Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Currency

Nigeria’s Cash Chaos Is Reaching A Boiling Point, Underscoring Need For Bitcoin

admin by admin
February 22, 2023
in Crypto Currency



As Nigerians protest over the inability to withdraw cash, it should be clear that the country needs a Bitcoin alternative.

This is an opinion editorial by Ray Youssef, a founder and CEO of Paxful and a founder of the Built With Bitcoin Foundation.

The cash crunch in Nigeria is reaching a boiling point as 54% of its currency is out of circulation. Earlier this month, I wrote about the deadline for turning in the old naira (₦) banknotes, the scarcity of the new redesign and the lengths people have had to go to get their hands on the new currency.

But A Lot Has Changed Since Then

Lines have turned into protests and people are at their breaking points. This chaos stems from confusion. People do not understand who to turn to as they hear different stories from the Nigerian federal government, the supreme court, the Central Bank of Nigeria (CBN), some state governments and the banks.

Last week, the Supreme Court announced that the old ₦200, ₦500, ₦1,000 notes were valid until February 22 — when the court will pick the case for a full hearing. The next day, Nigerian President Muhammadu Buhari ordered the CBN to allow the use of old ₦200 notes until April 10. From the president, this leaves the old ₦1000 and ₦500 notes out of circulation. Some state governors are siding with the supreme court over the federal government and the CBN. As examples, governors in Lagos, Kaduna and Ogun have openly encouraged Nigerians to continue using the old ₦200, ₦500 and ₦1,000 notes.

On top of this confusion, the CBN has run out of paper to print the newly-redesigned notes and some believe that banks have been hoarding new banknotes — only giving access to the rich and people with connections.

This Has Caused Chaos

Major roads in Ibadan, Oyo State, were blocked by bonfires and protests over the delay of the new notes. In Warri, Delta State, people have taken to the street, burning ATMs as a last resort. In the Ojota area of Lagos, a fight broke out between commuters and motor park workers over collecting the old naira notes. I can feel their desperation and unrest — it’s what I felt when I was marching in Tahrir Square against corruption in the 2011 Egyptian revolution.

This money isn’t play cash. Nigerians need naira to buy food from the market and to use it as fare to get into work. Their whole lives have been disrupted. And all of this is coming less than a week away from the country’s 2023 general election. I pray that the election is still able to run this Saturday and that people are able to vote safely.

My Hope For The Future

The suspected ease of centralized currency breaks apart when you see what’s happening in Nigeria. It’s a terrible situation and a sad but real use case for Bitcoin.

My plea is to get more attention to what’s happening in Nigeria. I love this Bitcoin community and I hope this opens up more eyes to why countries like Nigeria desperately need another alternative — not because they need another investment asset, but because their future is riding on its success. I hope we can all stand with the people of Nigeria as they push for change and prosperity.

This is a guest post by Ray Youssef. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





Source link

Previous Post

Coinbase staking ‘fundamentally different’ to Kraken’s — chief lawyer

Next Post

Chaos Labs Secures $20M in Seed Funding Round Led by PayPal

Next Post

Chaos Labs Secures $20M in Seed Funding Round Led by PayPal

Recommended

COIN Briefly Pumps After Better Than Expected Q4 Earnings Report

February 22, 2023

Balaji Srinivasan Says Hyperinflation Happening Now — Makes Million-Dollar Bets on Bitcoin Price Exceeding $1M in 90 Days – Economics Bitcoin News

March 19, 2023

Don't miss it

Crypto Currency

India to Have Over 150 Million Crypto Users by the End of 2023? (Study)

March 26, 2023
Crypto Currency

US explores additional bank support favoring First Republic’s benefit: Report

March 26, 2023
Bitcoin

Robert Kiyosaki Says Fed Rate Hikes Will Crash Stocks, Bonds, Real Estate, and US Dollar – Economics Bitcoin News

March 26, 2023
Crypto Mining

Coinbase CEO Calls to Support Pro-Crypto Politicians

March 25, 2023
Crypto Currency

Nasdaq Eyeing Q2 2023 Release For Bitcoin And Crypto Custody Platform

March 25, 2023
Ethereum

White House report takes aim at Bybit — and forgot about Deribit

March 25, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.