Bitcoin Forum

Good news that the CBN rate has been removed from noncustodial wallets and exchanges' naira exchange rate as CBN do not determine the Investors and Exporters rate again. It was frustrating before, but I have seen it changed and more correlate to the parallel market rate.

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This thread is about BTC/NGN price speculation. No altcoin should be included. USD can be included. I noticed we are discussing BTC/USD also.

Most or all of us here are using the parallel (black) market rate to exchange naira to bitcoin or bitcoin to naira. Because of this, we are going to use naira exchange rate in the parallel market. We are not using CBN rate, neither are we using Investors and Exporters rate. But this may change with time if there is any need to change it to I&E rate.

We can make short term or long term speculation. But we know how long term speculations are more accurate if compared with short term speculations.

We should not take the speculation on this thread as an information to be used for investment. This thread would likely be helpful, but research more before investing in bitcoin. Do not post on this thread if you have nothing good to speculate about. I will not make this thread to be self-modetrated, but any spam will be reported and most likely would be deleted by a moderator.

We are using the Parallel market rate. If you are not using the parallel market rate, specify the one that you use.

Yeah.. Its a good news to have a parallel value for Naira/Dollar on all platforms without conflicting interest, because moreover that CBN rate that was on exchange & wallets was useless in the sense that it can't be used to buy coins due to limitations placed on both Visa and master cards, of which black market was the only option to the common man. Moreover, I saw that Binance started using the black market rate on it's spot trading like 5days ago, and same as "Trust wallet" whose value per dollar started falling gradually from on the 15th of June at #610/$1 to this day at #816/$1 on Trust wallet. As you can see below in the images.


https://talkimg.com/images/2023/06/23/HWvoT.jpeg

https://talkimg.com/images/2023/06/23/HWy61.jpeg

https://talkimg.com/images/2023/06/23/HWYll.jpeg

This is a good and valuable topic coming to the Naija board, and as a trader and investor, I like to read and participate in something like this, especially as it's paired with our NGN.

But first, I need clarity on whether this topic is about making the economic and technical analysis or a mere page where we can just post/quote the BTC/NGN price daily/regularly.

Besides, there is something I would like to also point out. It would have been better if you used the I&E window for this to make it looks more official. This is because I've never seen reliable BTC/NGN pricing charts that are sourced from the parallel market.

It has to be an I&E window, and all the charts to sort the speculation can't state otherwise.

With BitPay, I can set it on Electrum too, but still of lower rate, at ₦752 to a dollar. I do not know what cause it but it has also changed from CBN rate.

https://i.ibb.co/mBFwCqF/IMG-20230623-142911-245.jpg (https://imgbb.com/)
upload image to website (https://imgbb.com/)

Technical analyses, fundamental analyses, news, statistical analyses and all possible things that can have effect on bitcoin price can be on this thread. But it would be good to let the discussion to be what would correlate more to bitcoin holding instead of trading.

I have thought about this several times, they both almost even have similar price as at now. I think this will not cause confusion. I will edit it to I&E rate. But let us see what other people will post about this.

;D Are you being sarcastic right now with this statement,  because we all know that none of the offers mentioned economic tools really have effects on Bitcoin price,  both on the long-term or short-term speculation,  bitcoin has its own price dynamics that have proven to have voided all other statistical analyses and this is what has made bitcoin price unpredictable.

I welcome this thread as a discussion thread just like Bitcoin speculations on the wall observer thread,  but this one is for our local board and the currency of speculation is ₦‎ vs BTC.

But even at that,  ₦‎ vs BTC price speculation may not yield much response from the local board members since most people will not be able to make a post since they may lack what contribution to make in this regard because bitcoin to naira price speculation analyses tools may be hard for most newbies unless they will just read others comments that are if we work to keep the thread/discussion active.

This is good for the bitcoin users in the country. And also  users of bitcoin always use the parallel market for exchanging bitcoin to naira or the otherwise.

And if we tok about BTC and NGN speculation, and since the CBN has removed their rate from the exchange market  the price might favourable, because the parallel market is always a preferable one to the CBN, Investors, and Exporters exchanges rate. I believe when when BTC price goes up  again to 60k$ again, the naira will also be appreciated to the owners of BTC  more it is now.

And the CBN policy change again, everything will be back again but I don't think the CBN will restructured the exchange to the previous rate again because it might also affect their market.

Great news mate I just had to check some of my exchanges but I am yet to see any changes or correction, does it mean that the new decision hasn't yet been Carried out?

And correct me if I am wrong you mean that we would not be using black market price in the market, and now we would ve using the CBN market rate with is lower than the market rate and in my opinion is wrong compared to the black market price. I think this is a downgrade and I would rather prefer selling with the Black market rate.

Which exchange that you checked and nothing has changed? It has changed on the exchanges and the wallets that I checked recently.

We can not use the CBN annoying rate, it has gone up but because of the high volatility and the weighted average in the I&E window, the price CBN listed is still low.

Either we use the parallel market rate or the I&E rate. But with time, the CBN rate will increase if the volatility in the I&E window become reduced, unlike as it went up from ₦461 to over ₦750.

Edit:
I have just checked the CBN rate just now:

https://www.cbn.gov.ng/rates/exchratebycurrency.asp

The CBN rate has been updated to ₦753. Which means the volatility in the I&E window has decreased. But we can not use the CBN rate because it takes the weighted average of the I&E rate. So, what is more correct is the precent price on I&E window.

So either we use the I&E rate or the parallel market rate. I was first suggesting the parallel market rate just because it is what we are using yet as CBN ban cryptocurrencies in Nigeria. But if CBN support it, we have no option than to use the I&E rate. Changing it won't be of any issue because I&E rate and parallel market rate looks similar.

The exchange rate is something not to write about because the news has always carried the fake aspect of it saying the naira is rising over the USD which is always wrong in many situations if you research it, now that the CBN rate is removed from exchanges and everyone has their independent opportunity to sell at their own personal approved rate, government will make more money from this because the people that get a subsidized exchange rate for USD directly from banks will no longer have this same opportunity anymore and everyone can have this free access of buying through banks but at the generalized market price which is pretty high.

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

Yeah bitcoin at 25 million plus after having more than 2% increase in the last 24 hours but aside the XRP FOMO and the current reports of big financial institutions moving towards bitcoin ETF, I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

This is a great initiative to have our own local speculation board (+1).

The new moved of BTC really renew some holder mind not to sell their BTC than to buy more and, continue holding till d price hit #40,000,000 before dey can sell. But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

Well from my studies here, I fit talk say this sudden push up of BTC price is actually normally looking at how close we are to the halving and if you dey follow up correctly you go know say the halving always follows the bull season or the other way round. So if anybody wey get small coins for their portfolio fit say them wan sell na dem sabi cuz na actually him money but if you have vision of what's coming you actually hodl well and forget this small price shoot because the major bomb dey come wey go make you smile well.

This is just a tip of an iceberg and we should expect more coming sooner from the bitcoin market as we are planning on getting out of the dip market before the end of this year, and what the next year rate may get to is what remains unpredictable and we cannot say precisely the rate it will to high but will definitely surge, we don't know as well how long it may take to reach the #40m worth of market price but as being mentioned already that one should keep holding even though not all of us eventually will end up holding for this long.

Let us just consider naira because you hold bitcoin and the gain would be the same until you convert back.

After Ripple Labs won the case, the price of cryptocurrencies began to increase. According to what I saw, Ripple increased in price the most while other coins too increased in price. But if you want to prove me wrong, you have to come with what you think caused the bull run.

We are not still very close to halving. Halving still would take 9 months from now before it occurs.

I think bitcoin would be more than ₦40,000,000 by 2024/2025.

Given the halving effect next year and the ETF by Blackrock that would most likely be approved, I'm sure it would reach that amount and possibly more. This is going to be a major price run-up in recent years.


That price was short lived because the XRP victory news only lasted for so long.

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

That is true, naira has been more devalued. Holding naira is just a loss for many people. It is not worth it at all. But I see bitcoin at $25,251,000.

Bitcoin is at $29990 as I posted this, naira at 841 to a dollar.

$29990 multiply by $841 fines ₦25,251,580.

Nah say my brain dy pain me abi watin, cuz I remember say I been don see diz reply earlier diz morning, same reply but some part don loss 😏 and the post no dy show like watin dem edit.


I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

Anytime there is a significant price difference like what you updated yesterday as naira got more devaluation. Also if bitcoin price moved significantly. But this thread is more about what could lead to rise in the price too or what caused rise in the price of bitcoin, just like naira devaluation, bitcoin ETF, halving etc. It is not compulsory we have to update it daily if there is no good information to add.

It looks like the Naira is having a close movement with the Bitcoin price, as there seems to be no much of a price difference between when Bitcoin was trading at $29,900 and when the dollar was exchanging at $855 to $1.
Currently, the USDT price of Bitcoin has dropped to $29,065.69 as of the time of this post, and Dollar #881 has shown almost a 3% upward price difference.
leaving the current BTC/NGN trading price at #25,630,790 per BTC.

It simply as a result of the fall in the value of "Naira" that is making no much difference between the two prices of BTC as given above, because like play like play, with the fast pace in this fall in the value of Naira, don't be surprised waking up one morning and seeing $1 selling at #1000, which I'm sure that is likely to occur before next 3months time. And same $1 likely to be trade at #1500 before December.  And on that note, dollar or Bitcoin is the best option to save funds now, for those who want to escape inflation of our Naira currency.

This is correct. We can see how naira has been decreasing in value in the parallel market. It was 842 to 850 when we posted here last, although it increased to $890 around that time and decreased back to $850. I checked dollar to naira price now as of today, it is trading at 900. Bitcoin in dollar at $29200.

The price of bitcoin in naira as of today when I am post this is ₦26,280,000.

I think it would be too early for naira to trade at ₦1500, but we are likely going there. Let see what would happen, but bitcoin is proving to be better than naira for holding.

If naira fall against dollar to the levels wey you don mention, me no go too surprise. The only thing be say that #1,500 per $ for december wey be around 4 months time fit no dey realistic but whether we go hit #1,000 per $ , dat one fit happen. Meanwhile, we no even need to compare bitcoin and naira, naira no dey gain any strength because the government never do anything wey go increase foreign reserve, the economic no dey export, so you see some much naira chasing dollar because people want change am to travel or important something.



Me I no go even advise person to hodl money for dollar because that one too fit crash if government decide to make one stupid announcement wey dem no go follow but bitcoin is not affected by within government talk. However, even dat btc self only good for this time wey we dey expect halving and bull run, apart from that if bear hit someone for bitcoin, na next four years oo. The best na to trade btc after bull. You fit hodl am now because of the bull but we know say correction go happen after sometime.

