Leather007
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- AfriCoin
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In Nigeria, the inflation rate is soaring, reaching a 24.08% annual high in July, the highest in 18 years. Despite efforts by the current administration, controlling inflation has been challenging. There's concern that the Dollar exchange rate might hit ₦1,000 by year-end.
To put it simply, inflation is when prices of things like groceries and services go up over time. It happens because either things get more expensive or the money you have buys less. So, when inflation goes up, you end up spending more money to get the same stuff you used to buy for less. It's like when your parents say things were cheaper in their time.
Given this situation, many Nigerians are turning to stablecoins like those championed by Quidax as an alternative to dealing with these inflation woes.
Inflation starts when there's an increase in the amount of money circulating within a country. This increase can occur for various reasons:
1. The government might print more money to fund military operations, infrastructure projects, or other expenses.
2. Governments may also print extra money as a form of economic relief, like the stimulus packages issued during the COVID-19 pandemic.
Regardless of the cause, this excess money in circulation leads to people having more purchasing power. Consequently, businesses raise their prices to keep up with the increased demand. Over time, prices go up across the board, and the currency's value decreases.
The remedy for worsening inflation often involves people safeguarding their money in US Dollars. The Dollar, being the world's primary reserve currency, maintains its value consistently due to growing global demand.
Regrettably, obtaining and saving in Dollars in Nigeria has been quite challenging due to Central Bank policies limiting access to the currency, making exchanges difficult for most individuals.
This is where cryptocurrencies come into play. Stablecoins, in particular, offer a convenient way to access the Dollar. Essentially, stablecoins are digital currencies whose values are tied to stable assets like gold or fiat currencies.
For example, consider USDT, which always equals $1. Stablecoins are an excellent choice for investors seeking foreign currency exposure while avoiding the volatility commonly associated with other cryptocurrencies.
In Nigeria, you can easily purchase popular stablecoins like Tether (USDT), USDCoin (USDC), and Binance USD (BUSD), and all of these options are available on Quidax.
To put it simply, inflation is when prices of things like groceries and services go up over time. It happens because either things get more expensive or the money you have buys less. So, when inflation goes up, you end up spending more money to get the same stuff you used to buy for less. It's like when your parents say things were cheaper in their time.
Given this situation, many Nigerians are turning to stablecoins like those championed by Quidax as an alternative to dealing with these inflation woes.
Inflation starts when there's an increase in the amount of money circulating within a country. This increase can occur for various reasons:
1. The government might print more money to fund military operations, infrastructure projects, or other expenses.
2. Governments may also print extra money as a form of economic relief, like the stimulus packages issued during the COVID-19 pandemic.
Regardless of the cause, this excess money in circulation leads to people having more purchasing power. Consequently, businesses raise their prices to keep up with the increased demand. Over time, prices go up across the board, and the currency's value decreases.
The remedy for worsening inflation often involves people safeguarding their money in US Dollars. The Dollar, being the world's primary reserve currency, maintains its value consistently due to growing global demand.
Regrettably, obtaining and saving in Dollars in Nigeria has been quite challenging due to Central Bank policies limiting access to the currency, making exchanges difficult for most individuals.
This is where cryptocurrencies come into play. Stablecoins, in particular, offer a convenient way to access the Dollar. Essentially, stablecoins are digital currencies whose values are tied to stable assets like gold or fiat currencies.
For example, consider USDT, which always equals $1. Stablecoins are an excellent choice for investors seeking foreign currency exposure while avoiding the volatility commonly associated with other cryptocurrencies.
In Nigeria, you can easily purchase popular stablecoins like Tether (USDT), USDCoin (USDC), and Binance USD (BUSD), and all of these options are available on Quidax.