Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Curr...
Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report, this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central....
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More effective transaction processes and lower charges encourages Nigerians to seek cross-border employments amidst harsh local economic conditions. Jonathan Chester, President of Bitwage, says to Cointelegraph: “When it comes to the unbanked, now they have a way to receive international wages in a convenient and scalable fashion. There is nothing scalable or safe about needing to go to the same cash withdrawal location on every payday, to grab a bag of cash which you need to smuggle back home to hide underneath your bed.” The nation’s failing economy. The dwindling economic situation has....
Simon Chamarro discusses how his platform, Valiu, helps Venezuelans protect their wealth from inflation. The post Video: Valiu And Protecting Wealth In South America appeared first on Bitcoin Magazine.
According to social media reports, Binance, the world’s largest cryptocurrency exchange, is restricting the accounts of African users, mainly Nigerians and those who use its peer-to-peer (P2P) exchange. Many Nigerians have gone to Twitter to complain that their accounts were blocked by the exchange without explanation. #BinanceStopScamming Trends Many Binance users, particularly Nigerians and other […]
With over half a million followers on Twitter, Peter Brandt is a well known career trader who often tweets valuable insights about the markets. In a recent tweet, Peter took a stance on Tether calling it a useless mind fart. Choice Words From Iconic Trader Peter Brandt According to Peter, the concept of converting a traditional fiat currency such as the dollar or the euro into a digital fiat unit such as Tether, just in order to protect its store of wealth against inflation, is a meaningless process as it serves no purpose. Circular reasoning – TETHER The idea that we convert one....
The wave of Bitcoin awareness is sweeping across the largest black nation on earth. Known for their enterprising ability, Nigerians have proven to be a prominent force on whatever idea or venture that finds it’s way into the acceptable space of the society. Probably due to the prevailing economic situation which has seen the nation slide into recession, coupled with an inflation rate that has increased significantly in the past few months, citizens have resolved to seeking alternative income in superior currencies. Vic Chimex, Principal government radio reporter and a Bitcoin investor,....