Crypto-currency is being accepted in many places as a form of payment to replace fiat, so sometimes crypto is considered by governments as a risk that affects the right to regulate the national economy. However, I never thought that someone could say that crypto is the cause of fiat's devaluation. At least until Nigeria's Presidential Adviser shared his views.

The adviser argues that cryptocurrency exchange platforms are exacerbating the devaluation of the naira, Nigeria's national currency. He also criticizes Binance, a leading cryptocurrency exchange, for setting exchange rates that undermine the Central Bank of Nigeria's (CBN) authority. The Nigerian government is wary of the volatile nature of cryptocurrencies and the risks they pose to economic stability. Consequently, the government is considering a comprehensive ban on crypto platforms to protect the naira and ensure fiscal discipline.

"Through a series of statements on his X account, Onanuga has called for decisive action against cryptocurrency exchange platforms, accusing them of exacerbating the devaluation of the naira, Nigeria's national currency^[1]."

I am not surprised by the series of news related to the war between the Nigerian government and Crypto:

• Feb 2021: The Central Bank of Nigeria bars banks and financial institutions from dealing in or facilitating transactions in crypto assets, embezzling money laundering and terrorism financing risks^[2].
• Dec 2023: Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities^[3].
• Jan 2024: Nigeria's central bank released has inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf^[4].

But it seems Nigeria's Presidential Adviser is confusing Reason and Result: The Reason was Nigeria's economic downturn, which led to the devaluation of fiat, Resulting in people choosing to accumulate crypto to protect their assets. The Presidential Adviser may have its own opinion, but NGNUSD data does not lie.

NGNUSD chart shows that over the past decade, NGN has lost 90% of its value compared to USD. I don't think this is a result of the emergence of crypto in Nigeria. In NGN's devaluation scandal, crypto is innocent!

I count this intentional confusion as intentional deception to cause misunderstanding among people with little understanding of the crypto market. For those holding crypto, these lies will have no impact whatsoever, they understand that crypto is helping them protect their assets and avoid the risks of fiat's crazy devaluation.

What do you think about this Presidential Adviser's slander against crypto? Will this become a new behavior that other governments can learn to crack down on crypto?

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[1] Nigeria's Battle with Crypto: Presidential Adviser Calls for Crackdown on Exchange Platforms
[2] Nigeria's banks barred from cryptocurrency transactions -central bank
[3] Nigerian central bank lifts ban on crypto trading
[4] Nigeria slaps strict rules on banks after lifting crypto ban

Quote from: JISAN on February 21, 2024, 09:47:00 AM

Ethereum is a potential coin for the future it is believed and it can be predicted that its price will reach a very good position by 2030. Ethereum 2.0 has so much potential that by 2030 it can be expected that if the price of Bitcoin exceeds $100k then the price of Italy mangoes will exceed $10k. But no one can give any guarantee about crypto so if one wants to invest by believing it then he can invest with risk. and can hold it for a long time.

If you talk about Ethereum price at 2030, it will touch $ 10K I think It's reasonable. Current Ethereum is price $ 2,921 before halving. Ethereum will reach around $ 4 at halving as many people predicted. Yeah , I agree with you Ethereum will have good future.

The crypto market is warming up after the recovery of BTC and many Altcoins, the community is talking about expectations, about new ATHs in 2024 and 2025. It seems like everyone is very optimistic, very excited to think about a good future in this crypto market. Everyone is thinking about the profits they will have after this cycle, and I'm sure everyone has a plan to use those profits most effectively.

I also have a lot of plans, but other than reinvesting in the market during the crypto winter to buy more tokens and get more profits in the next cycle, I think profits from the crypto market should bring positive values to my real life.

I know that this crypto market is really potential and creates extremely large profits in the uptrend. A token's price increase of 1000% in an uptrend year is considered a weak increase and not an effective investment in the crypto market, stock investors are always surprised about this. But the market also contains many risks and creates pressure when investing, holding and trading. Many investors I know have looked much older after just 1 cycle in this market. It would be bad if profits continued to put more pressure on their lives, we only have 1 life to live   

I am not a professional investor, I DCA so there is less pressure. But to be honest, I still cannot escape all the negative impacts of the market. I hold BTC and I'm happy when the BTC price increases, I'm sad when the BTC price drops, even though I have determined to hold BTC for 1-2 years and will not sell regardless of any fluctuations during that time. I think many other investors also have similar feelings, things will be worse for traders participating in Margin and Future!

To balance those negative emotions, I always spend 50% of my profits from the crypto market to spend on family needs, usually buying gifts for members. The biggest joy I can mention is that in the previous cycle, I took profits in BTC and used the profits to buy a new iPad for my daughter to use. She loves it and even named the Ipad as "iBit" because I told her: the Ipad is gift from Bitcoin (and not from BTC Spot ETF of BlackRock). Don't worry, I still don't want to teach her DCA BTC, her childhood needs to be protected 

I know this joy is very small for many others, but it is big enough to give me more motivation to try harder in this market. There's nothing better than when profits from the crypto market become the joy of the person I love the most 

I know many people who enter the market and are very successful, they have huge profits but all they do is invest. They almost forget that they also need to spend and use the profits from the crypto market to make their lives better.

I want to hear from you:

• Have you ever been profitable and taken profits in the crypto market?
• How did you use that profit? Do you use that profit or reinvest it?
• Do you think using profits is also important for your investment journey?

Nigeria as a whole suffer poverty as a result of a number of factors, including, limited jobs, low wages and safety nets. The minimum wage they are paying is very low and many people earn less than that imagine how can they survive.including the high rate of unemployment in the country even those with jobs still struggling to meet their needs. We lack social programs like education and healthcare training. What do you think is the major factor that contributes to poverty in Nigeria. The cause of low salary and high price of commodity is causing difficulty in many individuals. When you look at the price of cement now and look at the salary you earn monthly not even enough to feed. Nigeria among all other countries are the 3rd with poverty, very poor infrastructure and economic impact.

The price of dollar to naira latelely has increased, which is affecting the price of goods and services and has led to inflation in the country.
The question many people may ask is ,
1. What is the meaning of inflation ?
2. What is the cause of inflation ?

I will start by defining the word "Inflation "

Inflation is the rate of increase in prices over a given period of time or tge increase in cost of living in a country. Generally, inflation also affects our exchange rate in the country.


The main cause of inflation in our modern day is; Devaluation. And Devaluation occurs when a currency loses value in comparison to other currencies. This makes imports more expensive and can lead to inflation ...

I have been on this forum for quite a while now, but notice say this our board too dey inactive.
Abahhh, since February no body don create any topic make we discuss. why is this so. Please my country people make una fall out ooo this forum na better one and e go clear if we manage am we'll just like other local board take dey.
Please let's try our best to visit here once in a while, as I will be managing it from now on. (Note, I'm not a moderator or something, I'm just here to bring altcointalk back to live)

My Brethrens, how una dey do? How una dey survive this our economy wahala?

Omoh, I know say so many of us know wetin dey sup between Binance and this our country government P2P. Them dey find every means to see say them go oppress us. But We no Gree!!!

How do y'all plan to by pass this if this people finally succeed because as for me, I no gree for anybody. Already, I dey use Binance and Bitget. If them say them go block Binance, I migrate go Bitget no long talk. Them think say them wise, at this point, we gas show them say we wise pass them. Anything we dey do, no allow this government detect your life for you.