Thread by @MattAhlborg on Thread Reader App

https://threadreaderapp.com/thread/1439950511164301322.html

"The informal #Nigeria 🇳🇬 #Naira has lost 23% of its value against #USD since the start of the year, a staggering number for #Africa's largest currency."

"What has happened to Venezuela and what is happening to Nigeria is something that will begin to happen to the MAJORITY (over 100) of emerging market currencies over the next 10 years as technological penetration deepens."

#Bitcoin :bitcoin: #NGN #USDNGN #BTCNGN #MattAhlborg

Nigeria Devalues Naira on Migration to Single Exchange Rate

https://www.bloomberg.com/news/articles/2021-05-25/nigeria-devalues-naira-on-migration-to-single-exchange-rate

"[CBN] replaced the fixed rate of 379 naira to a dollar used for official transactions with the more flexible nafex [~410/$]."

"The fragmented foreign-exchange market had been a cause of confusion and a source of arbitrage.”

--
Dollar to Naira Black Market Rate: ₦486.00
https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market

#Bitcoin :bitcoin: #Nigeria #CentralBank #CBN #NGN #Naira #USDNGN #BlackMarket #ExchangeRate #ForeignCurrency #Nafex

Nigerians’ appetite for bitcoins grows despite ban

https://guardian.ng/news/nigerians-appetite-for-bitcoins-grows-despite-ban

"Many investors and traders are still in the business even though some Nigerians complained their bank accounts were closed due to the regulatory crackdown."

"The use of foreign accounts for #crypto purchase and a shift to peer-to-peer-enabled platforms have replaced the services of restricted #cryptocurrency #exchanges."

#Bitcoin :bitcoin: #Nigeria #Africa #Nigerian #naira #NGN #USDNGN #P2P #PeerToPeer #Pleb2Pleb

Nigeria’s Central Bank Declares War on Bitcoin in a Losing Battle With the People

https://www.inbitcoinwetrust.net/nigerias-central-bank-declares-war-on-bitcoin-in-a-losing-battle-with-the-people-160326f6c31a

"One U.S. dollar now trades for 480 #naira. While the Central Bank of #Nigeria maintains an artificial #exchange rate of 1 dollar for 380 naira on the official market, no one in Nigeria is fooled."

"I am certain that the battle that the Central Bank of Nigeria has embarked on cannot be won."

#Bitcoin :bitcoin: #Africa #Nigerian #CBN #NGN #USDNGN #P2P #P2PExchange #SSaurel #SylvainSaurel

The Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges

https://bitcoinke.io/2021/02/cbn-warning-against-crypto-transactions

"[Banks and financial institutions] are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems & ensure that such accounts are closed immediately."

#Bitcoin :bitcoin: #Crypto #Nigeria #Nigerian #Bank #FinancialInstitution #CentralBankOfNigeria #CBN #P2P #Exchange #NGN #USDNGN $NGN $USDNGN