However, I no sure say guys wey dey here dey feel d inflation like those wey dey outside dey earn in naira on top government bare promise to increase their pepper for the month. As naira dey fall, dollar dey rise. The difference in the increase of dollar dey help take care of the inflation to an extent.

Na di lastest price for BTC/USD (T) and BTC/NGN. This is as of today being the 8th of August, 2023.

Galaxy Digital CEO Mike Novogratz told shareholders that Bitcoin ETF is likely 6 months away. I will encourage people to NCA (naira cost average) because the next 6 month is also close to bitcoin halving. If United States SEC approve bitcoin spot ETF, the price of bitcoin will likely go up. BlackRock has the highest number of customers in such business and people will through BlackRock buy bitcoin ETF offer by the company.

I think the surprise that you are talking about is already here as USDT is now currently exchanging at #918 in the P2P market and 912 on the spot market with all time high on P2P at 920 and sport 914, eh no go take time again for Naira to reach the 1k I doubt eh go even reach month end b4 we see our Naira dy trade 1k.



Yea, it's better to be buying and bagging BTC currently, but it will look more expensive if one is funding their wallet with their Naira card or any means using our local currency, as the price difference between what CBN is trading and the normal trading rate is too high and will discourage a lot of people from buying. Anyone who is uncertain about the BTC price can also buy and hold USDT, as the price flotation is really something else and appears to be profiting.

Omo.. I'm still not surprised oh, because I saw this coming long time ago that $1 is likely to hit #1000 naira very soon, which it seems our speculated price is already manifesting itself fast even before our speculated timeframe. Because at first when a friend told me today that $1 have hit #900 naira, I thought it was a joke, not until I opened my Binance app, and saw it myself. And with the fast pace at which the value of our naira currency is falling, who knows if $1 will not hit #2000 before December? Because with the way things are going now, saving your money in BTC instead of the bank is the surest way to avoid this inflation, just like I earlier said.

I believe this naira devaluation increase should be as a result of the CBN's "expansionary policy," which they believe could have helped the increase in value of the naira, but instead their plan goes against them, as naira circulation has increased to its all-time high (I read an article about this circulation increase sometimes last week, but I can't seem to find the link), maybe as a result of pumping in more naira into the system as a result of minimum wage increases in order to meet their target. But this is working sideways for them, as we have more Naira now attached with lesser value.

In order for the government to save our currency, they should restrategize, maybe by providing more dollar liquidity on the parallel market or by any other means of being more productive and reducing the high demand for foreign currency.

BTC/NGN is trading at #27,105,310 now, as the value of NGN has drop by about -9% against USD because $1 now is about #919 and if NGN continue to devalue, it might get to $1 = #1000 and that will make 1 Bitcoin get to #29,591,590 with current price of $/#. I think for someone who wants to buy, now is still a better chance because sooner than expected BTC/NGN will cross #30,000,000.

I am thinking that naira may fall to ₦1000 to a dollar before next year too. The government are not tackling the reason why it is falling which is lack of more production. Let us see when Dangote refinery is fully functional, if this will help.

Because naira is a depreciating asset, that is why it would be good to compare it with bitcoin. Letting us know which one is better to hold.

It depends on individual. I too will not advice holding USD but some people are swing traders and short term holders, if they want to convert part of their bitcoin, they prefer better fiat like USD, Euro or Pounds Sterling. But they are depreciating assets too, but far better than naira.

If you buy with parallel market rate, you will also sell using the parallel market. Nigerians have access to cryptocurrencies with the parallel market rate through P2P.

The CBN rate is not used, I&E rate is used. Only what CBN is doing is to use the average weighted rates in the I&E windows to conclude his own rate in certain period of time.

The primary reason has been that we depend more on imports that exports. If the foundation is bad, it can not be good. This is common in countries that depends more on exports.

A person that will buy and will not panic and sell because of price drop, such person can buy now. Bitcoin is going to over ₦50,000,000 in 2024/2025 is my prediction.

In the last 24 hours, the Naira seems to be trying to make some moves toward recovering from its great fall against the dollar. as it has recorded an all-time low of #882 to $1 in the Binance spot market, and it's currently trading in the range of 890 and 901 as of the time of this comment.

But the p2p market appears to be a little lower, as it was down to the level of 870 per dollar as of when I saw it today and is currently trading at #881 and #882.
which leaves the BTC/NGN to be in the range of $26,358,070 and $29,273.73, if calculated using the current spot market, but looking at it from the current price on p2p, it should be in the range of #25,819,429.86 to one BTC.

Some people are still waiting for the price to go down before buying so they are waiting now. And I don't think bitcoin will go down again before this year go end. And now that the price is still low as you said, it is the best time to buy and hodle it for the bull market. If someone use #300,000 naira to buy now at least when the bull market go start. The person go enjoy.

I just made a check now on my Remitano app and just saw that the price of dollar to naira have fallen far low the figure you just gave above earlier today, as currently $1 is been traded at #825 on the black market level, which a fall of 10% decrease within it's past 24hrs of yesterday's value of #920 per $1, and with the way the value of Dollar is falling to Naira, we are likely to see it fall back to #750 per $1, which is a welcome development, as the rumor which I heard there will be another increase in the price of petroleum if dollar remains at #900 will be put to a stop

If naira decreased significantly in value as it happened recently, it would retraced back a little. If you people can remember when dollar first increased from less than ₦500 or so to over ₦870, it retrace back to ₦690 before it increased to ₦730 to ₦750 for a long time before it started to increase again as of now as naira further to depreciate in value. This is normal. Later the price will continue to increase.

The lowest price of USDT/NGN on Binance today has been ₦900.5 and presently at ₦900.9 when I posted this . I do not know how it reduced to that extent on Remitano which is not correlating with the black market price.

I guess the price on Remitano and that of Binance is different, as I can still see it trading currently at 900 on the  spot market  (https://www.binance.com/en/trade/USDT_NGN) and 884 on . P2P  (https://p2p.binance.com/en/trade/all-payments/USDT?fiat=NGN)
I also went ahead and checked the price, which was different from two other centralized exchanges. I do use one once in a while to compare the price . Kucoin  (https://www.kucoin.com/otc/buy/USDT-NGN) is still trading at $886 as of the time of this post, and  OKX  (https://www.okx.com/p2p-markets/ngn/buy-usdt) 879–880: among all that I have checked, it appears that Remitano has the lowest rate.

If people sold at ₦825 on Remitano today, I will advice everyone using the exchange not to use it again. I have used it before and I was discouraged. Naira is not trading at that low price as of today.

As of today making this comment
The price is coming down and there is no sign to rise for now but continues going down.

Ramitano price is not always favorable and that was why I switched to Binance and at least Binance is better than Ramitano. But I heard from the news that NNPCL borrowed money to boost stock exchange and now naira is appreciating against the US dollar.

According to what I found out, the President meets the acting CBN governor recently. Black market traders think the meeting is about dropping the black market rate back to the I&E window rate of around ₦750 to $1.

https://www.premiumtimesng.com/news/top-news/616198-just-in-naira-gains-at-parallel-market-as-govt-promises-to-stabilise-rates.html

I think it is just a market reaction that caused it.

But people should still know that naira will still continue to depreciate in value.

It might keep going down especially as the US Federal reserve still maintains a firm stance on interest rate hikes. As of the time of posting, Bitcoin price is $28,565.28. I also heard about the crude oil exchange for money loan NNPC took to help stabilize the naira and honestly I don't see how this is going to work. Presently, $1 to naira in the black market is #870, coming down from #910 it sold at yesterday.

In the last four days, bitcoin was almost ₦28 million, but it dropped some hours ago below ₦22 million. Now at  ₦22,872,883. Some analysts think that the reason for the drop is because people see bitcoin (and other cryptocurrencies) not profitable and dump it to move to other assets. Maybe this is or maybe is not correct, we know that as bitcoin drop in price is an opportunity for other people to buy at a lower price.

I can see naira value is increasing after the president met the acting CBN governor (https://www.premiumtimesng.com/news/top-news/616198-just-in-naira-gains-at-parallel-market-as-govt-promises-to-stabilise-rates.html) and also as NNPCL secures $3bn loan from African Export-Import Bank (AFREXIM) (https://www.channelstv.com/2023/08/16/nnpcl-secures-3bn-loan-to-stabilise-naira/amp/). After the President meeting with the CBN governor, people are likely not willing to buy dollar because of what they heard the meeting is about, to find ways naira in the parallel market is drawn back to N750/$1.

The fall of bitcoin, and naira appreciation in the last four days after the the meeting, the value of naira increased against bitcoin. But we all know where this will end to, fiat of a developing nation like Nigeria will depreciate overtime. People will see bitcoin cheaper and able to afford more bitcoin as the price dropped.

This morning price and before evening it will still drop again. Below is 1 BTC to Naira
Those who want to buy should prepare because the way the market is coming rapidly, it will still go down below. Or they can still purchase it now because nobody knows the next move in the market.

Everyone president that has served the country liked to make naira valuable more even than the dollar itself but the international forces refused to allow that to happened and the president were even forced to devalue the naira. There are sometimes, the international forces used programmes to lure the Africans leaders to devalue their currencies.
The decrease of bitcoin to naira e dey affect oo. Well it will not long.

Like two days now the price was on $25+k and and today this morning and when I checked the price is going up again. So what I am trying to predict before this month end is that since the market is showing positive sign now it might end well in this month and might reach back to $28k to $29k though the movement of price to go up is always slower than falling down.  In this morning the price is $26,138 with a green color colour and that indicates that the is on the positive position.

But there are times the price will show positive way with the green light but the price would be coming down until the positive sign would changed to red colour again and that is why the price is unpredictable. We can't use the sight to predict bitcoin price but the tools can do that very well but to understand the tools na another wahala.

Bitcoin has never been stable, drop and rise in its price happens all time, so i am surprised at analysts who think this current dump is as a result of Bitcoin not being profitable anymore. Well, i have never been interested in the opinion of people who analyse the market in this way, sometimes they just want to spread fud and manipulate the market to their very own advantage.
I wasn't aware of the meeting between the president and the CBN governor until i read your post, though i noticed the appreciation of the Naira against the dollar a few days ago, thus i guess this is part of the reason for that appreciation. The thing is, this appreciation wouldn't last long, i thought the government wanted to establish a unified rate between the official and parallel market, but as we can see that hasn't worked out too well, with the demand for dollar and insufficient reserves, coupled with a struggling economy and zero local production, the Naira will definitely lose more grounds in the coming weeks/months.

