Nigeria’s Cash Chaos is reaching a boiling point, underscoring the need for Bitcoin

As Nigerians protest the inability of withdraw cash, it should be obvious that the country requires a Bitcoin alternative. Nigeria’s cash crisis is boiling over as 54% of its currency has been withdrawn from circulation. I wrote earlier this month about the deadline to turn in the old Nigerian naira (?) I wrote earlier this month about the deadline for turning in the old naira (?) But A Lot has Changed Since ThenLines. Protests have become a thing of the past and people are at their breaking point. This confusion is the root cause of chaos. People don’t know where to turn as they hear different stories about the Nigerian federal government and the Supreme Court, the Central Bank of Nigeria (CBN), various state governments, and banks. The Supreme Court announced last week that the old?200-,?500-, and?1,000 notes would still be valid until February 22. This is when the court will hear the case in full. Next day, Nigerian President Muhammadu Buhari directed the CBN to allow the old?200 notes to be used until April 10. The president declared that the CBN would allow the use of old?200 notes until April 10. Some governors of states are supporting the supreme court over both the federal government, and the CBN. Governors in Lagos, Kaduna, and Ogun openly encouraged Nigerians not to change to the new?200, 500, or?1,000 notes. To add to this confusion, the CBN ran out of paper to print the new notes. Some believe that banks have been hoarding banknotes — giving only access to the wealthy and those with connections. This has caused chaos. Major roads in Ibadan (Oyo State) were blocked by protests and bonfires because of the delay in issuing the new notes. People in Warri, Delta State have set fire to ATMs and taken to the streets. A fight broke out in Lagos’ Ojota between commuters, and motor park workers over the collection of old naira bills. I can feel their despair and unrest. It’s the same feeling I felt when I marched in Tahrir Square to protest corruption during the 2011 Egyptian revolution. This money isn’t just for play. Nigerians require naira to purchase food from the market and use it to pay for their journey to work. Their entire lives have been affected. All this just a week before the country’s 2023 general elections. I pray that the election can still be run on Saturday and that voters are able vote safely. My Hope for the Future The supposed ease of centralized currency collapses when you see what’s going on in Nigeria. It’s a horrible situation, and a real use case for Bitcoin. I love the Bitcoin community and hope this brings more attention to why countries such as Nigeria need another option — not because they require another investment asset but because their future depends on it. I hope that we can all stand by the people of Nigeria in their quest for change and prosperity. This is Ray Youssef’s guest post. These opinions are not necessarily those of BTC Inc. or Bitcoin Magazine.


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