As Nigeria Heads Toward Recession, Bitcoin Could Offer Recession Proof Savings?

[BTCNigeria]

Nigerians are going through tough times due to the falling oil revenue covers 95% of the government revenue.


With the local currency devaluation, Nigerian should Save bitcoin, instead of fiat currency or Gold: https://btc.ng/bitcoin-guide/save-bitcoin-instead-of-fiat-currency-or-gold/


Nigerian's view on bitcoin savings

[05-26, 1:54 AM] Emma: The issue is that with the current situation, it is even difficult to save. Spending everything on fuel, transportation and food
[05-26, 1:55 AM] Emma: What we used to buy for 3k is now 42k as at my last check


05-26, 1:13 AM] Obi. The guarantee part of heading towards recession.... I have that thought sometimes ago of saving my funds to BTC for future.

[franky1]

so
$1= N285 at interbank
$1= N346 at black market

hmmmmmm.... interesting...

put N2850 into interbank, get $10
give $10 to blackmarket, get N3460


put N3460 into interbank, get $12.14
give $12.14 to blackmarket get N4201


put N4201 into interbank, get $14.74
give $14.74 to blackmarket get N5100

repeat repeat repeat.

[BTCNigeria]

^^The price gap between the black market and the interbank makes bitcoin attractive to people sending money to Nigeria. Most of the money transfer services calculated their rate based on the inter-bank N285 minus the 12% fees (N250) while you can buy bitcoin and exchange it in Nigeria at the black market for N325 at www.nairaex.com

[NamedUser]

Wow. Yes, they need bitcoin as a safe haven. Imagine going from spending 3k to 42k from one paycheque to another. This is craziness! Even bitcoins aren't that unstable and it's a brand new currency (comparatively).

[Lethn]

Bitcoin has actually been extremely stable in comparison to a lot of fiat currencies when you look at the data and not hysterical news sites so it makes complete sense even if you're very cautious to at least have some of your savings in it.

[7788bitcoin]

I am not too sure how accessible internet service in Nigeria. It might be difficult for most people to use bitcoin.

[BTCNigeria]

I am not too sure how accessible internet service in Nigeria. It might be difficult for most people to use bitcoin.

No, most people uses mobile wallet blockchain.info is very popular. Nigeria has over 86,219,965 internet users ranked 7th in the world.