Yes, I can also see that on the chart that Bitcoin is managing to gain momentum to increase in price once again after the great fall we all experience which started on the 16th August 2023. Because at the moment of writing this post Bitcoin is currently at $26,033 which is a $100 difference from what you had earlier on today. But however, I just saw that of all the coins that fell in price with Bitcoin, Stellar is the only coin that have manage to gain value again above 4%, as the rest popular coins are still struggling below 2%. And with the look of things, we are still likely to have BTC revolving around $25k, $26k and $27k till this month runs out.

Bitcoin can not be stable, but sometimes it can become less volatile. Before it fell below $28500 recently, the price has been less volatile within $29000 and $30000.

Do not mind that I used dollar instead of naira for this, because naira was very volatile itself recently as it increased from ₦750 to ₦945 in weeks, back to ₦835 and increasing back again to now ₦880 after the lower bollinger band was gotten to.

Bitcoin was unable to increased to make investors make profit and it can be discouraging at times. Although, no one knows the actual cause of bitcoin price fall, all are just guesses.

It is even like traders are at work with technical analyses after naira fell to ₦835:

https://www.talkimg.com/images/2023/08/21/MtUR8.jpeg

I said let me ask from experts as am not satisfied with my thoughts. When bitcoin was above 28k,the exchange rate of Naira to USD was around 900+ but now that bitcoin price has dumped to 25+-26+,the exchange rate of Naira fell to 830+ to 840+. Is it that the price of bitcoin is affecting both USD and Naira because I don't know when Naira has become as volatile as this. Or is it because of the inflation that we are experiencing or it is normal that this price flatuation in Naira ? Or bitcoin price controls money either digital or paper.

Naira is affected by Nigeria economy and by what is happening in Nigeria. If Nigerians are demanding more for dollar and continuing to depend on imports, the naira value will continue to reduce which is the problem we have in Nigeria.

But recently, the president had a meeting with CBN president, the CBN president said they will do somethings that will add value to naira which led to the market reaction that makes people to be selling dollar and buy naira which increased naira price from ₦945 back to less than ₦880 to a dollar. What also makes naira value to increase more was the money NNPCL borrowed recently and they are pointing that it would strengthen naira. You know how the market can react to something like this. Or maybe it had direct effect also but which I do not know.

Bitcoin is controlled separately by buyers and sellers. The more the demand the more the price. If people are selling bitcoin than buying it, the price will fall which was what that plummeted its price recently from over ₦28 million to ₦21,894,000 million. But as naira increases in value, this will decrease the price of bitcoin in relation to naira but which may be unnoticeable as bitcoin price plummeted abruptly and significanly with a short time.

The value of naira is decreasing again and has gone up from ₦835 to ₦879 to a dollar as of today.

Charles Tim has just answered your question in a more simplified manner, as both Naira (i.e fiat) and Bitcoin are two independent digital currencies, and taking a look at the chart of NGN/USD and BTC/USD, I was made to notice that the value of Naira started depreciating long before we saw the recent fall in the price of Bitcoin, as the value of Naira to dollar started falling from on 10th July 2023 @ #788/$1 till August 14th, 2023 at #933/$1, before the meeting we heard the president met with the governor of CBN and price got back to normal which today one dollar is been sold at the rate of approx. #850/$1.
Likewise Bitcoin,
I was able to notice that the price of Bitcoin also started falling from 14th August 2023 at $29,303/BTC till 19th August 2023 at $25,885/BTC, due to the rumor about SpaceX/Elon Musk selling it's Bitcoin worth multi millions of dollars. But now, Bitcoin is back revolving around $26k

+1, that is a sideway market/period, and quite rightly as you said Bitcoin has been like that for quite some time now before this plunge in the price happened. I am pretty certain day-traders enjoy this sort of movements in the price, either upward or even downward as they can short it, but for long term investors, they will be trying to purchase more coins.
This will not happen to long term investors, and short term invesors would not want to sell if they are going to do so at a loss, but these things are not set in stone, and people sell when they want to and for their personal reasons too.

wasn't getting the whole point of the discussion about the price in a sideway trend, I thought the price was strictly in a bearish movement until I observed this
https://talkimg.com/images/2023/08/21/MF9Eo.png
https://talkimg.com/images/2023/08/21/MF7Aa.png
Source: https://www.google.com/search?q=bitcoin+price&sca_esv=558787020&ei=jY3jZL39CPq3hbIP4r2G0Ak&oq=bitcoin+p&gs_lp=EhNtb2JpbGUtZ3dzLXdpei1zZXJwIgliaXRjb2luIHAqAggBMg4QABiKBRixAxiDARiRAjILEAAYigUYsQMYkQIyDhAAGIoFGLEDGIMBGJECMg4QABiKBRixAxiDARiRAjIOEAAYigUYsQMYgwEYkQIyBRAAGIAEMgUQABiABDIFEAAYgARI8E5QmyNYrz9wAXgCkAEAmAHpBaABvBCqAQkzLTIuMC4xLjG4AQHIAQD4AQHCAgQQABhHwgIHEAAYgAQYCsICChAAGEcY1gQYsAPCAgoQABiKBRiwAxhDwgIWEC4YigUYxwEY0QMYyAMYsAMYQ9gBAcICEBAuGIoFGMgDGLADGEPYAQHCAggQABiKBRiRAsICCBAAGIAEGLED4gMEGAAgQYgGAZAGDroGBAgBGAg&sclient=mobile-gws-wiz-serp (https://www.google.com/search?q=bitcoin+price&sca_esv=558787020&ei=jY3jZL39CPq3hbIP4r2G0Ak&oq=bitcoin+p&gs_lp=EhNtb2JpbGUtZ3dzLXdpei1zZXJwIgliaXRjb2luIHAqAggBMg4QABiKBRixAxiDARiRAjILEAAYigUYsQMYkQIyDhAAGIoFGLEDGIMBGJECMg4QABiKBRixAxiDARiRAjIOEAAYigUYsQMYgwEYkQIyBRAAGIAEMgUQABiABDIFEAAYgARI8E5QmyNYrz9wAXgCkAEAmAHpBaABvBCqAQkzLTIuMC4xLjG4AQHIAQD4AQHCAgQQABhHwgIHEAAYgAQYCsICChAAGEcY1gQYsAPCAgoQABiKBRiwAxhDwgIWEC4YigUYxwEY0QMYyAMYsAMYQ9gBAcICEBAuGIoFGMgDGLADGEPYAQHCAggQABiKBRiRAsICCBAAGIAEGLED4gMEGAAgQYgGAZAGDroGBAgBGAg&sclient=mobile-gws-wiz-serp)
now I see that the market is really sideways, within a period of 7 hours and the price is just fluctuating

I accept this, bitcoin will later increase back to over ₦28.7 million and later reach all-time-high if holders can wait.

That is true but for bitcoin to up again, it will take time for like 3 to 4 months. The way I see the market movement bitcoin price will still come down and investors will use that opportunity to purchase more. But the anyhow people will still sell small units to pay bills and keep the rest for the rising time. I am speculating the price to come in the months November or December, and I am giving this prediction base on last year experience. In last year, the bear market started from April and the price came up in the month not November, so i am trying not see it from that side.

Selling of bitcoin is a personal choice whether high or low people must sell it because most of the investors that is their business for survival.

I quite agree with this point of view. Since experiencing that hit last week Thursday, Bitcoin price has been struggling to regain it's feet, gravitating from $25,980 to 26,100 since Sunday. Now is another opportunity to buy and hold only if investors would not entertain FUD because some would rather invest in less volatile digital tokens than Bitcoin.
I'm quite hopeful that Bitcoin price will experience a positive turn in the month of September and while you mentioned that things could turn around during November, I can't help but harbor doubt especially as November is a month that's not so favorable but maybe this time could be different?
Presently, Bitcoin price is $26,063.60 as of time of writing.

It seems like the naira is tired of trying to prove some resistance. Just as Charles-Tim has predicted, after a significant drop, it will still later start going back up again. It started happening too fast, as I was expecting to see the dollar to naira exchange rate at N900 during the end of the month of August, but it appears that the drop to N860 did not last up to a week. as it has gained a 24-hour ATH of N928 and is currently trading at N901 as of the time of this post. and Bitcoin is currently trading at $26,043.72. It has been struggling between $25,700 and $26,000 for the past 24 hours, and I see that as a good sign of recovery, but it might perform the opposite if it appears to drop below $25,000.
With the current dollar to naira value, the current BTC/NGN price is now N23,464,743.

Nicely said, but one thing that is sure for me is that both FG and CBN are clueless about the current FX situation, hence, the naira will continue to dump against the USD and Bitcoin. You've correctly iterated the true cause of this which is more importation than exportation and too much foreign currency reliance causing a shortage of FX and in turn mounting further pressure on Naira.

As for the CBN acting govern, he is only making an empty threat and fruitless effort, he believes he can overcome the weed by cutting the surface. The effect of what he's doing will not last, he only used the speculative part that is causing the Naira depreciation to change the narrative, but for how long?

I conclude by saying that Naira will ever have the USD and Bitcoin to battle with powerlessly, and even if the USD is stable against it, BTC will not, it will eventually appreciate. It has sold already but holding well above the important barriers I see at $24,700-$25,00. It will be tough for BTC to breach those levels downwards, and if it can't and rather reverses higher, then it's another payday for those holding it against the Naira with a little reference to the USD.

In the bitcoin market not there is sign now to move up. For the few days it was about $26,060 or below but now it is moving upward and the price right now is $26,505 with a green color which means the price is going to be getting better from now.. there are different prediction in the price these days but normally the price can change at anytime and it is unpredictable. This is the reason who traders loss money in the market.

This is the reason why trading is a very risky business and not for everyone. With the current price of bitcoin, it is advisable for on to just hodli so that you wouldn't run at loss. I don't know when we will see a pump in bitcoin price up to $30k but I know it will surely come to pass. All we need to do is to be patient and stay focus on how to get profit from the bull run. I hope that the value of Naria to bitcoin then will be very high. The current price of 1BTC is #19,928,752 at as when I made this post.

Which rate should we be using?

On Coingecko, Coinmarketcap and other sites similar to the two mentioned, I noticed the CBN or I&E rate are used. Likely CBN rate which is the official rate and calculated based on the weighted average of the I&E window rate.

On exchanges spot market and P2P, including vendors (direct P2P), parallel market (black market) rate is what we are using to exchange bitcoin.

As of the time that I posted this:
CBN/I&E rate weighted average rate: ₦20,156,590.21
Parallel/black market rate: ₦24,014,000.

I am suggesting that we can use anyone that we prefer, but having in brackets, the rate that we used.

Like this for illustration:
The price of bitcoin today increased from ₦20,156,590.2 to ₦21 million (CBN rate). Bitcoin traders...✓

Although, anyone you people used, we can easily know if it is either CBN rate or parallel rate even if not indicated.

I am suggesting you people to use the rate that you want, depending on the platform you get the rate from. But it would be better if you state if it is CBN or parallel market rate.

