Could Nigerian stabilise naira using friendly policies through cryptocurrency?

[Salahmu]

Hello my country people I greet una inside this evening, I was actually doing some assignments online and I came across a post  about Ray Youssef, Founder/ Chief Executive Officer of Paxful, a global peer-to-peer finance platform, who visited Nigeria months ago to discuss the opportunities in Cryptocurrency as a measure to stabilize the naira. So he was ask what could be done to address this depreciation of naira. he told the government the only way it will work is to take the Bitcoin from all those people transacting online and give them naira in exchange and then government can be in possession of all Bitcoins or crypto and turn them into dollars so as to bring more hard currencies into the country and that will help in stabilizing the naira.

So do you guys agree that the method could actually work? That crypto could help stabilize the falling naira, if so why is Nigeria not doing anything about that.

I say make I share these post make we reason am.

Source: https://guardian.ng/business-services/nigerian-government-can-stabilise-naira-using-friendly-policies-cryptocurrency/

[1714551338]

1714551338

[CryptSafe]

OP this is a good findings from you but I would ask you too, do you think this idea of his would be much effective to strengthen the naira? what has crypto got to do with the naira except  the fact that it is used as a means of exchange through a p2p platform between buyers and sellers. Crypto is an alternative means of investment. To some it is a means of asset value while to some it is a digital means of payment. How possible is it or will it be for the government to buy bitcoin from bitcoin holders or do you think they will start exposing themselves to the government as bitcoiners? No Nigerians would make such mistake of selling or talk of exposing themselves that way.

To be frank, Nigeria is a nation that consumes with high export concentration rather than producing to  export. This has caused her currency to be much devalued by other nations as a result of economic advantage of Nigeria. The government is another issue too making things difficult for producers with their stringent policies hellbent on frustrating local production.

Not until the foreign dependency on importation diminishes, the naira would continue to devalue  at a free fall state otherwise Nigeria should be self dependent to some certain percentage to sustain her economy by consuming her own local produce and to some point encourage exportation of local goods.

[Smartvirus]

So he was ask what could be done to address this depreciation of naira. he told the government the only way it will work is to take the Bitcoin from all those people transacting online and give them naira in exchange and then government can be in possession of all Bitcoins or crypto and turn them into dollars so as to bring more hard currencies into the country and that will help in stabilizing the naira.

Firstly, I go like say I no take time to run through that link because I feel say, the OP don pick the major already and based on that, I no really think say na the way to strengthen our Naira be that based on certain reasons.

One of the thing way make our own currency weak today na;
1. Import and export as per production.
2. The way we take foreign currency and if you look well in recent times, right from the presidential election, the dollarization of our financial system done Dey too much. Atiku, Wike and Tinubu make dollar con dey too common for we nation and even the agboro for street dey carry $100 dey parade everywhere.
3. We need stop this our borrow to finance the least for we nation.

All these no dey help and to reverse am na em fit give us better result.

Fault way dey Op be say;
Government no Evelyn fit take all our bitcoin even through selling via say, Omo, men wan hodl.
Secondly, when you take a buy dollar, you wan con spend am for the nation abi to carry am go buy something abroad. In that case, no forget say you go first exchange am abi as fiat for those way get dollar account but still, the collecting na impossible.

[Kelward]

I wonder where Ray Yesouf, take derive dis im theory from, because bitcoin no be di problem of Nigeria, in fact cryptography na to help strengthen di economy as an alternative to fiat. Abi wetin concern government with people decentralized digital currency, for den to collect am and change to USD in oda to strengthen our centralized fiat currency, e no make sense to me. Even if government wan de collect people bitcoin, shey dem go de trace people none custodial wallets? Na still di bitcoin wey de for exchanges dem go fit trace. At di end of di day e go be a wasted effort.

