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As of January 29, 2023, Nigeria, the world’s most popular black nation with a population of over 200 million people, tops the search for “buy Bitcoin” on Google Global Trends. This comes at a time when the country’s elections are just weeks away.
In October 2022, the Central Bank of Nigeria announced the redesign of the country’s currency. As a result, Nigerians were given a January 2023 deadline to exchange their old banknotes for new ones within three months of the announcement.
As the deadline approaches, many Nigerians are struggling to exchange their old notes due to the unavailability of new notes. Long lines at bank halls and ATMs dispensing old bills add to the problems.
Many Nigerians have gone online to express their concerns about the situation.
Mr. Kingsley Moghalu, former presidential hopeful, saying On twitter,
“It seems that the Naira redraw policy has become a debate about stopping vote-buying politicians versus ordinary citizens being able to lead a normal life with legal tender. For some, stopping vote buying means that citizens may suffer too. A truly difficult situation. Nigeria!”
Alhaji Atiku Abubakar, presidential candidate from one of the main parties, also shared his concerns on his Twitter account. He admitting that although this is a global practice, he pleaded with the central bank to extend the deadline to allow artisans and the unbanked enough time to exchange their old notes.
Although the Central Bank has extended the term by 10 days, according to According to the official Twitter account of the Nigerian Presidency, it is still unclear why many Nigerians are turning to crypto at this time. Could it be the result of fiat shortage or high inflation rate? or both? Only time will tell.
Leo O Okore is a talented crypto writer with a passion for technology and an ability to distill complex topics into digestible pieces of information. With years of experience writing about cryptocurrency, Leo has established himself as a leading voice in the crypto community, providing insightful and thought-provoking analysis on the latest developments in the world of digital assets.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Featured image: Shutterstock/Azer Merz/anna kumantsova
