Nigerian citizens have been grappling with the question of what to do next for several months. The economy has not rebounded, and there has been a steady rise in product prices, which shows no signs of slowing down. Although the new President is not solely responsible for the situation, his predecessor played a significant role in causing damage to the currency by overprinting it. Furthermore, the system's corruption exacerbates the problem.
The government's decision to ban Binance seems to be the only positive step they have taken regarding the currency. However, their previous actions of injecting dollars into the market to reduce the price of Naira have not been helpful. Upon closer inspection of Binance, they have discovered evidence of rampant money laundering, with some individuals printing and selling our currency on the exchange, which is causing a significant impact on its price.
There are rumors that certain individuals are utilizing the Binance exchange to manipulate the Naira's price. Initially, many people disagreed with these claims as they believed the exchange could potentially solve longstanding issues. However, since the exchange has been taken down, the Naira has seen a significant recovery. Additionally, there are concerns that this administration's actions may have been detrimental, and could potentially worsen the situation because binance official who came to the country to negotiate with the government has been jailed and will be taken to court soon.
Will the truth change anything
Nigeria detained binance officials who were in talks with the government because they requested the names of the top merchants involved in peer-to-peer trading. The government suspects that some individuals are using Binance to launder government money, which involves billions of dollars. The government wants to identify these individuals, but Binance refused to provide the information due to their policy.
Despite my belief that this may not lead to any significant change, Nigeria's crackdown on money laundering through Binance has contributed to the recovery of the currency. However, holding those responsible accountable remains doubtful in a country known for corruption. The recent actions against crypto merchants and exchanges have shed light on the existence of manipulative forces within the currency.
The government need to do more
Due to the increase in interest rates in Nigeria and the government's fight against Binance, there has been a drastic increase in crypto. The interest rates were raised due to the overprinting of Naira in the market. Although the government is aware of those who are responsible for these, they are unable to hold them accountable due to corruption in the country. However, more needs to be done as the economy is still struggling and many people are facing difficulties. it is essential to hold those who have mismanaged the country's resources accountable. Unfortunately, this may not be feasible due to the current situation in Nigeria.
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