Bitcoin Forum

In the past years, we’ve seen the continuous decline in the position of the Nigerian Naira against the USD. It’s become almost like a normal thing now with the Naira always on the losing end. And for those earning in Naira while spending in USD, it’s just more and more losses piling up.

As a Nigerian on this forum, or generally in the crypto space probably earning in USD, have you ever, even for once, wished the Naira would hit it hard on the USD? Like hit really hard

Now bear in mind, if the Naira gains heavily against the Dollar, let’s say something like ₦750 = $1, then your current assets in USD would more or less be slashed to half their value.

So, as a well-meaning and Patriotic Nigerian, do you really wish for that to happen?
Or have you just left it to chance, to whatever wants to happen should happen?

 Make I no lie, I no want make the naira gain against the dollar. Infact, make e dey even depreciate dey go. I no need to pretend because the way the economy bad and our leaders no dey do anything, even when them fit, e no go come reach my turn before I go start to dey look loyal.
Countless opportunities bin dey for the naira to be at par with the dollar but e come look like say we leaders dey content to adding value to another man currency than their own. This matter no suppose shock me because when you dey earn in dollars, you are regarded as person wey get money and even when you decide to spend, nah naira you go convert am to oh, but still, better change go dey.
 As e be, I no sure say the naira dey in any battle with the dollar. Better still, the dollar don win since and the naira just dey live in the shadows of wetin e used to be. Make I shock you, before, the naira bin get more value than the Ghana cedi but e no look like that anymore. Countries wey bin dey rely on the naira don wise up, put more effort in not just their economy but their currency but I wonder why Nigeria no wan wake up.

If the Naira gains more value it is also to our advantage. The Nigerian economy is not productive, it depends heavily on imports. If the Naira loses value, it will lead to an increase in the price of goods and services. So even you who earn in dollars will spend more when you buy things.  Someone could build a house with N5m when the dollar was N750. It will be difficult to build now if you have N20m even now that the dollar is N1600.

But I wouldn't deny that those who earn in dollars have a bigger advantage than people who get paid in Naira. As a patriotic Nigerian, I want the Naira to gain more value because we have to consider others who are not privileged like us. Secondly, a high dollar will lead to inflation, thereby making us spend more.

Who tell you say if the naira gains strength against the USD say the current assets in USD will be slashed and even if it does, will it reflect in the products that are sold in naira? Over time we don see several occasions wen the naira gain strength against the dollars but the price of goods and commodities remained unchanged so wetin be the essence of wishing the naira to appreciate against the USD when we know say e no go get any effect for the Nigerian economy. I no go talk say make the dollars continue to dey gain strength because i get friends, families and relatives wey dey earn in naira so e go dey really bad if the dollars continue to dey appreciate against the Naira, even if i go benefit since i dey earn in dollars but how about others.

and what will happen after the dollar has been slashed down? will it affect the cost of living of the average man or make my finances better? we have seen in numerous instances the naira gaining and then the price of things remaining as they are without a single change in the way the living standard of people are. in that instance, those earning in dollar loses and those earning in naira do not see any meaningful change. it makes it completely worthless because there is never a time that the naira gains that we have seen a direct reflection in the price of goods.

maybe the reason for this is due to the fact that most times, such change is just as a result of the manipulation that goes around it which makes it extremely hard to know what a real gain of the naira over the dollar is, from what is not the real change. in an ideal case, when the naira is gaining, it is supposed to affect the amount used for importation and that will directly affect the price of most goods which is supposed to lead to a gain for us Nigeria. since that looks really theoretical, we cannot really say that a gain in naira is worth any hype it gets.

I just like how sincere you are about this dollar-Naira thing and to be sincere I know say no be only us de feel that way about am. It's not as if I no want make the country better or anything but the way things de go no de encouraging at all na why if Naira appreciate against Dollar I no de happy like. Naira go appreciate but cost of living still de go up na where the matter tire me be dat.

It's not supposed to be so, but the leaders and even market people no go wan drop price of things, everybody just wan extort others na why things no de get better. Sometimes we can't blame the government and leaders alone because we the people are not helping matters. Food wey we de grow ourselves no wan come down even as Naira value de appreciate.

Wetting you go still consider be shey if for instance dollar come drop to $1/750 naira , shey the cost of living go come down too , because I don see scenario wey be shey dollar go drop but cost of living go dey stagnant. For this country nah we dey do ourselves even those business people their own still dey their body , most of them nah just greed dey do dem . Just imagine I went to a shop to get a new shoe the gal not even the main owner told us 75k after everything the madam come later tell us 30k when she come she was like don't be angry and stuff even the gal had to apologise too because I have already made up my mind not to buy again because it was not actually what I budgeted for , just imagine she wanted to made extra 45k . The funny thing is that those called Yahoo boys still add join wetting we dey pass through, they are the one that brought the mindset of buying things at insane price even when it doesn't worth or up to the price .

