1 sat \ 6 replies \ @siggy47 30 Jan 2023 \ on: Nigerian Currency Could Be Collapsing - BTC Price 2x bitcoin
This can't be accurate, can it? I thought Nigerians used stablecoins pegged to USD. Why would they be willing to pay twice spot for bitcoin?
I checked it on paxful. Maybe it is the stage before a bankrun or hyperinflation?
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I'm watching Nigerian news reports from yesterday. The government is issuing new bank notes. Old bank notes will not be honored past the deadline. The government just extended the deadline until February 10 because banks and ATMs do not have the new notes. It's a chaotic situation.
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Wow, thanks for Your info. So it's a full blown currency collapse with the attempt to avoid a bankrun by expropriating the people before it happens. BTC really is hope for anybody! I pray for You guys and girls to find a way through this mess that one day could come to anyone of us. Good luck!
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This is remarkable, isn't it?It's a classic Nigeria-style manufactured crisis. The banks are quite clearly colluding with large corporations and BDCs to create an artificial scarcity of new naira notes that is now complicating economic activity during an election season.
The intent could have been to deprive corrupt politicians from having the ability to rig the election (buy buying votes or paying those who count the votes) next month (since the cash they currently hold would be invalid by then, and though they could deposit the cash that flow of funds is then tracked).
It will be interesting to see after the election what the next president's stance will be regarding the push for a cashless economy and their CBDC.
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Just to clarify, I'm not Nigerian. I am just watching the news on YouTube. It looks like Nigerians are having a very tough time right now.
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I will be watching this closely, too. A lot of really bad things seem to escalate. Look at the Israel-Iranian conflict besides Ukraine this morning.
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