What do you think? Your opinion is what I will follow.  Although, I am good with parallel rate as well. But if CBN rate is used along with parallel market rate, I am just concerned about newbies not to get confused.

https://www.talkimg.com/images/2023/08/24/MJYoc.png

Right now, this is the price on Binance. I think I will go with @charles-Tim. The rate you choose to use should be indicated in brackets along side the exchange platform but remember the CBN rate.
Currently at

19,662,350.40NGN
-435,763.35 (2.17%)today
_{source google (http://www.google.com)}



I believe using both rates is a good idea because it will help everyone understand better and avoid confusion. When we use both the CBN rate and parallel market rate, it gives a complete picture. We'll explain things clearly and provide helpful information, so even newbies, won't get confused. If they have any questions, they can always ask without hesitation.

According to the Binance exchange, the price of the NGN and the CBN market differ a lot. And it's not the small difference that most people get confused about.
https://www.talkimg.com/images/2023/08/26/Mojka.png
https://www.talkimg.com/images/2023/08/26/MoVZN.png

CBN rates are low, 3,538,041 NGN more Binance exchange rate.
It's natural that everyone will be hesitant because the rate is so low in CBN.

1 BTC= 20,108,953₦ CBN rate
1 BTC= 23,646,994₦ Binance Exchange rate

As of today in Binance Exchange rate of BTC/NGN price.
The price will still go down more but it will rise up in the month of November upward and that is it rise up before the year will end. Even at the end of today the price will still reduce more than at it is now.

The buy price of bitcoin is around ₦24 million while the sell price around ₦27 million. United States dollars at ₦927/928. Are you sure that this is going to fall back? Probably bitcoin may reduce which could be the reason, but it will increase back. Any fall will notice is not likely that naira appreciate in value. If care is not taken, dollar to naira may increase above ₦1000 before this year will end. Nigerians do not have confidence in naira anymore and they have seen buying bitcoin, other cryptocurrencies like stable coins, and they have been buying dollar and other foreign currencies like euro and pounds sterling to be ways of saving and investing.

Wow!!!  Bitcoin just hit $28k again and the speed that im dey take dey go up e dey very good. And those wey invested wen im been dey 25$k go see small profit now. Probably before this week fo end, the price it reach $30k back again. Well we no fit predict for bitcoin because im way e no dey pure, im just dey rise and falling tone ;D just like say na English tone. Joke apart di price is doing well now. If anyone wants to invest it is not too late still do am and you go benefit plenty before even this year go end.

 Ow day di price is rising make everyone be on the standby to sell di unit wey dem go fit use for like one month and continue the hodling of the rest. Though everyone has has their own way of planning.

Oga the price movement no be new thing again especially for those people wey plan to hold their coins for a very long time but for all this time holder this na perfect time for them to gather small profit again. This sudden rise in price na watin make people for the community dey always suggest say DCA strategy nai be the best just imagine say you been dey buy bitcoin all this while wey the coins actually dey 25k your bitcoin value for get small increase rather than waiting for the price to a particular fixed amount before buying.

Bitcoin price increased yesterday significantly because of the SEC suit against Grayscale. Grayscale won the suit in court yesterday, which is about Grayscale ETF  Bitcoin Trust that SEC wants the court to nullify.

Bitcoin increased from $26000 to slightly over $28000, but I noticed no much effect against naira as naira in the parallel market depreciated to ₦926 to $1 yesterday before 3 pm when bitcoin price started to increase, but naira started to appreciate at the time and now ₦907 which makes bitcoin price to still be around ₦25 to ₦27 million. I noticed that for bitcoin sellers, the price is now around ₦26.5 million, but ₦25.1 million for buyers.

Edit:
Another good reason that could have resulted to yesterday price increase: CB Consumer Confidence delivers another blow on the US and USD (https://bitcointalk.org/index.php?topic=5465079.new#new)

What that means is that USD also depreciated in value yesterday, but I was thinking that it is naira that's appreciated in price that makes the effect not to be that much on naira. No wonder bitcoin did not that increased if compared with naira.

I was thinking that $27+l price of yesterday would stay small for like one month but it seems that the price is reducing again to or normal position of $26k. I believed that yesterday increase of price made some people to sell some of their bitcoins to pay bills and solve some issues. And that is why those who are always in the selling side are happy when bitcoin goes up. Though people use the bear market to buy more and store it in their wallets.

As of today analysis, naira depreciate and dollar was appropriating in the stock market.

 For now, Bitcoin price go dey shake Wella and that small increase wey bin occur wey push im price to $28,900k nah as a result of the Grayscale ETF approval. For now, speculators still dey confident say e go enter $30-35k before the end of August but as e be price dey even dip instead and as at time of writing, Bitcoin price is $26,005. Nah to still believe say e go rise soon because at the start of the year, it was trading at $16,605. So many factors dey behind its instability and as the US Fed don add pressure on interest rate hikes coupled with inflation, the price fit still drop.

It is difficult to know for now if bitcoin will increase in price, it may increase or it might continue to decrease. If bitcoin price will decrease, $20000 would be a good price to buy large amount. The support is strong at $25000/26000, but bitcoin is having resistance and not going further higher and $30000 seem difficult to be attained for now. NCAing would be good for now which is always a good investment strategy.

The two big expectations we are waiting for are bitcoin spot ETF and bitcoin halving. The days these two expectations would occur is approaching. Bitcoin at ₦23,600,000 is still a small price to what is coming in the next two years. It is highly advisable for people to continue NCA.

For now, we have to be content with the price for now because I see $30k as too much expectations considering as there hasn't been much ETF approval as of late and there hasn't been any major buy too. RN, it's to just hope that price of Bitcoin will increase rather than do the opposite.
As of time of writing this post, BTC price is; $26,742.50 and so maybe it could cross to $27 or 28k before the week runs out as it did during Sunday through to Monday of this week.

What I noticed recently is that the price of dollar to a naira is almost ₦1000. As at today, the dollar is ₦990 to a dollar. Even if bitcoin did not increase in price (I am not saying the price of bitcoin did not increase), its value in naira still continue to increase. Bitcoin is almost ₦26,400,000. Some people said dollar will likely be ₦1000 this year, this is about to happen.

When comparing bitcoin and naira, holding bitcoin has been proven better.

No doubt about that but this naira issue is disturbing. As at yesterday, naira traded at #983 to a dollar but just today, has risen to #993. If cares not taken before the week runs out, we can see it trading at a #1000 and this brings me to wonder what new measure the president will bring to combat this.

1 United States dollar is now over ₦1000 today. This is because naira keeps depreciating. Bitcoin also continue to appreciate against naira. The price of bitcoin today is over ₦26 million.

Let us see what CBN is planning, if they are going to divide naira by 100 in a way to increase its price against United States dollar and other fiat currencies.

Even as bitcoin is relatively less volatile, its price continue to appreciate against naira. It is worth holding than naira.

Well it looks like they don't have anything planned for the naira because as of today, the naira to dollar conversion rate is #1,005. If I were to make a suggestion tho, I feel the government look to pairing Bitcoin with the local fiat just as El Salvador did but that will be a difficult one to accept by them.

 This brings me to believe that most of them are not really affected by the devaluation else better measures would have been thought up.

The current value of Naira have been long expected over a year ago when the united States dollar first touched #700+ at that point the then government made some currency pump to keep the price at that level to avoid touching the 1,000 or above, until after the election and the handing over,  I am glad the current government was smart enough to have pushed off the who possible blames and set ups by the past administration which is recorded as the most economic reckless administration in the history of Nigeria.

Even though a few number of citizens still blame the current administration for removing subsidies not knowing the real muster behind the ball,  it is good for us to have a feel of the reality instead of leaving as a nation on subsidies on everything and depending on importations.

If we can solve those two mentioned issues which are subsidy and importstions then we will be able to position the economy on a prosperous part again.

Early this year, I predicted that, $1 go reach #1000 and some of my guys been dey argue with me and today all of them e don see am finished and nobody fit tok anything again because Tinubu government e don disappoint dem. And now dat $1 is #1000 then it means $1000 is #1,000,000 in Nigeria Currency. And when I discussed this matter in a local boat which I was using to cross a creek and said, Goodluck Jonathan regime was the best in the 21s president in Nigeria omen,boys nearly descend on me. They debunked me and said Goodluck was the worse ever in Nigeria Politics. But in my analysis Goodluck Jonathan time 1$ was #150 and comparing to now, there is a big difference.  Well today bitcoin price is going up and before the year will end it will climb up to 45k$

Dollar to naira git to ₦1000 the day the new CBN governor got to office, but I was surprised that after they time, the rate is hanging around ₦1005 and ₦1006 for days until I saw it belong ₦1000, around ₦990. The next day was yesterday that you posted imthis has it got back above ₦1000 and now around ₦995 to ₦997. The volatility has been reduced for now, but I do not have believe in naira and likely possible that some things will occur that may further depreciate the value of naira.

Yes, you are correct. Many of the politicians and rich men knows that naira has depreciating value, they have properties and domiciliary account. Some of them even have foreign accounts and properties. Africans are wise but in a way the Whites are favoured more than their country because they do not have believe in naira.

If I should be earnest about this, Nigeria problem is more than these. And it is like as some people wants rain, some people wants sun. As naira is depreciating, do you know it is the happiness of some people? Especially those that are earning in dollars and those that have money in dollars. Many Nigerians have the mentality to save in dollars and do not have the confidence to let their money to remain in naira, it is like Nigerians dollarizing the economy themselves which is beyond the government capability. Although this started from the government not competent to manage the economy properly.

Our government are disappointment, that is why we need to be wise. Bitcoin  ;D. Especially in time when the price is low.

Here is very dry. But otherwise is the case as naira value continues to depreciate as usual. Not new anymore that naira has gotten to over $1000 to a dollar, but naira value continued to depreciate further and now at ₦1142 to $1 at the parallel market. Bitcoin also increased even if compared with United States dollar and the price in P2P market is now above ₦32 million. Bitcoin has proved itself to be a hedge against the inflation in Nigeria. Buying now will be an opportunity because its price is still undervalued.

O.M.G... This is indeed really heartbreaking for people still having their funds saved in our Nigerian fiat currency "Naira", because just as the price has kept on depreciating, so will it continue till further notice, because at first when I saw this statement of yours, I never believed it because when last I check the value was still at #1040 per $1, not until I ran to Binance, and could confirm it myself that in just 24hrs the value of Naira to Dollar has fallen by 5.9% just as show below.
https://talkimg.com/images/2023/10/19/RDMjC.jpeg  https://talkimg.com/images/2023/10/19/RDG6J.jpeg
Hence, in other to avoid this continued inflation, now is the best time for whoever has their funds in a traditional bank to sharperly move such funds to investing in either Bitcoin or a domiciliary dollar account.