If I want the selfish part to get the best of me then I would say that let the Naira keep losing value against USD because there is this sense of satisfaction you get when you compare you earned USD to Naira and see that the value keeps getting bigger.

But as a Nigerian living in Nigeria it would be incredibly sad if we continue to pray that the Naira keeps getting devalued, it can even get as bad as hitting a point of no return like the Zimbabwean currency.

In as much as our leaders aren't doing much and those selling goods and services take advantage of citizens in the spirit of patriotism I won't want the naira to keep losing value.

Here's the reality, we have more purchasing power when the Naira has appreciate (or recovered) against the dollars because with the constant inflation of Naira, things are getting expensive for no reason. The Naira falling to N750 instead of the N1,600 that it's trading at the moment, then the price of things are supposed to naturally begin to reduce but the possibility of that not happening is still there due to the economy being a complete joke.

We don't have a stable government and that's what's making the marketers not reducing the price of things because after selling everything and they want to restock, the whole money they realize from the last market mightn't be able to afford them new goods.

The Naira can't be helped at this point and we should understand that the current rate is being manipulated and not the actual exchange rate.

It is still better to earn in dollar than naira as you will still survive well than those earning in naira which are in same country with you, what most of us earn here in a week is far more better than some persons who think they are doing better work in a month earn in naira, secondly I do not believe that is because high rate of dollar that is making things to be more expensive in the country, there was a period the naira the gaining some value and the citizens thought that since the naira is fighting the dollar so hard now that price of things will reduce but no instead it keep increasing, the truth should be told our leaders are the ones making things difficult for her citizens and honest prayer is for dollar to keep increasing, how I wish I will wake up one day and cheek the dollar rate and $1 is equivalent 2k.

Chairman ;D
You no even hide mouth self. But truly with the way things dy go, e be like say e go dy worse dy go because our leaders no really dy do anything meaningful. No Legit or better export product wey fit make other countries want to trade with Nigeria and them go dy exposed to naira except for crude oil. Very complaisant set of people. They no reallly dy worry sha because their own life already dy sorted. Whether people like am or not them dn already collect enough wy go suffice them and their family, Na we just dy reason all these things.

I wish that the Naira hit hard on dollar, it doesn't benefits me because I earn in dollar, this is not about me but about other Nigerians and my family. They don't earn in dollars, they earned in Nigeria local currency, ever since the price start declining in value, it has become hell for many salary owners, they barely buy the things they used to buy in those times, it's very difficult to live a normal life in Nigeria even if you are earning huge amount of money before this administration.

The downside of this is if the Naira gain value against the dollar greatly, the market sellers will not crash their price because an average Nigeria business person is very wicked. We complain bitterly about the government but when you check the individuals about the wrong we do, you will understand how good and deserving the kind of government we have. They will not crash the price because it's open market, the market don't decide and even if they want to increase supply, it wouldn't change anything, corruption will not let it work. So, it's better the price remain where it's now.

It now feels like things are not even correlating.
I have heard some sarcastic statements of marketers, telling buyers that the price of a particular item decreased on the news, and not in reality. The dollar to naira rate was almost getting to #2K per $1 sometime late last year if i remember correctly. tbh, it is really sickening when we recall that the old glory days was more promising.


Are there no people that ought to checkmate these things.
Are there no people that ought to fight for the well being of the masses?. Ooh, it just occurred to me that Nigeria once had an NLC, but today, it seems they've become a political party of their own.



My only wish is that a day doesn't come when we all would wish to see dollar to naira rate at #1600, because it seems every hard moment at this point needs to be enjoyed like it's the last.

The problem isn't for rate to come down to sub 1k levels.  The popular excuse is that the cost of goods and services are high or are going higher because of the growing USD<>NGN rate but we have had instance where the rate went down to 1k levels and what happened? Price of goods and services stayed the same.

Imo, best plan would be to solve economic issues and make sure that things like inflation that makes everything super expensive is eliminated otherwise, we'd just be shooting ourselves in the foot by wanting drop in rate without any net-positive developments to the economy.

So my answer is quite simple. No.

We have seen alot in this country in the past few years back because when the exchange price of United state dollars increased to around 1800 to a dollar, alot of faje economics labeled the dollar as the reason for the hike in the price of goods and services in the economy, and for that was why they were  against dollars traders to the point of arresting anyone dealing on forex at that time.

But even when the naira eventually recovered against the United States dollars to a point of 1560 at the moment but yet the price of basic commodities are still increasing on daily basis.