• Bitcoin
  • Blockchain
  • Crypto
  • Metaverse
  • AltCoins
  • Business
  • Investment
  • Upcoming
What's Hot

Texas House Introduces Bill To Boost Local Bitcoin Economy And Protect Rights Of Individual BTC Ownership

March 22, 2023

Bitwise Asset Management Announces New Exchange Traded Fund Aimed At Long-Term Bitcoin ETF Investors

March 22, 2023

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 21, 2023
Facebook Twitter Instagram
  • Bitcoin

    Texas House Introduces Bill To Boost Local Bitcoin Economy And Protect Rights Of Individual BTC Ownership

    March 22, 2023

    Bitwise Asset Management Announces New Exchange Traded Fund Aimed At Long-Term Bitcoin ETF Investors

    March 22, 2023

    Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

    March 21, 2023

    Seeking Freedom, Bitcoiners Should Consider Second Passports

    March 21, 2023

    RedeemGBTC Campaign To Host Shareholders Meetup At Miami Bitcoin Conference

    March 21, 2023
  • Blockchain

    BlockJoy raises $12M to help cut operating costs for businesses running blockchain nodes • TechCrunch

    February 2, 2023

    Blockchain Futurist Conference — Canada’s biggest crypto conference returns for fifth year

    February 2, 2023

    WEMADE and Metagravity Sign Strategic Alliance MOU to Collaborate on Blockchain Games for the Metaverse

    February 2, 2023

    Will Polkadot’s [DOT] new parachain fix the blockchain?

    February 1, 2023

    BNB Chain Unveils 3rd Blockchain in BNB Ecosystem, Tether ‘Never Borrowed from Celsius’, Ripple Sold $226M Worth of XRP in Q4

    February 1, 2023
  • Crypto

    Crypto Donations Now Need An Appraisal

    February 2, 2023

    Bitcoin Shrugs Off Fed Rate Hike to Hit Six-Month High

    February 2, 2023

    Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

    February 2, 2023

    Yates County cryptocurrency miner completes debt restructuring deal

    February 1, 2023

    How ‘King of Instagram’ Dan Bilzerian ‘made millions’ from cryptocurrency after bizarre poker deal

    February 1, 2023
  • Metaverse

    Facebook’s Metaverse Division Lost Nearly $14 Billion Dollars Last Year

    February 2, 2023

    Samsung Hints Metaverse Ambitions At Product Launch Event, Eyes Integrating Different Realities Into Premium Smartphones

    February 2, 2023

    Sanlam makes history with SA’s first media launch in the metaverse

    February 2, 2023

    Meta’s plans to expand metaverse are up and running again: Here’ how

    February 2, 2023

    RFOX VALT Launches AI-Enabled Metaverse Apartments for Sale

    February 1, 2023
  • AltCoins

    Altcoins Lead Post-Fed Crypto Rally as Risk Appetite Increases

    February 2, 2023

    CAKE, SHIB And These Alt-Coins Are Trending

    February 2, 2023

    Elon Musk Wants McDonald’s to Accept Crypto Payments. Dogecoin (DOGE), Bitcoin (BTC), and Snowfall Protocol (SNW) Benefit

    February 2, 2023

    Crypto Analysts are Saying These Altcoins Have Huge Potential – Here’s Why

    February 2, 2023

    Are Cryptos Bound to Retrace Amid Recent Pump?

    February 1, 2023
  • Business

    Ray Dalio Warns Money Is in Jeopardy, Favors Inflation-Linked Crypto

    February 2, 2023

    BIT Mining Limited Regains Compliance with NYSE Continued Listing Standards

    February 2, 2023

    Bithumb’s de facto owner arrested over alleged embezzlement

    February 2, 2023

    Crypto Custody Firm Copper Alerted to Security ‘Incident’ Over Christmas

    February 1, 2023

    Cathie Wood’s Ark Invest Says Bitcoin Could Hit $1.5 Million by 2030

    February 1, 2023
  • Investment

    The Investor’s Guide to Crypto Options Trading

    February 2, 2023

    Pune software engineer loses Rs 13 lakh to crypto investment fraud

    February 2, 2023

    Crypto Investment Products’ AUM Surges as Investor Confidence Returns: CryptoCompare Report

    February 2, 2023

    Crypto Investors Can Purchase Bankruptcy Put Options to Protect Funds on Binance, Coinbase, Kraken Crypto Exchanges

    February 1, 2023

    Ethereum price forecast for February, including Morgan Stanley comments By Investing.com

    February 1, 2023
  • Upcoming

    S&P 500 rises to the highest level in five months Thursday as Meta leads a tech comeback

    February 2, 2023

    Looking For Something Different From Nubank and C6 Bank? Try Lanistar! – Sponsored Content

    February 2, 2023

    NYDFS Releases Guidance For BitLicensees And Limited Purpose Trust Companies On Asset Custody In The Wake Of Cryptocurrency Insolvencies – Financial Services

    February 2, 2023

    This Supreme Court Case Will Reverberate Throughout the Compliance and ESG World | NAVEX

    February 2, 2023

    Ethereum (ETH) Could Reclaim $2,000, Trader Says

    February 1, 2023
investorstoday.press
investorstoday.press
Home»Bitcoin»Nigeria’s Cash Chaos Is Reaching A Boiling Point, Underscoring Need For Bitcoin
Bitcoin

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

maikdezana@icloud.comBy maikdezana@icloud.comFebruary 22, 2023No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

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.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
maikdezana@icloud.com
  • Website

Related Posts

Texas House Introduces Bill To Boost Local Bitcoin Economy And Protect Rights Of Individual BTC Ownership

March 22, 2023

Bitwise Asset Management Announces New Exchange Traded Fund Aimed At Long-Term Bitcoin ETF Investors

March 22, 2023

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 21, 2023

Seeking Freedom, Bitcoiners Should Consider Second Passports

March 21, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest crypto news

Advertisement
Demo
Top Insights

Texas House Introduces Bill To Boost Local Bitcoin Economy And Protect Rights Of Individual BTC Ownership

March 22, 2023

Bitwise Asset Management Announces New Exchange Traded Fund Aimed At Long-Term Bitcoin ETF Investors

March 22, 2023

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 21, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Categories
  • AltCoins (1,399)
  • Bitcoin (1,517)
  • Blockchain (1,384)
  • Business (1,378)
  • Crypto (1,365)
  • Investment (1,383)
  • Metaverse (1,361)
  • Upcoming (1,319)
Facebook Instagram
  • Contact Us
  • privacy policy
  • about us
© 2023 Designed by investorstoday.

Type above and press Enter to search. Press Esc to cancel.