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• Transactions increase by 50 per cent since CBN restriction • Dip throwing more people into financial crisis • Deposit mobilisation threatened as stable coins gain popularity A serious crisis may be looming as an increasing number of Nigerian youths take to the wide-swing digital currency investment, notwithstanding a financial regulatory restriction the Central Bank of Nigeria (CBN) imposed in February. x
The CBN had, in February, banned financial institutions from handling transactions relating to decentralised digital currencies otherwise known as cryptocurrencies, numbering over 4,000 in digital circulation.
Findings by The Guardian show that more youths, leveraging peer-to-peer opportunities, have adopted the relatively new investment window despite the ban. Not even the recent crash that saw Bitcoin, the flagship asset, losing over 50 per cent of its price, has discouraged investors. ....
Umudu said the price of 12.5kg cooking gas had increased from about N3,200 to about N5,000 in some parts of the country within the last few weeks. He said: “We as retailers are not happy with the increment because we are no longer getting patronage as we used to.
Firewood, kerosene options “Some people in semi-urban areas have switched back to firewood and kerosene stoves because they cannot afford to refill their gas cylinders. “This totally negates all the efforts the government has been making to encourage Nigerians to embrace gas as the preferred choice for cooking in their homes. “ ....