Quote from: Funke on February 29, 2024, 08:12:18 PM

Quote from: Charles-Tim on February 29, 2024, 07:34:31 AM

The main cause of the problem is because our government failed to make the country to be less relying on foreign products. We are importing goods more than necessary. In technology we lag behind and the foreign nations are innovating new products that we continue to import.

Federal government needs to tackle the reasons we rely on importing goods. We need ways they can encourage and create a good environment of increasing productivity in Nigeria. Electricity is bad and has gotten worse again during this dry season as usual. They should start by providing constant electricity. Many companies left the country because of bad electricity. There is much more to discuss about this than Electricity.

So the government are not solving the primary reasons but going for secondary reasons. They wanted to control the parallel market and which they have just achieved like the CBN rate. Exchanges and others are restricting people that have ads from selling if not following the rules of the CBN, making the CBN to be indirectly using the exchanges to control the P2P price. Naira has increased in price now, but things in the market are still expensive and not reducing in price at all.

Apart from the problem of over relying on importation, we run a free market system that allows individuals increases prices without bringing it down even when dollar prices comes down. A price control system is needed and not just fighting Cryptocurrency and other exchange platforms.

The hike of foodstuffs , fuel and other commodities are really heartbroken, price of transportation is so draining that I think twice before going out. All these is really affecting the cost of living, Nigeria citizens have gone hungrier than ever. I just hopefully think the scenario of insecurity & robbery won’t be the order of the day. A failed government trying to lay the blame on crypto?? To the length of banning p2p on binance ?? Asking for 10 billion dollars to fill their protruding stomachs? Unknown to them they can’t clamp down all exchanges when we the still have the likes of BITGET, kucoin, okx etc smoothly running p2p … this country is a Big boring joke