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.
In my opinion this is just a wasting of time, government is just wasting his time to ban some cryptocurrency exchanges but let give it a day and some months there will be another way to open it because even the reach men in Nigeria are also having connections with all this this exchanges yes it is good that the government is trying to do this for the benefit of the country but the government is not starting it from the bottom, the government just went straight to head, Nigeria problems is not only problem the exchanges is also caused from our business men some companies in Niger are the one that is making things worse for us and the government is pretending as if he is not seeing them because of what he is collecting with them.
No matter how hard the government will try to ban some exchanges, Nigeria will never change, because that’s not only problem of Nigeria, since 2023 that the government start talking about fuel subsidies up to now nothing change, so why government can not deal with that one because due is the main problem of Nigeria right now, if fuel price did not come down all this complaining about Nigeria will not change, so now since last week dollar prices have come down and till now nothing change, the price of goods are still the same, that is why I said Nigeria can never change no matter how government try if he didn’t bring fuel price down.