It's no news that countries have started to think of the prospect of making Bitcoin a legal tender. I'm sure Our Nigeria as a nation have also been considering the pros and cons of such prospect. If, and when it comes to fruition, how does it affect our economy. Surely, we'll have a competitor and alternative for the unreliable nature of the naira, and a great alternative for the supposedly pushed proposition of the Enaira. Obviously, it would solve a lot of problems. Like the inflationary trends and a great store of value. The changes and effects could be limitless.
Bitcoin as a legal tender in Nigeria will give Nigerians more freedom financially as it will reduce the over dependence on naira and foreign currencies to a certain level, but at the same time our leaders are not ready for that level of transparency and decentralization.
If it ever happens the government will still find a way to frustrate the system with new regulations and outrageous taxes.
The positive side if it ever happens is that it’s gonna be of massive benefits to freelancers, no need to beg clients abroad to juggle through other means of payment and it also reduces stress, conversion fees and protect earnings from naira devaluation (imagine receiving payment in bitcoin and you pay your rent, buy groceries etc with bitcoin).
But then, aside the government , another reason why this won’t be feasible is the ordinary Nigerians (market people, small businesses), it will take a lot of time for people to adapt. The challenge will be education and trust… how do you convince mama in the market that Bitcoin is not “yahoo money” lol!