NiRfreak:

Which point did he gave deceiving you gullible.

1. Thank you for calling me gullible, good sir.

2.Basically, to summarize, cryptocurrency is one of the many ways Nigeria loses millions of dollars. Losing dollars has bad impact on the Naira

3.Also, we are not earning enough dollars from oil, what with the fact that oil prices have been too low for some time now.

4.So, CBN restricts dollars.,

5.If CBN does not take measures to restrict dolalrs, but allows everyone, the value of the naira by now would have fallen to something like N5000 to one dollar. And our economy would have been in an even worse state.

6.Closing crypto is one of the ways.

7.Before you start, there have been measures over the years to stop looting. But many of you Nigerians don't want your favourite poltician to be arrested, that's why most anit corruption measures fail. Also, Buhari is not Buhari of 1984.

This useless government is killing the economy with their useless policies just because of one person or a group of persons like endsars protesters. Una neva see banditry or kidnappers. Now wey una don block their means of legitimate livelihoods una go see pepper.

Mrpojj:

What does it take to start exporting?
Can't we in prove on our export capabilities?

Because our current mind set is consume, consume and consume. From individual levels to governmental levels. Even in terms of digital products we consume foreign products instead of producing. How many people in Nigeria are involved in making digital products?

wirinet:


CBN is only chopping of leaves in trying to kill the tree. Crypto currency is the future of transactions. The digital economy can never be run by physical money.

If Mark Zuckerberg is allowed to start his own crypto currency, that will be the beginning of the end for paper money.

You balance your exchange of forex (through cryptos or real money) by balancing your balance of trade. Importing everything and exporting nothing is not a sustainable economic model. Nigeria must start start producing instead of always consuming. Government at all levels must start an "autarky" policy. Self sufficiency must the most important policy of government.

Just take a Look at what u typed! All these sound excellent indeed in a serious, genuine, fiscal responsibly governed country that is ready to move forward! The prime example being China.

But in naija just forget, have u forgotten that the number one citizen went for medical attention in London for months! Why did they not patronise naija. Have u yourself seen American politicians coming here, Nigeria to acquire mansions, castles, skyscraper, hotels, business property with looted public funds? Instead these leaders u are trying to defend does exactly that in America and Europe.

Mrpojj:

What does it take to start exporting?
Can't we in prove on our export capabilities?

Well, china is way cheaper than local manufacturing along side our taste for foreign items.. even the disparity in Fx rate to curb seems not to work, which has in turn brought about inflation, so the Govt tends to balance trade with china directly through infrastructure development and loan disbursement.. but since it cannot get a hold on crypto, they took the best decision.

Yoruba muslim, hide your face.

post=98792022:

[s]U sef talk am?
It's alarming reading some comments from some dumb people on cyberspace.
CBN Governor shut down crypto because of one Igbo whatever in a village in Oyo State?!
Some fraudulent naija youths are a huge disappointment sha, very mumu fraudsters.
But thank God that, the good, honest and hardworking youths are more than the dumb ones.
Do they even know how so dumb they sound with the stupid theory? Na because of one Sunday CBN governor shut down crypto?
Mad, Lazy people everywhere.
This is so appaling!

Lawd


Dem dumb no be small.[/s]

lexy2014:


All this one u are speaking is grammar. What makes u think d CBN/FG is actually interested in d health of d naira?

If they are not, you and myself would be in refugee camps in Somalia by now..

Lorenzop:


useless assertion, unfortunately for you and your likes...you guys can't do nothing about crypto...That's the beauty of blockchain technology

By the time you go through the other rigorous process coupled with charges and current FX rate... you would ask yourself if it's worth the wait to rise.

Vardanes2:


1. Thank you for calling me gullible, good sir.

2.Basically, to summarize, cryptocurrency is one of the many ways Nigeria loses millions of dollars. Losing dollars has bad impact on the Naira

3.Also, we are not earning enough dollars from oil, what with the fact that oil prices have been too low for some time now.

4.So, CBN restricts dollars.,

5.If CBN does not take measures to restrict dolalrs, but allows everyone, the value of the naira by now would have fallen to something like N5000 to one dollar. And our economy would have been in an even worse state.

6.Closing crypto is one of the ways.

7.Before you start, there have been measures over the years to stop looting. But many of you Nigerians don't want your favourite poltician to be arrested, that's why most anit corruption measures fail. Also, Buhari is not Buhari of 1984.

