Tether, the top stablecoin in the crypto industry, is set to provide financial freedom to the people residing in Nigeria. For some of the previous months, a lot of measures have been taken by the Nigerian authorities to promote the country’s CBDC “eNaira”. However, the community is reportedly not taking any interest in the project. Instead, the citizens utilize Tether for their everyday purchases.
Nigeria Proposes a Bill for Crypto Adoption
Some reports have pointed out that authorities even put limits on ATM withdrawals to push people toward adopting the country’s centralized digital currency eNaira. Nonetheless, keeping in view the enthusiasm of the community for the crypto and no interest taken in the CBDC of the country, a unique bill is being developed to permit crypto’s use. Back in 2017, the Nigerian government prohibited the entities operating in the country’s jurisdiction from using crypto.
Naira Plunges in the P2P Division of Forex
However, the pro-crypto stance of the residents seems to play a significant role in altering the perspective of the authorities regarding the provision of financial services in the country. on the other hand, the Naira (the traditional currency of Nigeria) has further plunged in comparison with the USD at the foreign exchange market’s peer-to-peer (P2P) division. The Nigerian market witnessed an additional drop of N10 in the initial week of 2023.
Tether Trades below $1 Mark
Formerly, while explaining the reason behind prohibiting crypto usage in Nigeria, an official said that these assets are not illegitimate but because they are not adequately regulated. Apart from that, Tether’s (the largest stablecoin) price has been below the $1 mark for some time, signifying that the token has been de-pegged from its underlying currency. At present, its price is almost $0.9998.