Since the general election in Nigeria, there have been a lot of problems happening in the country from left to right and since it was a forced entry to the presidency by the APC presidential candidate I expected nothing good from him and it finally turned out to what few reasonable Nigerians and myself said during the election campaign last year but some Nigerians who were blinded with tribalism and not the credibility of the candidates are now regretting why they supported the current president in office.
It has been a crazy first year for the illegitimate president and under his rule the country and its citizens have never experienced such extreme hardship in the country. It all started with the removal of fuel subsidy to the increase in taxes from companies and industries within the country. I say this that man does not have a single plan to turn things around in this country, he just wants to have that title of being addressed by the president.
The dollar-to-naira exchange rate has been crazy for the past year. A dollar was being sold for 1900 naira last week and this caused the cost of commodities in the country to increase by over 75% on the economy which was not even balanced when the former government was in power. The price of goods and services in the country is on the high side because Nigeria imports goods regularly which is not a bad thing but goods made here should be promoted and given support by the government but it seems it is not going to happen anytime soon.
The government has been trying hard to keep the naira stable against the dollar so the naira won't get more devalued. The government has gone as far as interfering with Binance and now Binance has completely disabled trade from USDT to naira on p2p transactions and Roqqu which I use frequently for my transactions has also disabled USDT to naira trade. It looks like a good strategy for the government to make the naira stable but at what cost this is some people's livelihood they are missing within a time when there are no good jobs in the country.
The removal of trading USDT to naira in Binance is still a mystery to me because I don't know what transpired between the government and the Binance directors. Binance is one of the biggest trading platforms on earth and they have also been in the headlines in the past month but came to an end when former Binance chief of director Changpeng Zhao pleaded guilty to money laundering and was charged to pay a fine and also properly get a 2 year sentence so I never thought they would go out like this from the country.
Since the changes made the naira has dropped to 1580 naira to the dollar and could go down more in the coming weeks. They have succeeded in closing every option to stop people from trading in USDT but best believe there will be a loophole soon. This is Nigerians I am talking about, they will find a way and it will happen soon. So guys that will be all for now. Thanks for stopping by and have a good day.
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