Just get lost...I don't have power arguing with since...you don't even understand Bitcoin technology as a whole..u are just one outdated motherfvcker regurgitating useless points...
.
If you get any iota sense, one simple question u should have asked is: why are other countries not banning it......but only Nigeria. China, German U.S India..Japan.. everybody..you are here talking shit u don't have know

Esseite:


Yes, for Bitcoin to trade much more than our stock exchange, it goes to show their is a very big problem up ahead..

How we have left physical organization investment for quick small margin profit at a huge expense of forex outflow not stored in Nigeria is a problem.. if this was not curbed, organizations would be folding up very soon for lack of liquidity.

I understand organizations too are keying into the digital money.
This policy will be later exposed as Masterminded by banks to preserve their own interests, and not for any altruistic economic reasons.

post=98792022:

U sef talk am?
It's alarming reading some comments from some dumb people on cyberspace.
CBN Governor shut down crypto because of one Igbo whatever in a village in Oyo State?!
Some fraudulent naija youths are a huge disappointment sha, very mumu fraudsters.
But thank God that, the good, honest and hardworking youths are more than the dumb ones.
Do they even know how so dumb they sound with the stupid theory? Na because of one Sunday CBN governor shut down crypto?
Mad, Lazy people everywhere.
This is so appaling!

Lawd


Dem dumb no be small.

My brother something's you read on nairaland makes you wonder what kind of education are these kids getting these days......a purely monetary policy decision has now been turned to FG vs igboho, southerners vs northerners...
.who did this to nigerians youths
Those opposition who feels they are gaining from the ignorant rants of our youths will end up being victims of this same ignorant youths one day

Brainless youths abound here. So na Igboho ‘paltry’ 100k go-fund-me go make CBN implement new policy?

The fund will reach 28000 pounds very soon. I don donate my own. Let them come and beat me. Awon oloriburuku gbogbo.

We can't make a trip of less than 2 hours in peace anymore.

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

We, the masses, are our own problems. These people only sell the dollars amongst themselves hence the scarcity of it we see everyday. That's even why you see the Abokis having much of it cos one polithiefcians have been granted the right to be in pole position to always have the dollars handed to him/her.

So many factors have been devaluing the naira. Put the blames on the Government and its policies. Crypto is helping alot these days when physical dollars are hard to come by.

All of this is nothing compared to the adverse economic effect of looting by Nigerian politicians. That alone must account for 40% of the capital flight we experience as a country and it puts a strain on the naira to dollar exchange. Another is the multiple exchange rates we have, having one unified rate will surely stop most of the speculation we experience that is responsible for failed monetary policies we experience. In addition, the fact that we are an import driven country in virtually all of what we consume. Case in point, before crypto became a thing, 4-5 years ago, our balance of trade was still a mess and our exchange rates were always high. Blaming failed monetary policies on the advent of crypto is just intellectual laziness at best. I have said that the greatest undoing of Nigerian politicians is incompetence not even corruption.

Crypto is just a means of survival for the average man. However, as with all things, the government must frustrate the average man from making a living.

There are deeper issues the government must look into if they are serious about attracting foreign investors and having a stable monetary policy, banning crypto is definitely not one of them.

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

Esseite:


Well, china is way cheaper than local manufacturing along side our taste for foreign items.. even the disparity in Fx rate to curb seems not to work, which has in turn brought about inflation, so the Govt tends to balance trade with china directly through infrastructure development and loan disbursement.. but since it cannot get a hold on crypto, they took the best decision.

abeg, they are not sincere

Look at oil prices are going up again set to hit $100 b4 year ends, this is supposed to be for the entire country's advantage.

But trust me this advantage will surely end up with these politicians.

These unintelligent reactions to CBN's new policy further exposes the inefficiency in our learning institutions! How on earth will banning an unofficial money market affect fund sourcing for any legitimate course as of Chief Sunday Igboho.
For your information, crypto business is open to sudden collapse as other Ponzi schemes.It is not being regulated by any statutory authority in Nigeria. It also encourages money laundering and unchecked flow of foreign currency transaction which had direct impact on the strength of the naira.
However, linking the banning of crypto transactions in Nigeria with Igboho is surprising.

kayjay69:
All of this is nothing compared to looting by politicians. They are the ones that put a huge strain on our currency exchange. Also, the fact that we are an import driven country in virtually all of what we consume. Case in point, before crypto became a thing say 4-5 years ago, our balance of trade has always been shyte and our exchange rates were always high.

Crypto is just a means of survival for the average man. However, as with all things, the government must frustrate the average man from making a living.

There are deeper issues the government must look into if they are serious about attracting foreign investors and having a stable monetary policy, banning crypto is definitely not one of them.

Well said!

Could not have been better said.

My broda tell him o...