It's true  though. but it can only be favourable to Bitcoin adopters. I think this is another way of massive Bitcoin adoption. This will serve as a warning to the government to remove the ban placed on Bitcoin and use it as a legal tender just like El Salvador.

But the funny truth here is that, having your fund on Bitcoin or usdt can only maintain the value of your money against the falling Fiat. But doesn't mean you have made profit, except Bitcoin rises. Because as fiat falls against dollar so price of commodity increases to meet the current status of your money in usdt. for example the goods you bought at #1040 yesterday today would be bought at #1142. So the only difference is that you have save yourself a lost of 1142-1040=102naira

Nigerian government did not ban bitcoin. CBN banned bitcoin and other cryptocurrencies.

Yes, that is correct.

Bitcoin is undervalued and its price will still rise. Also if the price neither rise nor fall, you may not gain but your money do not depreciate in value like naira.

Fiat refers to naira, dollar and the currencies that the governments of each countries are making from nothing and manipulating it.

Yes, I agree with you say with the depreciation of our Naira currency, it can create a massive adoption to people who don't want their money to lose value, but I don't think will be of any warning to our government.


Yes, it's true on what you said that as the value of our Naira falls against dollar, so do the price of commodity increases to meet the current status of our money, but at least you stand at better advantage to someone whose fund just kept in fiat.

For example, imagine someone whose salary has been #100,000 month for the past 5years, and a forum member who has been on a signature campaign for same past 5 years and earning $50 consistently, because you will notice that while the salary of a civil servant remains constant from year's to year's, the value for the money for people earning in dollars increases as the value of dollars keeps increasing. (i.e imagine you were earning $100 while the value was #700/$1, that is #70,000) and now that the value has increased to #1140/$1, that will be #114,000). Which is an added advantage, making it possible for you to be able to cope with an increase in the price of commodities in the market.

With this current issue in the country I think the best thing to do is just to put your money in digital currency. Talking about profit too there are some exchanges that offers gives you up to 7% APR for your savings. That can also be an added advantage instead of saving in banks where the FIAT will eventually drop.

Well I know say most of una go don see the lastest btc price update today, as Bitcoin don touch 35,000k and dey within l the 34,498k-33,700k price range.
https://www.talkimg.com/images/2023/10/24/TF5hq.png
 This one na better joy for many of us here as na the highest wey we don see since the past 14-15months now. My question now be say weather dis bull movement go waka try pass 35k? Or e fit still drop?. I Sha know say we fit dey expect to see more rise for market any time soon 40k no far again.

Naira has continued to fall, it has recently increased to ₦1250. The last time I saw it which was yesterday, it was around ₦1170, but now above ₦1250.

Not only that, we all know that bitcoin continue to increase. On the parallel market, bitcoin today is almost ₦44 million. I remember that we recorded ₦22 million when we started this thread few months ago.

The recent increase in bitcoin aside the naira devaluation has been because of the bitcoin spot ETF that many bitcoin investors are optimistic about and buying bitcoin.

I saw it on the news few days ago that more than 76% long term investors are not selling.

I saw it today on the news that the exchange outflow has increased as bitcoin price surged recently. This is indicating bullrun as investors are not selling but holding bitcoin on wallets as they moved it from exchanges.

E dey sweet my belle as Bitcoin price don push further to the 35k and I know say the crypto community too dey very happy concerning the price surge. But I know no if Bitcoin go really climb further to 40k, but even if e go up, I dey sure say e go come down, maybe to 32k - 34k because we never enter the bull season. Wetin dey cause the price surge na the news say Blackrock dey about to trade their spot Bitcoin (IBTC) as dem just list am for Depository Trust and Clearing Corporation (DTCC), dey wait for SEC approval. Bitcoin halving and Spot Bitcoin trading na the reasons wey people dey feel say Bitcoin price go fit reach $150 - 200k during the bull season.

Well it is really a good and sad news at same time because the increase in price of bitcoin is also gonna affect other coins and moreover for us in Nigeria you know what it gonna mean, our naira will still depreciate and the prices of goods, commodities and services will still skyrocket so the more you earn the more you spend as well, well it's a good news for those of us that stored bitcoins in our wallets

I understood what you meant by the more you earn in naira the more you spend, but the depreciation of naira price has nothing to do with the price and value of bitcoin and altcoins that are increasing. Nigerian government are incompetent enough to let Nigeria have good economy that would be enough to make naira not depreciate the way it. For those that have money in bitcoin already, they are not affected but benefitted.

For the benefits of those that earn in USD, they are a way forward because they will emerger this same increase on the value of their money when converted to naira, but considering those that does not have a means of earnings in USD and only depends on naira to exchange it for USD, they may suffer in buying imported items because of the inflation rate, those that are badly affected are the average Nigerians who does not make use of USD in buying and selling but only depends on naira as their earnings.

Every other commodities in the market will inflate in price while there's nothing increasing from what they are generating as salary or overhead income, if this prolonged then we may be scared of getting an increased poverty rate together with many forms of crime which the average youths may engage in other to make their survival through, government should look into this because the poor and average citizens are the ones bearing the cost to this.

Yeah, and the thing is, there is no sign of slowing down in sight, we could prolly see $1/1500 naira before the end of this year, the Naira is depreciating so fast whilst the cost of living and prices of commodities continues to skyrocket. If the government doesn't do something about local production of goods and services as well as making better economic policies, in a few years the Naira might be amongst the world's top weakest currencies.
I notice say many people dey really expect something unprecedented as per the price of Bitcoin if spot ETF happen during the time wey halving go happen, even people wey i know don dey buy and hodl Bitcoin and once we enter next year, the number of people wey dey buy and hodl go also increase. I no know wetin go happen, but na to join the optimism, but make sure say you no go buy wetin you no fit afford to lose and also no borrow money or use money for other important things take go buy Bitcoin.

Looking at the rate at which the Naira is depreciating against dollars is something else oo, and with the way is seriously dropping there is a chance of dollars reaching 1500 naira very soon, although in as much as most people that invest on Bitcoin will be happy seeing the dollar rising against naira, there are also people who will be suffering because as dollars is rising against naira that's how the price of goods and commodities will also be increasing were as making things very difficult for people.

So what are the measures that most be put in place for the government to revive our dear naira.?

But as naira value declined, there is persistent rise in the price of goods and services. Which means that those that are earning in naira will also have no option than to increase the price of the goods they are selling or the services they are rendering. Those that earn in dollar will first be happy, but the increase in the price of goods and services makes it like they do not make any profit. The people I always think that might be affected are people working under someone in a way the boss will not increase their salary in time. For buyers and sellers and people that are collecting wages, they increase the price of their goods and services asap.

You're right, at the end, everyone remain affected either directly or indirectly, just that the in-depth of how we are all being affected differs from each other, that aside, still on this exchange rate, today am able to discover that naira isnfast going to dunghill if care is not taken and this time, am seing that $1 = #1,279 what exactly is happening, with the rate it's going, we are heading towards #1,500 per dollar if care is not taken before the end of the year, i wonder what the government are doing, instead of things getting better, they are rather going worst with he economy, are the people to be blamed or the government.

Point of correction my friend, an increase in the price of Bitcoin is only going to affect other coins in the positive way, and not negative, as so will the price value of other coins increase when the price of Bitcoin increases.

No No No.. It seems you are contradicting two different scenarios, that is, "when the price of Bitcoin increases"
And "When the value of a fiat currency appreciates to dollar", of which what we are experiencing here in Niaja na the depreciation of our Naira currency to dollar, which initially was at #1000/$1 but as of today, it's now #1260/$1, and as such make the prices of goods increase too, unlike when the price of Bitcoin increases e.g from $27,000/1BTC to $30,000/1BTC, and yet the prices of goods is still the same.

Na only our opinion we fit give on wetin dem suppose to do, but at the end of the day, na the federal goverment and the CBN get the power to implement the policies wey go change the situation of things in the country. Imo, i think we need to work on our local production, so that we go fit dey export goods and attract foreign investors too, see as our refineries no dey work, yet the government no dey do anything about am. Local production of goods go also create employment for a better economy.

I will blame the government because they are the leaders. The economy is affected with inflation and people are not having confidence in naira again as the value is depreciating all the time, but what was started by the government.

It is just like this country is cursed. There are a lot of things that our government are not concerned about. See the news I read recently that Nigerians have the lowest access to electricity in the world.

Nigeria has the lowest access to electricity globally,  (https://www.punchng.com/92-million-nigerians-lack-access-to-electricity-worst-globally-report/?amp)

It would be like the government are doing something about it, but what we would be noticed after few years again is the government low effort.

They do not care about many things, including refineries which are not working. Lack of electricity can result to low production and it can discourage business to be in Nigeria.

There's a lot wey the govt go fit do for our naira but the question nah Dem go do am? I don't see any reason why the naira will be depreciating against the dollar and all the president can say is "he understands the pain the country is going through but all will be well" but nothing is being done to that effect, instead nah to dey borrow we still dey on. We get plenty natural resources wey dey useful for the GDP of the economy yet we choose to depend on only oil; and no be like say we dey see any change the oil dey bring because we go carry am give the whites, dem go com sell am give us back.
Imagine say we get a natural resources like lithium yet we dey suffer. If we begin they export all these coupled with our cash crops, the economy go balance and condition the naira go grow but no, we govt no go gree unto say them fit no dey use the naira.

The question we need to ask ourselves nah are these our leaders growth oriented? Because them no go tell me say all these areas, them no fit touch on am. If I can remember vividly, China was once a 3rd world country until Deng Xiaoping (1904-1997) came and changed the economy by unleashing the creative and enterpreneurial potential of the Chinese. If we continue to put corruption for front, e no go tey, our #1000 no go fit buy food wey person go fit chop belleful.

We haven't seen the Bitcoin market so high in the past two years that we've seen in weeks. Where the value of Bitcoin reached the highest in 2023 touched $35000. It is good and happy for those who have invested for a long time, and they are waiting for the bull market ahead with the aim of profiting. As we are currently seeing positives from Bitcoin, we are motivated to see Bitcoin hit $40k by the end of the year.
https://www.talkimg.com/images/2023/10/29/Ti56P.png

BTC/USDT - BTC1 = $34531

The value of one bitcoin has increased greatly in Naira, where the amount of money previously compared to bitcoins is higher. The price of Naira has also gone up a lot with the increase in the price of bitcoin, when the price of bitcoin was low in the market, the price of Naira was also low, but now it is much higher.
https://www.talkimg.com/images/2023/10/29/Ti7Vq.png

BTC/NGN - BTC1 = ₦39,620,931

I was not tracking the price of bitcoin vs naira before until I created this thread, so I do not know if what I am about to post is correct or not. I saw it on Cointelegraph that bitcoin has gotten to all-time-high in some countries, and Nigerians is one of the three countries mentioned.

Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey (https://cointelegraph.com/news/bitcoin-price-all-time-highs-across-argentina-nigeria-turkey)

This may not be correct because the all-time-high I saw on Coinmarketcap was ₦51 million but bitcoin even in the black market has not gotten as high as that recently.

I noticed recently that naira that was ₦1310 to $1 as increased in price against dollar few days ago. $1 to naira today is around ₦1150. Bitcoin to naira is around ₦40 million in the parallel market.

It's not funny that many aren't talking about the current ongoing fall of USD over Naira, as at today, the excha rate for $1 is  #985 the whole show started as at Wednesday while Thursday loud it all when i discover Naira is exchanged at 1135 as at yesterday, now the USD is crashing and Naira is gaining strength and momentum towards rising back and fighting against the US dollars, what are we seeing to this, let discuss the probably expectations with this current happenings under the following highlights.

1. Will Naira maintain it resistance against dollars for long.

2. Is this a trick to render the market vulnerable in other to rise back beyond expectations in subsequent days.

3. Is the exchange rate feasible to to bafk to 1300 or beyond this year or Naira is raising a dorminance against USD for long.

4. Considering the festive period approaching, we know hiw things normal appears being expensive because of high demand, should we expect contrary or worst base on the excha rate.

5. Will there be deflation upon every market commodities and items already inflated at the cause of USD exchage rate to Naira when it was 1300

It is at ₦1040 presently. Edit: Just fell below ₦1000 again.

Not that USD is crashing, naira is the one that is appreciating and this makes USD to look like it is depreciating but not like that. Naira recently appreciates against all other foreign currencies nthst are well known.

Do not let me repeat myself:

Naira hits highest level since September 20th, trade as high as N972 on Binance (https://bitcointalk.org/index.php?topic=5472678.new#new)

Nobody knows for now. But I will prefer to just continue to hold bitcoin, and United States dollar. Naira just for spending.

This is the problem, deflation is hard to achieve. Do not expect goods and services to be cheap. As usual, they will get more expensive overtime.

I don't know if anybody is noticing what is happening in the exchange rate of dollar to Naira, omo dollar don dey depreciate back to the former price if you can observe it, and naira is gaming back its value. I just did my calculation based on Binance price and dollar is 806 Naira as I am writing this thread, because bitcoin is 274 743 703 Naira now. At two weeks ago,we knew that it was above 1150 but gradually it is appreciating and nobody knows for how much it will appreciate to.

 Does this means that the promise that Tinubu said about making things very high before the economy will be balanced, because I could remember that he said that dollar will depreciate over Naira with time. One thing that I haven't observed yet is the cost of commodities, the prices are still high and getting higher, is it that the dollar depreciation over Naira is not suppose to bring down the price of things now, or will it be a gradual process, or is it that Naira can appreciate over dollar,but the cost of commodities will never be brought low because of greed ? This means that the new administration is working on making the dollar loss value over Naira. Can anyone tell what is the cost of this new change in price of dollar and Naira

It is not that low as of now. I just checked Binance p2p and I am seeing N985. I do not see this as something that will last because apart from injecting dollar into the system, our government is not doing any other thing that will support the growth of our Naira against the dollar. So long as we depend on importation for almost everything we need, our Naira will always depreciate against the dollar. Assuming they can stop importation of petroleum products by revamping our refineries, they would have taken bulk of the dollar demand.

Assuming they can lift all restrictions in our cards and allow a unified exchange rate, then it would have been easy to find the point of equilibrium. As for now, the market is so volatile, and I will encourage us to exercise caution.

The dollar is not depreciating, it is the value of the Naira that is appreciating when you compare it against the dollar. It is good that the naira is gaining value again, but i don't think it is going to be sustainable, we have seen many times that Naira gained value against the dollar for a short time and it crashed down again after sometime.
This one no mean anything, na just artificial value be this and i dey sure say in few weeks the value of naira go crash again, e no get anything wey the government don implement wey show say this rise dey sustainable, so no carry your hopes go up.

Every currency rely on dollar as the the dollar is getting stronger that the naira,  the naira is loosing value which makes the standard of living to be very expensive, and if commodities keep increasing it won't be easy for people to buy bitcoin because the expensive of things is much on them which it won't be easy for them to buy bitcoin like when naira has value.

The way naira is losing value us really affecting some Nigerians, because of the expenses of things people are just looking how they can survive,  which they have made every investment as secondary budget.

we all know the game behind Naira  i read it in news that CBN fun around billion of Naira to Forex and now we have a upper hand i just hope it last .However, lets be on alert incase there want to be any rise :: exchanges to dollar should be done with immediate effect => a new rich strategy to apply   :D . Update!!! ;D

Let's see and watch how long this will be sustained even as we are approaching the Christmas season, Naira is trying to maintain a strong resistance to fall, well i want to believe that this is not really a market reaction as others have said and could also be in other way round, what amazes me about this is the rate at which the market price of items in the market have rised and after the drop in exchage rate these prices still maintain the same rate, people are definitely taking advantage of this to make their own market manipulation.

Naira appreciate over other currencies is what is happening right now, not that dollar is depreciating in price. About the price of goods and services, be expecting them not to increase as usual. But as naira increase in value, even if the price of goods and services is not increasing, do not expect any to depreciate. As we are moving towards December, cost of goods and services will definitely increase. Naira increase in value, but how long can it last is another question that should be answered because what the CBN did is just a temporary solution.

Naira does not depend on dollar. If naira depreciates, there would be increase in the price of goods and services which is called inflation. Inflation will make things to balance and be like before. Example is in the past when a brand new car can be bought with ₦5000, but an amount which a salary earner can not be able to use to afford to live for a week now.

Una suppose know say no be only naira appreciation or depreciation they affect the prices of goods/commodities, Naira appreciated a little no mean say we don defeat inflation na, the rising cost of living and rise in cost of goods is down to inflation, and this inflation affects cost of production, which ultimately go affect the cost of the goods.

Naija dey import most of the things wey we dey use and because of insecurity, lack of local production and bad government policies we no dey attract foreign investors, so the naira is definitely going to crash again because this is not sustainable. People no dey take advantage of anything, this is the reality, a small artificial appreciation in naira value no mean say things don good.

That's the problem with our dear country, how can our currency be valued when we ain't inventing or producing something that the world haven't invented or produced before. Our government have really been a major setback in our currency not being valued like we have young talented citizens who are ready and willing to invent things in this country but our government pays less attention to such individuals, instead they prefer sending their brainless children abroad to study rather than invest on individuals that are ready to research on things that can proffer solution to the world.

Having individuals that can offer solutions to world problems also contribute to a country's currency being valued because other countries will start sorting the services of such individuals and by so doing that country begins to gain recognition from the international community.

Our government needs to pay more attention to human capacity development as these can be a major factor to a country's currency being valued because when we have lots talented individuals that can offer good and quality services to other countries it will help that country to be respected because of such individuals, so I believe that human capacity development can also aid our currency being valued.

You are not wrong at all. Example is the increase in the price of petrol, this will lead to other people increase the price of their product and services, saying it is because of the increase in the price of PMS. If there is increase in the price of diesel, we all know how factories depend on it for manufacturing. The product they are manufacturing will increase in price and pointing to increase in the price of AGO.

@Richbased
You are also right, but even if no inventions from Nigeria but our government is able to do the right thing, like making all our refineries be fully functional, able to deal with crypto exchanges that supposed to have offices in Nigeria and tax them, and able to encourage and help other industries that we need in Nigeria and improving other sectors that they need to tackle, it would have been better than this. But you are right because if we begin to invent, eyes would be on us from all over the world and this will also help. What is most needed is the government to encourage this and also let us have a favoring environment for it to materialize into something that will help the economy.

I believe it is the fund that was forwarded to the  FX to clear up the back sit on Nigeria foreign exchange. According to what I saw on Arise news that an official from the CBN, confirmed the settlement of FX forward contracts through 14 banks on Wednesday. He later assured Nigerians that the remaining FX forward contracts would be addressed in the forthcoming week.
And I also understood that some funds where recovered from some countries like France where Ex President Abacha hind the national wealth in an investment in the France and causing the incumbent president to inherent debits. 

Exactly, people suppose know say inflation na global problem right now, no be only for Nigeria, though for third world countries like Nigeria the inflation go dey worse because of our economic and social problems. Cost of production don rise wella, as you talk so, as fuel rise, companies go also increase the prices of their commodities because fuel is also used in the production process and also used in transporting goods to consumers.

Naija na rich country, but our money na for consumption by the elites, zero production and no facilities to even support private businesses or to even make life easier for them. Pumping money in to increase the value of the naira is only artificial, e just dey like when covid wahala affect global economy and plenty countries come dey print money from thin air, at the end of the day, na inflation all those action bring, the situation of things for Naija no dey improve, but we dey hope for the best.

I think this thread will serve well as our own naija local board speculation threads on bitcoin price in respect to USD and naija Naira, now i can see that over two days now, the naira currency on the exchange rate to USD is maintaining a strong dorminance between #1,000 to #1,050 per exchange rate for $1 same also is bitcoin struggling with a dorminance between 34,900 to $35,500 and I think there's much to derive out from these sentiments, now the price of items in the market is fast increasing as at when the exchange rate was $1 = #1,300

Inflation is increasing in rate and market value are coming down but the prices are not coming down with it, this will now lead to my own personal conclusion on this that we should expect an influx change at anytime from now onwards to increase the USD exchage rate to Naira before the end of this month, definitely we all know that Naira has not that ability to withstand and hold against USD in terms of exchages rate, but let's see how the government could try in holding this resistance to last before we see $1 to be #1,300 or more before this Christmas.

I don't think there's any dominace  rather, I will call it a trial- resistance using the trial  in the case of Nigeria situation ,its  a downfall for our market and remember at that rate we're still  experiencing  a high level  of inflation. Coming to the part If we will be able to maintain it I don't think so as there's as always beign greater out break  incurring more inflation over the years.

But we can predict the market but let's hope for a good out come as for the betterment of everyone. God Bless Nigeria

I saw this news two days ago: Naira may appreciate to N600 against dollar – Tinubu’s aide Fasua (https://dailypost.ng/2023/11/07/naira-may-appreciate-to-n600-against-dollar-tinubus-aide-fasua/)

It was about one of the special advisers of our incumbent president. He said naira may strength further to exchange at ₦600 to $1 in the foreign exchange market.  ::)

Naira has depreciated in price a little after it went below ₦1000 to a dollar recently, now around ₦1128 in the parallel market as of today.

How will naira appreciates when things that continue to make it depreciate have not yet been tackled.

