Nigeria’s government is blaming Binance for its own mismanagement :
The naira is failing, and Nigerians are looking to alternatives. Yet, the Nigerian government is looking for anything other than its own actions to blame. In doing so, the government has somehow named Binance as the culprit for the naira’s crash and detained two of its employees in the process.
Rather than creating money that people choose to run to, governments often look to instead create restrictions that trap people with money they wouldn’t otherwise use.
The Nigerian government created a central bank digital currency (CBDC), caused a cash shortage, banned cryptocurrency, lifted the ban on cryptocurrency, blocked access to exchanges, detained foreign citizens, and is now considering a ban on cryptocurrency once again.
Nigeria expressed more interest in cryptocurrency in 2023 than any other country in Africa, according to a coingecko study.