Our problem for Nigeria, be say na consuming nation na im we be, di only major thing wey we de export na crude oil, and we de still import di finished product. Dis na some of di factors wey fit to stabilize our economy
1: If our refineries de work and we come build new ones, e go save us plenty money from importing from oda countries.
2: Boost money for our education sector and fund researches.
3: Tackle insecurity so foreign investors go fit to get conducive atmosphere to do business and help tackle unemployment. Because many of dem don relocate comot for Nigeria.
4: Support local manufactures with loans, instead of giving dem high taxation.
5: Provide basic amenities like good road and constant power supply. Wey go make things to de easy for business owners and the general public.
Di list de endless, no be to interfere inside people legitimate businesses, before di country go de beta. Anyway I no sayno reasonable government go take dat kind advice.

[Agbe]

Turn them into Naira? Lolz!!! The method fall woefully, it can't work in Nigeria. Those who are in bitcoin or cryptocurrency will not keep their money in naira or dollar. Accepting cryptocurrency will not stabilize naira. You said government should accumulate all the bitcoin and allow the citizens to own naira? To stabilize the naira is just a hard decision/policy that should be made by the government.

[Charles-Tim]

he told the government the only way it will work is to take the Bitcoin from all those people transacting online and give them naira in exchange and then government can be in possession of all Bitcoins or crypto and turn them into dollars so as to bring more hard currencies into the country and that will help in stabilizing the naira.

The government should not try to manipulate anything, they should deal with the foundation which they have destroyed themselves. Nigeria is having crude oil, but we are exporting it to be refined and we buy the refined oil. In technology we lag behind and we depend more on importation which are one if the reasons for the economic crisis in the country.

Co-founder and Chief Executive Officer of Paxful, Ray Youssef was only referring to bitcoin and other cryptocurrencies, but the problem and economic instability Nigerians are experiencing is beyond cryptocurrencies. Our government need to handle all other areas and look for more ways we are not going to depend more on importation.

Mostly we Nigerians are trading bitcoin and other cryptocurrencies within Nigeria, we do not trade it with outsiders and I do not really see any reason the government should be manipulating by buying cryptocurrencies from citizens and exchanging it to foreign currencies.

[Mate2237]

Everyone has their own way of thinking and solving problem, probably that is the method of Ray Youssef thought he can use to stabilize Nigeria economy. And that is, he is just looking for attention, that cannot solve the devaluation of the naira. Yes it is good friendly economic policies and which not cryptocurrency buy normally economic policies which can make the citizens to have enabling environment can stabilize naira in the country.

And as other don tok sae na the importation of goods sef dey make di country economy weak, yes I also agree with dem for dat too. Let the government stop importing goods from outside and produce things locally. And export goods to the outside world. Though everything na time and time is coming that all these things will stop. Nigeria go produce things and send to them. And another problem we go face be say, instead of selling the products more in the country to reduce high cost of living, they will send more to the outside world and making the producing country to be living in high cost again.

[adultcrypto]

Hello my country people I greet una inside this evening, I was actually doing some assignments online and I came across a post  about Ray Youssef, Founder/ Chief Executive Officer of Paxful, a global peer-to-peer finance platform, who visited Nigeria months ago to discuss the opportunities in Cryptocurrency as a measure to stabilize the naira. So he was ask what could be done to address this depreciation of naira. he told the government the only way it will work is to take the Bitcoin from all those people transacting online and give them naira in exchange and then government can be in possession of all Bitcoins or crypto and turn them into dollars so as to bring more hard currencies into the country and that will help in stabilizing the naira.

So do you guys agree that the method could actually work? That crypto could help stabilize the falling naira, if so why is Nigeria not doing anything about that.

I say make I share these post make we reason am.

Source: https://guardian.ng/business-services/nigerian-government-can-stabilise-naira-using-friendly-policies-cryptocurrency/

As a Bitcoin lover, I am tempted to believe this completely, but the truth is that to stabilize the Naira need more than that. The first question we need to ask is what determine the strength of a currency? Answering this question will give us idea of what needed to be done to make our Naira stable.

If I must say, how can Naira be stable when government still maintain multiple exchange rates after making so much noise about exchange rate unification? As it stands now, a lot of things are unstable in Nigeria.... from prices of items, to the quality of goods, everything is unstable and exchange rate is just reacting the prevalent situation.

I can assure you that as soon as our economy is stable and CBN eliminates the multiple exchange rates they created, the Naira will be stable and what the artcle suggested can only help in increasing our dollar inflow which is good for the economy not that it will solve all the problems.

