people too.

Binance Takedown

I remember when they were blocking people's accounts for trading P2P on Binance. The government took the time to give people money just to go into Binance and trade innocent Nigerians trying to take advantage of market fluctuations. They usually don’t even make much money but just wanted to come in the way of that. To protect ourselves we had to check the number of successful transactions the person had at the time less than 100 was a no-no for me, some people kept it as high as 1,000 transactions.

It could be possible that they might be at again, so I'd be very careful if I were you. Till now it is still a bad idea to use crypto as a transaction statement. People on Binance still warn that you shouldn’t do that.

The plan

Many Nigerians just want to travel out of the country and watch it self-destruct from afar. At this point, I don’t know if we have a heritage to leave for our children. I wonder what the Naira will be when I finally have kids. Very soon a wheelbarrow full of Naira notes won’t be worth a wheelbarrow.

I still have plans of owning property in Nigeria though a few lands here and there. If am going to build a world for me it has to start from somewhere.

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Nigerian Banks Are Just Trying To Stay Relevant

Elites

Binance Takedown

The plan