Original archived Re: Is CBN secretly pushing people toward Bitcoin with the way naira is falling?
Scraped on 03/09/2025, 06:16:35 UTC
We should not all the time be condemning our country. I can still remember that in the beginning of this year, a dollar to naira was around $1600. There was even a time it went above $1620. But right now, a dollar to naira is around $1535.
Naira recently is among the first 10 Africa countries with strong performance.
About your question, people even in well developed countries are still thinking that United States dollar is an inflationary currency and they use assets like gold as a hedge while some people are now going for bitcoin as an alternative.
That’s a fair observation. The naira has shown small signs of recovery compared to earlier this year, but the bigger concern is consistency. Businesses and individuals need stability they can plan around, not just short term relief.
Your point about the dollar is also valid. Even in advanced economies people hedge against inflation with assets like gold and now Bitcoin. For Nigerians, the falling and unstable naira makes that hedge even more urgent. So whether the CBN intends it or not, the pressure is naturally pushing people toward alternatives like Bitcoin and stablecoins.