Quote from: Tonimez on Today at 03:08:27 PM

Nigeria gained her independence on the 1st October 1960 with its first head as Dr Nnamdi Azikiwe. Nigeria has had several forms of legal tenders ranging from the precolonial use of cowries, beads and other means down to the colonial era of using the British West African pounds until 1958 when the Central bank of Nigeria was established and our currency took a new name as the Nigeria Pound, shilling and Penny until 1972. On the 1st of January 1973 the currency officially changed to Naira as coined out by chief Obafemi Awolowo exchanging at #1=£0.5. From independence until late 70's the Naira has been more valuable than the Dollar until the coming of Gen Ibrahim Badamosi Babangida who was forced to accept the IMF terms in 1986 due to economic challenges leading to the continuous devaluation of the Nigerian Naira till date. This also introduced Bureau de change and naira started going down daily.

The continuous devaluation led to Nigerians seeking other form of safety for the value of their money overtime which led many into much investment into gold to safeguard their money.

In 2016 following launch of MMM a Ponzi scheme, during the brutal recession, Nigerians again were sensitised on the benefits of investing with Bitcoin in the scheme which offered up to 40% monthly gain on your investment instead of the usual 30% on Naira based investment and this became pivotal in Nigerians buying more bitcoin for this reason even though they were minimal buys earlier. Dollar was already above #200 and the economy was degrading massively. Even though the scheme crashed with over 3 million Nigerians hard earned money, it infused many Nigerians into Bitcoin knowledge and continuous buys since they discovered how more reliable it was compared to Naira. This down trend of Naira caught the attention of Satisense in 2020. His tweet below awakened more Nigerians to find an alternative safe haven for the value of their money.

https://talkimg.com/images/2025/09/08/Ung5eq.jpeg

Fast forward to 2025, Naira has bled while bitcoin has been up and going. Dollar now sells at above #1500 while bitcoin now sells at above $112k. The bitcoin awareness too is on the rise because everyone wants the best for his efforts over time. As of October 2024, over 33% of Nigerians were estimated to be investing in cryptocurrencies of which Bitcoin was top.

PS: Can we strengthen Naira or ignore it since we are not affected since our resources are now saved in Bitcoin?
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the federal government of Nigeria over time has always been reluctant in engaging strategic policies that would improve the well being of the people, rather they would always look for ways to antagonize them and make them look bad all in a bid to further plunge the people into the pits of poverty, if the government were really sincere then by now the Nigerian government would have taken the lead to implementing policies that would have harnessed the use of Bitcoin in our local economy for the betterment of the people and to grow the economy.

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