A cross section of new naira notes
The new naira currency change in my country Nigeria has being met with a lot of speculation and disagreement by the public. The CBN has stipulated that the all old currency in the country be changed and will not remain a legal tender by 31st of January 2023 of the the old currency was changed in October 2022 and had given the public a notification to begin currency change in the country. After several complaints by the public, the Senate had mandated the CBN to extend the currency change deadline with no success.
Reports from Nigerian News Media revealed that the president approved the extension of the currency change to 10 days after 31st of January, this will mean that the currency change policy will be extended to 10th of February 2023. In a statement by Nigeria's CBN Governor, the stated that the extension will allow those in Nigerian rural villages whom were yet to change their currency to get the new notes in ample time.
This announcement has lead to reduce tension to Nigerians with this policy which was high over the weekend.
Nigeria's president
How the Currency Change Policy has affected Nigerian Crytocurrency Space
Notably, while the Government and Central Bank of Nigeria wants more digital exchange of currency to boost the country Naira, it has totally rejected the benefits of other Crytocurrency and has lunched it's own digital currency known as e-naira which has met little acceptance from the youth. This development came after banning of other crypto transactions and ban on accounts found eligible of block chain transactions.
There has also being restrictions on amount of cash that Nigerians can get from their bank accounts. All these underlying factors has contributed to a huge boast to Nigeria's Crytocurrency space. If there is a time to invest more in block chain technology, it is now.
Despite the ban on other digital currency in the country, Nigeria's digital currency adoption still remains one of the highest in Africa.
Source
Hypothetical Conclusion
Nigeria's drive towards Crytocurrency is yet to be sensed by the public with CBN championing it with the e-naira arrival, subsequent Government may adopt other digital currency massively, therefore this is the right time to wait and utilize the Crytocurrency space for the future.
Written by @iconnellyconcepts
Reference: News agency of Nigeria.
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