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?
I don't believe it's intentional, if they knew it'll get to this they won't have done it to begin with. They thought fighting Bitcoin will stop the society from having interest but their plans failed. Infact I like the fact that the government aren't being friendly to Bitcoin because that's what has helped alot in making the industry popular among the youths that are always rebellious to the government. I don't believe the government will adopt Bitcoin to the extent that it'll become an accepted currency in Nigeria. What I think is they'll just ignore it. Nobody wants to give up power and not especially the Nigerian government, they won't put Bitcoin over the Naira then lose control to the public.
You made a good point that government resistance has actually fueled more interest among the youth. Many people naturally get curious about anything the authorities try to suppress. But at the same time, the falling naira is exposing the weakness of our monetary system, and that’s something beyond just “rebellion.”
Whether intentional or not, the truth is Nigerians are being pushed to look for alternatives that hold value better than the naira. Even if CBN ignores Bitcoin, people will keep using it because money always flows to where it is treated best. The question is no longer if Nigerians will adopt it, but how far CBN will go before they eventually set clear regulations.