We all know Bitcoin adoption in Nigeria keeps increasing, but I’ve been wondering if the Central Bank itself is indirectly helping this happen.
The naira keeps losing value almost every month. Access to dollars is restricted, and banks hardly give you forex. Cash scarcity episodes in the past made people look for digital alternatives. At the same time, P2P trading is booming even though CBN tried to clamp down on it.
So the question is: isn’t the CBN, by its policies and inability to stabilize the naira, actually pushing more Nigerians toward Bitcoin and USDT? Many shop owners and students I know are now saving in crypto, not because they “believe in Bitcoin ideology,” but simply because naira is too weak.
What do you guys think, is this intentional or just the natural result of weak monetary policies? And will CBN eventually have no choice but to regulate Bitcoin instead of fighting it?
People are adopting Bitcoin for their personal reasons, some might be for investment and not exactly about the fact access to dollar is restricted by banks, however the lost of value of our local currency is because of our economic situation, we are not a producing nation, we are more of a consuming nation, so you don't expect your currency to be performing side by side with the Japanese yen in terms of currency value, so what you produce determines the value your currency carries in the international market. The current CBN has been able to stabilize the exchange rate at the moment, I think this was done by floating the naira.