Binance Set To Exit Nigeria

The news is clear and not longer a rumor about the latest development by Binance and the federal government of Nigeria, recently there was a surge in the Nigeria currency naira, that brought about massive inflation in the price of goods and services in the country which led to economic hardship in the country.

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It became very difficult for an average Nigerian to afford their basic needs because of the high price of goods in the market. There has been a lot of protest in the country lately by Nigerians because of the critical inflation in the market. In an attempt to bring solution to the current problems caused by the surge in the Nigeria currency, the Nigerian government thought it was all about the crypto market and Binance that is causing the economic hardship in Nigeria. They came to a conclusion to stop any activity on Binance that involves the Nigeria local currency (Naira).

The Nigerian naira hit almost 2000 naira per a dollar as of then but immediately went back to 1500+ naira after banning Binance from the Nigeria market. It's evidently seen that the Binance market contributed to the depreciation of naira actually but the big question is “Was Binance Not Operating before the rise in naira per dollar rate?”.
The activities deflating naira has been ongoing long before the current fall of naira value. Binance can actually be stopped but Cryptocurrency cannot be banned in Nigeria. It is difficult to lead a person back to darkness when he or she has seen the light. The problem with our leaders in the country is the act of greediness and selfishness, they will tremble upon the rights of the citizens for their own benefit alone.

P2P was firstly stopped and transaction through escrow platforms was still going on, Nigerians will always find their ways but the Nigerian government can actually do better than just banning Binance from the Nigeria market. How about setting policies to phish out and apprehend all the looters that are in the government that have stolen the Nigerian currencies for their selfish desires outside the country. The government has become worser because it has gotten to a point where they seek for food support from another country. I wish they could pay attention to investing in the countries economy then using allot of money for the wrong purposes.

The government was fast to stop the activities of Naira on Binance because it is the easiest for them to do at the moment. It's fine if the government wants to ban Binance but cryptocurrency has come to stay and future plans to control the price of naira to dollar rate should be scrutinized and properly done in no man's favor but for the growth of the country's economy.

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Binance has made it clear that all naira currency will automatically be converted to USDT from 8th of March. This means that whatever transaction that has to do with Naira on Binance will stop from 8th of this month. This action will actually not benefit those that sold out their USDT for naira when naira to dollar rate was high in the Nigeria market because at the moment