Naira’s decline drives Nigerians to Bitcoin to protect their wealth.
High taxes, borrowing costs, and capital flight increase Nigeria’s economic challenges.
Bitcoin’s value and decentralization offer Nigerians a cover against Naira collapse.
Over the past four years, over 2.6 billion people have experienced a 45% loss of purchasing power. In Nigeria, currency depreciation has eroded the value of the Naira, impacting millions of Nigerians.
Over 2.6B people have lost 45% of their purchasing power (on average) over the past 4 years.
Imagine working 9-5 for years only to have your savings evaporate into thin air.
Bitcoin fixes this. pic.twitter.com/ylooeoPXS6
— Lark Davis (@TheCryptoLark) October 20, 2024
Many Nigerians are now turning to Bitcoin as a financial investment to preserve their wealth and savings from inflation and the Naira’s decline.
Fiat Currency Depreciation and Inflation Surge
Between 2019 and 2023, Nigeria’s currency depreciated significantly, with the Naira losing nearly all its purchasing power. In 2022, the Naira held its value at 2019 levels, but by 2023, it had plummeted.
Read also: Stablecoins Propel Nigeria to 2nd Place …
The post Nigerians Turn to Bitcoin as Naira Collapses appeared first on Coin Edition.