Some people may not know that there are other ways to hedge against inflation, some people always think dollar can help, not knowing dollar is also depreciating but not just depreciating fast like naira. Bitcoin is far better as a hedge against inflation.

Holding bitcoin now is better.

As naira is appreciating against dollar and the price of bitcoin as of now is $36,813.49 as at the time of writing this I believe that buying and Hodling bitcoin is surely the best because as naira is appreciating against the dollars it will be comfortable for us to buy bitcoins now using naira as no one know if the naira will keep strengthening against the dollars or it will reach the middle of the road and start depreciating again although Nigeria is making plans for new FX rules in optimism that the naira will reach a considerate price before the end of the year. Whichever way it is all we seek is for the price of goods and commodities to also fall to a favorable and sustainable price.

We just need to pay close attention to the word "may" which he used in the context above, which implies that it may fall or may not fall to that value which he speculated, because truth be told, Tinubu's aid Mr Fasua is not the first or neither will he be the last to come tell Nigerians that our Naira will be stabilized after a drastic fall, of which the worst thing that can happen is for the value of Naira to rise little bit and then after a while go back to normal, which you know we Nigerians, are very good at silently adapting to changes, and we will do that without complaining. Henceforth, for me, I personally know that it will be easy for the head of an elephant to pass through the eye of a needle than the price of Naira to fall back to #600/$1 black market rate.

Exactly ! This is the key point,  it seems we care about  the figures  rather than considering  the main factor  determining  the rise in the inflation . The government keep putting up words  ease our stress when they are yet to tackle the main cause of our pains

We keep on pushing  as if there's nothing happening  because we have no choice as the minority  rule over the majority  which is supposed to be the vice-versa  on the other hand , the voice of the majority aren't heard in this so called country .

If the figure reduces  and there's no fix then remember there will be a greater comeback  , God bless Nigeria

Well we all already know that the CBN is playing gamble and politics with the naira but however, we still need to be optimistic about the naira strengthening in the upcoming days at least even if the price of things doesn't reduce we will use the naira to purchase bitcoins as that's the most important thing we will gain if the naira keeps strengthening against the dollars and there's no smoke without a fire so for the aide to warn individuals about hoarding other currencies with the hope that the naira will depreciate means that they are up to something so let's just be hopeful regardless of the fat that our government have been giving us empty hopes and promises over the years but let's still be hopeful and solicit for a better Nigeria and at this point all hand must be on deck as we can't channel all the responsibilities to the government alone, it requires a combative effort before we can create an enabling environment that will better the hopes and lives of citizens in the country.

Him dey eat with a very fat spoon, so him suppose talk good things concerning the administration and appear optimistic even when him no say the path wey dem dey lead us to, road no dey there. How naira wan take fall to N600/$ when Nigeria dey heavily rely on importation and no better plans to address the current situation?

I believe na when the naira drop from N1257 to N940, na wetin make the aide to make the speculation about the price of naira but just few days after, the price don climb again. Just as some member don express their pessimism, from the way Nigeria dey go, I no see naira fall to N600/$.

You know this country we Nigerians don get one lifestyle like that way be say we go gat sell our conscience to the truth so that we fit see food chop on our table. And people go see blue call am red without shame or thinking of how their integrity will be seen as. Nah something make the price of Naira to dollar increase exponentially to #1k+ we have today and you never fix the problem you the com for national TV and social media space the tell people say dollar go fall to #600 nah by magic or what. The #600 sef shame supposed catch you say $1 nah #600. Our politicians knows the solution to the economic problems of our country but out of greed them the abandon am the treat effect instead of the problems. No consumerism nation can ever development for this 21c without turning to a production nation and nah dis be part of Naija wahala

My brother I tire oo, greed and selfishness is what is causing all this nonsense and the fact they can come out and lie to our faces is just something else because the matter just tire everyone for the nation, imagine a country filled with so many natural resources and potentials but yet one of the poorest when it comes to economic Ballance and stability. Me I don tire to dey complain sha, na just to dey hope say one day e go better because as e be now so many things don too spoil for the country to better so soon or like you talk for the naira to magical beat the dollar from 1k as the current price now to 600naira as proposed by these hypocrite wey we call government.

With the rapid increase in the price of Bitcoin for about few days now it looks like it will definitely surge to the speculated AI ATH for the ending of December 2023 because about 3 days ago the price was $37,711 and day before yesterday it moved to $38, 898 then yesterday it's price also moved to $39,436, and today 04th of December 2023 it's price is around $41,356 as at the time of giving this information, so with the current btc price movement on daily basis it can be agreed that it is going towards the speculated AI ATH of $45,000 by the end of December 2023, what are your thoughts on the current price movement of Bitcoin, will it achieve the speculated AI ATH for the end of this year 2023 or it will drop along the line?

Omor, how many of us dey observe wattin the price of bitcoin dey do, e just dey increase rapidly since yesterday e don increase more than a $1000. Currently now the price dey for $41,700 if person ask me wattin dey happen I go say we don enter the semi bull run wey dey happen normally before the halving, this wattin don dey happen for years past if you observe the price movement you go see wattin I dey talk. Omor I brother, when we dey talk e just be like say na joke oo, bitcoin don dey goooo, but I petty does wey no join us because of unbelief, no be say dem no get the money but dem dey either procrastinate or just make up their mind say dem no go do when them get chance.

Yes, spot bitcoin ETF that awaits approval started the bull run. What is very new to us Nigeria is that bitcoin got to a year new high at the time. You can see that from the chart below:

https://talkimg.com/images/2023/12/04/Ncp6v.png

The price got to over 48,200,000 naira.

With time, bitcoin will increase above 100 million naira.

The increase not dollar in the country is getting out of hand. And some people think that when dollar increase their hodling will also increased but that might be correct but they have forgotten that $1 which is equivalent to #1400 now is also equal to what you buy as well and if you calculate very well you will discovered that what you earn and the increase in dollar, you are di one who loss out because expenses will eat up your funds..so instead let's think how dollar can reduce to the normal price again. If dollar is high, then you hodling of Bitcoin is always affect because you are not using Bitcoin to buy food or clothes but the fiat currency and you must change your Bitcoin to fiat so what is the need of advocating for the increase in dollar.

And we should not forget that it's not only us in the country but poor people are also there. Do you think of them as well?

Absolutely right. The higher the price of dollar to naira the higher the cost of goods and services in our country. Which means there is no difference from what it was before. For example, if you buy a bag of rice for thirty thousand naira when one dollar was equivalent to a thousand naira. If a dollar increases to one a thousand and four hundred naira the price of rice would be about 45k. So, we see no difference in the value.

And my only fear is that in Nigeria what goes up doesn't comes down. Instead, it continues to go up more and more. Sellers would take advantage of the price of dollar and start selling their old products for the same price the new product cost. My candid advice to everyone is that, if you have a skill or service you are rendering in exchange for money. Do well to increase the cost of your service if not you will not meet up with the standard of living. This year na no gree for anybody o

Rightly said, yesterday I say make I enter market to buy somekind things for my self. Omor wattin I eye see just trouble my heart, something of N6k in the month of December now Dem say na N13k when I waka like 5 place  and the price just dey stagnant na for there I take know say these people no dey play at all. So as dollar dey increase e dey affect us individually nobody go fit escape.

Omor the price of Bitcoin just dey shock everybody, because the price predictions and expectations don too many for the price to dip like this. Anyway we don get small hit why the price dey dump. Grayscale selling that huge amount of Bitcoin just be like price manipulation. But this na opportunity to buy more.

https://talkimg.com/images/2024/01/26/kIDJ5.png
source (https://coinmarketcap.com/currencies/bitcoin/)

this is not even about the bitcoin price now that we are in, the market is getting worse day by day through the effect of what the economy condition of the country is, you can know this about the exchange rate of dollars to naira, as at today, you will get it done at the rate of #1,407 to #1,430 per 1USD, what are we to say concerning this and the affairs of the country economy, we cant be having it going like this, this isn't the expected change we are all waiting for.

Check Nigeria's production/importation rate, that is what do we have that other countries are hugely demanding for?.
You produce crude oil and still take it outside to refine the crude and even pay huge amount of money in that process of refining it, insane right?, something we have the capacity to do here and only do the exportation of the refined products. The unemployment rate is high and people are now selling off their properties to travel abroad, what would they demand for,  same dollar right?, I have heard of some construction companies that work in Nigeria, and they are being paid in US dollars, what a messed country that doesn't want to move forward  In fact, there are many contributors to this increasing exchange rate we are witnessing lately and if nothing is done about it, to quench the fire, we would even see a #2500/$1 in the coming months ahead.

If you have read my post, you'll understand that I am in the same page with you guys, I shared my experience on the change in price of things in the market due to the recent increase in dollar. I posted the Bitcoin price because  for long we haven't updated the price movement of bit oin here in this speculation thread. If proper care is not taken, the exchange rate of dollar to naira might hit #1500 before the end of next month, and that will just make the cost of living to increase drastically while those earning in naira will eventually feel the heat. This is just too much, within how many months the dollar to naira exchange has increased with more than #500, this is entirely not what we expected from the office of our new government.

Earlier this morning, I saw a post on social media talking about EFCC agreement with BDCs to spoil black market rate due to the increase in dollar. Please how true is this?
So we know what to expect in the next few days or weeks.  Besides we have upto 5687 licensed BDCs by the CBN so how are they gonna convince all 5687 to reduce the rate of exchange?

Good afternoon my people, I bring to you this week's BITCOIN's market recap ,

You can make references to my post  " key terms for
understanding crypto markets " 
for better understanding of the terms used in this post.

 https://bitcointalk.org/index.php?topic=5485476.0 

this week way just past so 
(Monday ,12, Feb,24)~(Saturday,17, Feb,24)
Na  really big week for BITCOIN, because BITCOIN gain about 9.2%  increment. This one na really good sign way BITCOIN done show us so , as most of the investors and retail traders done put eye for am like this because of the way e take move from 47978.05 to 52395.42 within this relatively short time.
First of all the way the week take start  I no expect this type of strong bullish move because we enter this week with a market way dey  consolidated around the 48594.35 and the 47651.65  zone  way continue for almost the whole (Monday , 12 Feb , 24) until In the evening we come experience one huge price Spike way come open the way for further rise, after this Spike way I dey talk so , the price come later come back to the price way e originate, that is on (Tuesday 13 , Feb , 24) then buyers way been they wait to buy for the market come pick up the orders , na so price come take rise through out (Tuesday 13 , Feb , 24) and ( Wednesday, 14, Feb, 24) on reaching (Thursday 15 , Feb , 24 ) price come start to consolidate around the 51185.48 and 52757.83 zone way done continue till now (Saturday ,17 , Feb ,24)
so at this point make we continue to look at how the next week go be.


