I was reading one article on Bloomberg that talked about how Nigerians are saving their money in virtually any other currency but Naira. The reaction that came to my mind was "well duhhh".
Seriously though, holding on to naira is a proper waste of space in your bank account because if you're not going to spend it within the next couple of months, you're basically losing value.
I consider Naira to Nigeria in pretty much the same way I consider cryptocurrencies to a blockchain. Naira is the equivalent of a shitcoin from a failed blockchain but unlike crypto where speculators could pump that shitcoin, the naira is fundamentally useless and constantly dumped.
Nigeria in turmoil
I mean, why the hell will I use the currency of a country where our minister of information is openly in support of or should I say a "repentant" Islamic terrorist. The news is that he "apologized" and so, his views have changed from the utterances he made as a thirty-year-old.
I'm almost 29 years old right now and barring a colossal event, I assure you, my strong opinions are hardly going to change between now and when I'm 50.
In the midst of everything, we have a President that obviously doesn't care about his job. A currency that's constantly on freefall in the parallel market, numerous draconian policies, and a very unsafe environment to live in.
You know what they say, when the head is bad, the entire body will be bad.
Please check out my Freelance gigs:
- I write insightful blog posts about, Finance, Fintech, blockchain and cryptocurrency at an affordable rate on Fiverr
- I write insightful football articles at an affordable rate on Fiverr
- I write insightful blog posts about, Finance, Fintech, blockchain and cryptocurrency at an affordable rate on AnyTask
Signup for Oropcket with my referral link
Signup for Presearch: A search engine that pays you
Contact me
- Discord: belemo#9593
- Twitter: https://twitter.com/belemo__
- Telegram: uncleskipper
- Email: [email protected]
Posted Using LeoFinance Beta
I hear they are printing money too. That will just blow up inflation in the short term and total financial collapse in the long term. When your currency is being mentioned in the same circles as that of Venezuela, that is when you start to panic.
Posted using Dapplr
Nigerians have now traded 27% more #Bitcoin peer-to-peer after the government banned traditional exchanges!
It's happening bro! Makes a lot of sense.
Posted Using LeoFinance Beta