[Sim_card]

Funny talk from Paxful CEO,I guess he doesn't even have an idea or understand what he is talking about. How will it be possible for government to collect everybody bitcoin wey no be them gibe you money buy am,and moreover bitcoin no dey shout for  wallet, so how them won know say you get bitcoin. You see one thing with these rich people them fit say na them no pass. Traders wey dey trade bitcoin dey use see front because of bad economy, you won go collect their food from their mouth because you dey envy them. Make them turn their bitcoin to Naira so that them go dey stagnant. Na them spoil or devalue the Naira,mumu talk. The problem with Nigeria be say,the people wey go fit do better for the country,the bad eggs no go let them enter power. We need more export than import

[Gozie51]

Funny talk from Paxful CEO,I guess he doesn't even have an idea or understand what he is talking about. How will it be possible for government to collect everybody bitcoin wey no be them gibe you money buy am,and moreover bitcoin no dey shout for  wallet, so how them won know say you get bitcoin. You see one thing with these rich people them fit say na them no pass. Traders wey dey trade bitcoin dey use see front because of bad economy, you won go collect their food from their mouth because you dey envy them. Make them turn their bitcoin to Naira so that them go dey stagnant. Na them spoil or devalue the Naira,mumu talk. The problem with Nigeria be say,the people wey go fit do better for the country,the bad eggs no go let them enter power. We need more export than import

moreover bitcoin no dey shout for  wallet

I don laugh tire lol, you off me here. Bitcoin no dey shout for wallet no be lie. So na how Dem want take know who get bitcoin or not, abi Dem tink say na bank account wey dem fit go freeze. The person wey even dey suggest mumu thing like that no even understand wetin be bitcoin. So government want stabilize naira true true? I doubt these people because dem no serious, if Dem dey serious Dem go do wetin dem suppose do  Shebi d price been drop to 830 last week and this week it went back to 920. Okay na make Dem dey look only fuel and not diversify the economy.

[Samlucky O]

Hello my country people I greet una inside this evening, I was actually doing some assignments online and I came across a post  about Ray Youssef, Founder/ Chief Executive Officer of Paxful, a global peer-to-peer finance platform, who visited Nigeria months ago to discuss the opportunities in Cryptocurrency as a measure to stabilize the naira. So he was ask what could be done to address this depreciation of naira. he told the government the only way it will work is to take the Bitcoin from all those people transacting online and give them naira in exchange and then government can be in possession of all Bitcoins or crypto and turn them into dollars so as to bring more hard currencies into the country and that will help in stabilizing the naira.

So do you guys agree that the method could actually work? That crypto could help stabilize the falling naira, if so why is Nigeria not doing anything about that.

I say make I share these post make we reason am.

I don't think If that will be possible. It's just like a parable. how is it possible for government to take all the Bitcoin from the citizens and give them cash(NGN). Nigeria is a country with vast majority of natural resources which can be concentrated. What we should think of is production instead of consuption. A country that only consume than produce will definitely become poor an inflation will also arise. Bad leadership is our problem. These should be there focus not the other way round.

[Salahmu]

Funny talk from Paxful CEO,I guess he doesn't even have an idea or understand what he is talking about. How will it be possible for government to collect everybody bitcoin wey no be them gibe you money buy am,and moreover bitcoin no dey shout for  wallet, so how them won know say you get bitcoin. You see one thing with these rich people them fit say na them no pass. Traders wey dey trade bitcoin dey use see front because of bad economy, you won go collect their food from their mouth because you dey envy them. Make them turn their bitcoin to Naira so that them go dey stagnant. Na them spoil or devalue the Naira,mumu talk. The problem with Nigeria be say,the people wey go fit do better for the country,the bad eggs no go let them enter power. We need more export than import

Na true you talk oh because even when I see the post I they laugh because I no see any possibility way government go fit buy all our Bitcoins and how them go even take no say we get Bitcoin for wallet way we won trade and let say we agree for waiting him talk about selling or exchanging with our government how the impacts of that exchange with our government go take affect our naira positively? I no even believe say this friendly policy go fit stabilize our naira, our leaders knows waiting them suppose do to stabilize our naira.