0 sats \ 1 reply \ @KenyaCoin OP 20 Jul 2022 \ on: Nigerians using naira to buy dollars will be arrested; it's illegal: CBN bitcoin
The naira on Monday crashed to a historic low at the parallel market, exchanging for N620 against the U.S. dollar, according to the exchange platform Aboki Forex.
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0 sats \ 0 replies \ @KenyaCoin OP 20 Jul 2022
The rate published by CBN (the central bank) is ~416.
Banks cannot sell dollars for more than that, so for the most part they have stopped selling dollars.
But the reasons people and businesses are buying dollars is for protection against the falling naira exchange rate, as well as to fund purchases of goods from abroad for import. Bitcoin can be a substitute that does both!
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