Difrent:


My brother something's you read on nairaland makes you wonder what kind of education are these kids getting these days......a purely monetary policy decision has now been turned to FG vs igboho, southerners vs northerners...
.who did this to nigerians youths
Those opposition who feels they are gaining from the ignorant rants of our youths will end up being victims of this same ignorant youths one day

You know nothing. Continue jumping into conclusion...

Why are you trying to save the naira, it's dead long gone. Even the federal government use dollar for their every activities. The national budget is in dollars, most monetary allocation is in dollars. Rest the idea that the naira should be saved.

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

Now we know they want to ban crypto out of fear not the Bull crap story of Dollars leaving offshore. What they fear would still come upon them, better they release the crypto trading and face the root cause of grievances in Nigeria

MASTAkiLLAh:


https://www.google.com/amp/s/punchng.com/shutting-crypto-accounts-cant-stop-igbohos-funding-says-lawyer/%3famp=1

please, where is 2023, so we can move forward or at least have our lives back again , please Nigerians, have we learned anything now. Talking to haters who were shouting change! Change! Up and down in 2015.

Igho is an illiterate but dude was well known for his relentlessly in helping people and making live comfortable for his people... Your forefathers that migrated from jalo claiming people land terrorizing people are well educated.

Just take look at the dullard in Aso rock he was elected to fixed the economy and move the country forward. The country has spoiled even than he met it.

Despite his attempt to be the president of the country and failed in different occasion.

helinues:
Not surprised... Igboho is an illiterate guy .

So FG shut cryptocurrency because of Igboho's go fund me that is yet to reach £100k ?

Illiteracy is indeed a disease

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

This can't be correct.

Reverse everything you said and now we have proper economics


Simple example, i use my 50k naira to buy crypto, it shoots up 10% , i now have 55k naira, the government didn't have to print more money and there was no stress put on the dwindling factors of labour to generate this additional wealth.

Forex isn't escaping because trades are in naira, in addition it's far cheaper to use the black market for Forex transfers than to use crypto.

The only downside is fraud, fraudsters don't care about transfer costs associated with crypto so they'll use it regardless.

Esseite:
Crypto currency is a death nail on import dominated countries. there is no balance of trade or how that can be regulated. Do you think the loans gotten from china is not a means of balancing trade due to our large imports?..

how do you balance the escape of forex through cryptos for an import dominated country especially for non physical services/goods?

- It undermines monetary policies of various Government..
- There are no checks and balances.
- Any dick and harry can prop up a coin.
- it discourages foreign investors from investing physically in developing nations.

Best initiative from CBN on saving the naira.

Paid zone.b
Spotted

This Nigeria government with low mentality

Hmmmmm
We were thinking it was wvwn because of the EndSARS protest. This is a third angle.

Yoloba told us we are paying levy to IPOB mocking us upandan


now they are funding igboho....and we won't mock them we will support them


But the truth remains they have been hating on IPOB AND KANU BECAUSE HE'S NOT FROM YORUBA LAND


Am Igbo and I love IGBOHO AND HIS COURAGE AND I HOPE HIS PEOPLE STANDS FOR HIM AND WE IN THE SOUTH EAST WILL ALSO STAND FOR HIM


And to his supporters IGBOHO has not been tested yet....he might soon be tested...both psychologically and physically. IMAGINE IGBOHO FACING THE MILITARY, DSS, AIR FORCE, NCDC, POLICE AND HIGH COURT AND THE BAD MOUTH OF OTHER TRIBES TOWARDS HIM. WE HOPE YOU WILL STAND FOR IGBOHO

NiRfreak:

Just get lost...I don't have power arguing with since...you don't even understand Bitcoin technology as a whole..u are just one outdated motherfvcker regurgitating useless points...
.

Oh?

If you get any iota sense, one simple question u should have asked is: why are other countries not banning it......but only Nigeria. China, German U.S India..Japan.. everybody..you are here talking shit u don't have know

So if other countries told their citizens to pay 90% of their earnings and savings as taxes to the government, and pay the remaining 10 % to the account for the President, Nigeria should follow suit., eh?

Gandollaar:
Ok I understand you.

But that would never happen because you rejected Ruga.

Government has spoken through their proxies that Fulanis would continue to graze openly until world's end because it's in their nature.

Femi Adesina once advocated for " your land or your life" for peace to reign, he speaks for the topmost leadership class.

Ruga nko Ruga ni. It will be stupidity on the part of any other state that the Fulani are not indigenous to allow Ruga

We should use our own federal allocation to cater to their own interest. Is the money allocated enough for own people?