Suleiman Lala
Many Nigerians have embraced cryptocurrency as a response to the country’s economic difficulties. Nigeria is now one of the leading countries where cryptocurrency is seen as a viable alternative.
Think back a few years when many viewed crypto miners as either psychopaths or jobless, yet today the entire nation, including men and women of all ages, has embraced mining.
Numerous experts and skilled individuals perceive Nigeria’s embrace of cryptocurrency as a detrimental development for the country’s progress. They argue that easy money will exacerbate youth laziness, echoing the sentiments of the former president who famously remarked, ‘Nigerian youth are lazy.
But there are other experts who perceive it as a major accomplishment for Nigerians. Cryptocurrency has emerged as a vital income stream for many, empowering them with capital to invest in local markets and initiate their own ventures, free from dependence on the government or waiting for traditional employment opportunities.
Crypto has essentially become a lifeline for Nigerians, particularly as the majority of citizens haven’t received any hardship subsidies from the government. Despite the federal government’s failure to deliver a 25 thousand naira relief payment to ease the recession’s impact and its inability to raise the minimum wage to 60 thousand naira, people are earning substantial amounts using just their phones and computers.
Although every positive aspect has its accompanying negatives, cryptocurrency stands out as a remarkable achievement for Nigerians, providing them with joy, happiness, and income opportunities that the government has been unable to deliver.
The Nigerian government poses a formidable challenge to the cryptocurrency sector. Recent arrests of Binance staff members have spurred the exchange’s CEO to publicly condemn the country’s leadership. This has resulted in other exchanges like OKX and KuCoin following suit by suspending Naira transactions on their platforms.
Many of us firmly believe that enable regulations for cryptocurrency adoption by the Federal government could foster the development of Nigeria’s currency market, mirroring the supportive regulatory frameworks observed in countries like the United States, Switzerland, Japan, and numerous others.
Attempting to ban cryptocurrency could have serious repercussions for the government, potentially leading to widespread resentment among Nigerians. Those who attempt to do so may face significant consequences in 2027.
-Sulaiman Lala Jr
@sulaimanibrahimlala@gmail.com
