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0 sats \ 2 replies \ @398ja 16 Jun \ on: My Direct Account on Life in Nigeria Under the Naira Crisis and Crypto Crackdown Politics_And_Law
This reminds me of 1994, when the CFA Franc was devalued and lost 50% of it's value overnight. That period coincided with the beginning of the internet, and for many, it was a second chance as well. The internet helped absorb the choc by creating new business opportunities, making some products and services cheaper etc, in the same way that bitcoin (and crypto) does today...
Yes that's correct as before the Naira was greater than the CFA, GHS, UGX and others but now, the reverse is the case
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The CFA has a bad rep among bitcoiners, but many overlook that, compared to other African native currencies, it's actually more stable. Don't get me wrong, it's far from being perfect, but it's without a doubt the lesser of two evils.
Zim, Nigeria, Zaïre (DRC), Ghana, Egypt etc, have abused their currencies, and caused so much poverty in their countries, more than France ever has, with the CFA.
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