The Nigerian currency has been struggling a lot and so many people have been complaining about the lack of investors, the government can’t manage the economy, but things have always been like this and the currency has never been this bad. There is a report that came out today, which indicates how the previous government overprinted the currency and the major problem the Nigerian currency is facing now too much naira circulation. this is the first time I have understood what some people mean by the government printing money.
anytime I come across government printing money I don’t have a full understanding, I don't know how that can affect the currency and the lives of the citizens. How things have been hard for me changed that narrative and also because it is so bad on our economy that are minimum wage is not to up to 30, 99% of the citizens can't survive on the minimum wage because of some people’s greediness and lack understanding of what their actions could do.
I see why btc maxi are crazy
I have experience overprinted digital currencies,and I understand how the value of those projects dropped drastically but I don’t believe this could have much effect on a national currency. first-hand experience is what I have now, I once shared the story of the guy who put $3000 into a fixed account but now it’s only worth around $700. The government is profiting but the citizens are losing. which brings me to the question of why should we save fiat.
As a Nigerian, if you don’t understand why folks on the Internet are crazy about Bitcoin then you don’t understand the situation of your country, we have just only 21 million BITCOIN in circulation, and nothing in this world can print more, this gave me a good reason why I should never save my money in naira. Why should I save something that is printed every day and has been manipulated? this gave a good reason why blockchain like Btc is the future of money.
Experience a good teacher
I only put the money I will use on my monthly bills in the bank because there’s no point in saving Naira when you know for sure that is manipulated. Naira is now behaving like shit coins, naira can gain 20% in the morning and in the evening already down 50%. I can't just stop pitying people who do not have crypto and have to survive by saving and managing naira. I know this should have happened but in a more developed country printing of the currencies also happens. The only solution i see here is crypto.
It is very evidence to me why some people choose to invest in gold just because the government cannot manipulate it and it is physical money. Also, this simple experience is now showing me another side of money that I don’t know and making everything I have read over the years come together. I understand now that the government is your friend and saving in Fiat is not so good idea. You might disagree but saving in naira is a terrible idea at least for now.
Thanks for your time.
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Wow this is so sad with the Nigerian government... I think finding ways to earn more stable currencies could be a solution... Just a suggestion good friend
That has always been the solution since the 90s
You're right on that
I am sorry to hear this about the currency situation. It is interesting how the government often believes printing more money will solve the problem, but it makes it worse.
They are printing just to embezzle it, they are not doing it for any good intentions
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Thank you
It's hard to save a currency and I think it's hard to restore faith in things like currency. Rebuilding that faith will require a lot of work and planning. So I don't blame people for buying other assets to preserve their wealth.
I don't blame anybody because i will do the same, i can't save my hard earned money into the shit currency
It's really crazy when you take a deep dive and understand how governments manipulate fiat currencies. They continue to rob people of their hard work, enslaving them to a system that's essentially broken.
Crazy, i don't even know how we can get out of this because I don't see any future.
The naira is the shit coin of fiat currency, this you've gotten right. A lot of Nigerians already knows this, and this is why the government is fighting so hard to stop the adoption and trading of crypto. Tinubu is probably the worst thing since Abacha to happen to Nigeria
I heard they want to delist naira on all exchanges and it only remains Bybit which I have a feeling will be delisted soon.
It's a complete terribleness that's happening in this country