I am still confused why the price is still going up upon all the dreams with Binance and other cryptocurrency exchanges in the country. Presently the price or the exchange rate is USD1 = NGN1564.71 even as this we are still praying for good Nigeria. Last week again President Tinubu said they should extend the Binance Staff detention until the needed information are given. And I don't think Binance is ready to release such vital information to Nigeria Government.
They will look for more people to arrest and more people to blame for their cluelessness, because by now it should be obvious to them that it was not binance or even the naira speculators that they blamed that is the cause of the problem of the naira. They are just chasing shadows and ignoring the real problem, like they do not know it.
It is very embarrassing that one of the detained binance executives is still in custody, it is a shame.
Who else noticed the rapid gain of Naira two days ago on P2p market? Saw N1,100 on Bybit just when I was about to trade , I knew it was false dip so I logged out and came back the next day and it was already 1,480 barely 24hrs. I have the feeling that the FG is about to subsidize the Naira again with our foreign reserves just like old times since they have no solution to offer.
A country surviving on imported goods for consumption will always have a weaker currency. It's a basic economics but the people up there with various academic degree don't even know or care to ask for help.