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RE: DeFi In The Nigerian Space; Controlling Finances You Can Understand?

in LeoFinance8 months ago

Thanks for sharing this personal insight into the economic situation of Nigeria. When you say that defi comes with certain financial freedoms, I wonder what the interconnection between cryptos and the banking system in Nigeria currently is. How easy is it to convert cryptos into fiat and vice versa?

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Well you need the banking system to trade Crypto, converting fiat into crypto was done through the commercial banks in the past and it was very fast and easy but these days crypto trading is banned in Nigeria and buying or selling has become almost impossible. Though a few people knows their way around.

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hmmm, that's really unfortunate... So I guess it will depend on the online vendors to accept cryptos

Online vendors too depend on the banking system, so now its back to P2P on Places like binance. Its a pretty tight situation

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