Are Nigerians and in diaspora using cryptocurrencies to bypass a struggling naira when they send money home to support family or start an investment? Do Nigerian Central Bank seems to think so ? Is that the reason for launching an e-naira to compete with Bitcoin and altcoins from October ? Many nagging questions have continued to bother stakeholders and the apex regulatory bank on why Naira has continued to spiral downwards despite numerous policies to push up Naira.
Diaspora remittance inflow into Nigeria declined by a consequential 27% to $17.2bn, down from $23.5bn last year according to statistics from National Bureau of Statistics.
The steep decline was $4bn more than the projection by the World Bank. The global financial institution had predicted that diaspora remittances to Nigeria would decline by $2bn due to the devastating economic impacts of Covid-19 particularly in countries where the funds originate from.
Conversely, cryptocurrency trade by Nigerians has continued to surge despite the government ban. Is this a coincidence? Diutocoinnews asks if the remittances really have declined that much, or if much of the transactions evaded official records, having been rerouted through increased cryptocurrency trades ?
What do you think ?
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