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Coach Weinhaus, a doctoral candidate studying cryptocurrency and monetary sovereignty at the Washington University School of Law and CEO of Judiciocracy, recently discussed the increasing popularity of cryptocurrency in Nigeria with Crypto Republique. He stated that this trend reflects the Nigerian populace's desire for a currency more stable than their native naira. This comes amidst recent actions by the Nigerian government to ban multiple crypto exchanges, including Binance, as part of an effort to protect the naira.
"Demand for crypto is a comment on a nation's currency - don't blame Binance for bitcoin's existence," said Weinhaus.
Bloomberg reported that Nigeria's currency hit a record low after falling another 2.1% at the end of February. Despite a significant rate hike by the Central Bank of Nigeria, the naira continues its decline and is currently trading at its lowest point against the U.S. dollar since Bloomberg began tracking this data.
