Few days ago, the Nigerian central bank CBN passed a memo to stop Crypto transactions with Naira. That's direct at Punding the and withdrawal was prohibited. So the naira somehow gained walue to the extent of N440/$. Well a seasoned trader would have known this was caused by the panic following the news as many withdrew their naira to their bank account. Just less than 48hrs and the
market is almost back. If CBN continues with this, Naira will lose more value and probably hit N500 or more because less will be in circulation.
I wonder whether they are helping the economy or they are Killing it.
Let's not even talk about the thousands of Job affected directly and indirectly by this evil move.
Whatever move they make against crypto will sure backfire because people have never ran out of ideas on how to do business. More sophisticated methods will be devised self. Naira is going to the cleaners
just give it more time.