Wish you all a Happy weekend and a successfully week ahead 🎉🎉🎉

I was expecting bitcoin price to clock 50k earlier in January but that didn't happen, I guess its usually when you don't expect bitcoin turn up more but at least we all knew it would be bullish, so those who continue to stack up more will be smiling and Thanking God.

Now that the ETF has already been accepted, I think bitcoin will get to a new ATH before halving maybe around March before most will then sell some of bitcoin because of halving and some people expecting a huge sale from top investors just like some do during halving but still yet bitcoin likely get to a new ATH because I think most will continue to HODL till this happens

Floating di naira fit help boost export competitiveness. Wen dem allow di naira make e float anyhow e like, e fit lose value, wey fit make Nigerian goods and services dey cheap for international buyers. Dis fit ginger industries wey dey focus on export, increase di money wey dem dey get from foreign exchange, and fit reduce how much di country dey depend on oil exports. E fit ginger make dem diversify di economy and fit help build one kine economy wey go fit last and strong.

Still, if dem allow di naira make e float, e fit bring wahala of inflation. If di value of di naira drop well well, e fit make prices of imported goods and raw materials go up, wey fit make businesses and consumers spend pass.

Until the bullish season after the halving happens before many investors will even bother selling their investment. Until then, we might only see the price rise, and other things happen to provide signals that are unreliable and unrealistic. The goal is to HoDL for a good long duration, else anyone who started accumulating BTC perhaps since last year, might not make as much profit even if the bullish season comes fully.

My dear na as Naira just dey climb dey go wer person no know, be my problem o.
 The exchange rates and transactions fees is one that should be looked into so as to ease or provide P2p transactions with a seamless operation.

https://talkimg.com/images/2024/02/24/Y5Eml.png

Na the joy of every Bitcoin holder to see the price as e rise like this, and we dey even dey hope to see the price to continue to rise pass like this sef. Though some predictions dey wey dey talk say e go rise pass the ATH before the halving but I nor dey too put mind for all those predictions because many of them na just meer guesses. For the passed one week the price of Bitcoin just dey waka from $50k to $52k which means e still dey on a sideways trend. Maybe after now e go enter small bullish or bearish trends, but based on history, na bullish trend naim dey happen before every halving.

Na who get Bitcoin for him portfolio na him suppose they happy to see price of Bitcoin increase. I believe wetin they happen now na part of market correction and definitely we go hit the $60k price before halving so any body wey get plans to invest make him better hurry catch this down price before we touch the new price.

I prefer the part where this chat is being shown on BTC/NGN; that’s now that it’s currently trading at N83,138,000 which is 1BTC is $51,521 which calculated in $1 to N1615, the united state dollar have traded in 24hrs ATH at N1698 according to Binance and BTC to NGN have traded at N89,000,000 in the last 24hrs which if calculated with current rate the price of BTC to NGN have dropped a little bit which could be influenced both on Naira gaining a little value over the dollar and the price of BTC also dropping down a bit before coming up.

The past three days have been unstable. The price of NGN to dollars moved from N188 - N1700 it also retraced back to N1800 but today and yesterday we saw that it had gone below N1700 resting at N1690. I am speculating that it will go back up, reaching N2000 per dollar. It might be a sad story since i have so many friends and family that have been going through a lot because of the price of goods and services as a result of the dollars increase

Irrespective of the fact that some of us are beneficiaries of this increase in dollar over naira, due to the fact that we have most of our assets in Bitcoin and other crypto like USDT, I'm still not satisfied with the dollar increase over the Naira because we have lots of individual who are suffering from this rapid increase, even our very close relations are going through a lot this period due to the hike in price of everything in the market. The percentage of persons not into crypto or those not earning in dollar are much higher than those who are into crypto, so lets pray things get better than this.

Currently the price of dollar to NGN is below N1600 it was struggling to maintain that yesterday and earlier this morning but it end up settling at N1610 to N1620 as of the time I made the comment yesterday and today we can see dollar to NGN at N1590 which make BTC to NGN at N80,665,000 which have dropped down compare to yesterday but the price for BTC to USDT still have added little value.

We bless God for the decrease. If the price keep on reducing, hopefully before the end of next month the price of naira to dollar would drop to 1k to $1, and the hike in price of things in the market would come down a bit. But this country could be funny most times, even if the buying price reduces because of greed some person can still sell for inflation price. However if the dollar to naira rate reduces is and advantage for the country as the price of thing will begin to reduce uniformly, so let's pray it get better than this.

People wey dey earn in foreign currencies no really benefit like dat becus indirectly you go cough out all di money back. As dollar dey increase naso things for market dey increase. Make I use this example explain, 2 weeks ago I buy Romoss powerbank for jumia for 73k, afta 4 days di price come increase to 81k, yesterday wen I check again di price don enta 97k. The only thing be say e still beta pass person wey dey earn in naira becus as dollar dey rise and things dey increase for market, your naira go dey reduce in value.

Even if say dem dey spend as e dey enter, Dem wey dey earn in dollar dey actually get advantage pass ordinary person wey dey earn in Naira because, as dollar dey increase, even if say the cost of living sef dey increase, the profit wey Dem dey get from the dollar increase go fit solve some additional issues. But no be that aguement naim carry me come this thread like this. As I just check my binance naim I see say the dollar to naira rate don dey drop, omor the thing sweet me for belle because price of things fit go down, especially electronic gadgets wey their price dey strictly follow the dollar to naira rates. Currently the price wey I see na 1455 per dollar if you wan sell small quantity, if this rapid decrease continue the naira would regain strength in no time.

The parallel market rate at some point ahs also been detrimental to the state of our economy, in as much as it's Ben beneficial to many because it makes them feel it boost their purchasing power after convertion but then it affects others because the prices seem to be peged at such rate due to the fact that it's looking more profitable thereby causing inflation on the economy but of we look at the CBN rate it has consideration because it was actually supposed to help cushion the fall of naira against the dollar so that purchasing power of the citizens even after importation can still fall within a considerable range but then because people will always want to get more due to the insatiable nature of human wants they will still tend towards the parallel late not minding the inflation.

If you take a critical analysis into this thing, you will discover that it's just greed and gullibility that's making people think the parallel rate is better because these prices could have been regulated and maintained at a level if we are all using same rates, if the parallel rates are high up there so does the prices of goods and services so invariably the benefits are not even sensible, rather its just a recycling of inflation and greed.

Boss you really dey on point, as you take talk am na so e done be oo, few days to March, BTC done rise well well already oo, e just dey interesting to me say this crypto maket as e be so just dey unpredictable ,  you fit think one thing , na another thing dey happen, just imagine before the halving nine we dey see this kind move.






from a personal and fundamental perspective , I think a person that earns in foreign currencies is at advantage, because as the naira drops it doesn't not affect your funds , because it is not bonded to naira . The inflationi in price may see like it has an effect on a person that earn in foreign currency but it really doesn't, it actually complements the person, in that the increased in price of goods and services levels up to your income.

Bro, don't get things twisted, the major reason things are very high its that the president floated the price of dollar, the companies  and importers that gets dollar cheaper to  transact their business now gets it at a very high rate. Now since the cost of production is very high, the products gets high simultaneously because no man gets into business for charity purposes nor to bear loses.

For the dollar price reduction,  I see that as a gamble and momentary, the price might likely spike up again soon like its gradually going up recently. You don't need to hope on this government making things better, you got to create avenues to make life more meaningful and comfortable for you in this country.

My brother, I understand clearly wattin make the price of things go up, and that na why I no go fit open my mouth blame the marketers because many of them sef don give up the business because of the way the price they rise after Dem sell their previous goods. Truth to be told this inflation is as a result of our governments failure to put some things in order. However I just dey hope say the price of things get better because this current price dey make plenty families starve, but the way e come be, the dollar to naira rate don dey go up again after e drop small yesterday.

The situation wey so e show how e dey hard for people for market wey dey shake anyhow with money dey go up and down and prices dey rise. People wey dey collect money for obodo oyibo fit first think say dem get advantage because their money strong or stable. But as our own money dey lose value plus inflation join, e fit spoil the matter for dem.
Na so I buy one Romoss power bank from Jumia for 73,000 naira when dollar dey favor us for exchange rate.
Just 4 days later the price for the power bank don jump go 81,000 naira because of how dollar dey shake plus how market dey behave.
After that one the price still go up reach 97,000 naira and e show say the market still dey shake well well and inflation still dey worry us.

https://www.talkimg.com/images/2024/02/27/Yq2Sa.jpeg
This is the only thing better and helpful against our dying economy, earlier bitcoin investors in Nigeria are smiling bitcoin, Other fiat currency are depreciating and while naira is being manipulated and dying, bitcoin investment is better than other for us all because either in the good or bad economy, we're going to be richer  ;D

Normally ehh, the benifits of Bitcoin investment for some body way they for this our economy like this, because of the current challenges e good to invest for other things, like for example BITCOIN , way no dey bonded by our traditional currency. Like you talk,

 "so that we go dey richer 😊 "

 even in the current ups and downs way we dey face.

BTCaby is not entirely predictable but we're still hoping for  a new ATH before halving and after that, up up and awy ;D

+1 merit for you to make this thread more lively again also to motivate you to work better in your post structure, here are some helpful guides :

Useful information for Nigerian newbies (https://bitcointalk.org/index.php?topic=5462934.msg62680420#msg62680420)
[GUIDE] Bitcointalk forum etiquette (https://bitcointalk.org/index.php?topic=5136703.msg50793983#msg50793983)

Boss, I don gather some tori based on our discussion. The choice between the parallel market rate and the I&E window rate depend on wetin we dey look for, who we dey talk to, and why we dey analyze am. Sometimes, e fit make sense to consider both rates and show how dem affect different parts of the discussion. Even our own experience fit come into play.

The parallel market rate dey often easy to find and plenty people dey follow am, especially those wey dey do buying and selling for street and informal markets. Prices for parallel market fit jump up and down pass the official rates because na reflection of how demand and supply dey work for the unofficial economy. Using this rate fit give us better understanding of how things dey move for the street and black market, and this fit matter for some analyses.

The I&E window rate na the official exchange rate wey Central Bank of Nigeria don set. Using this rate means say we dey follow government rules and e fit dey better for official or big man palava. The rates for I&E window dey more steady compared to parallel market because na through official channels and regulated people dem dey do transactions. Data from here dey usually more believable and transparent.

If we dey do analysis for official purposes like financial reporting, government compliance, or policy recommendations, e better make we use the I&E window rate because e dey follow government rules and e dey credible.

I have edited the OP. These are what I edited and included:


I noticed people talk more about USD has been one of the reasons I edited it. Also to let us know that we should use black market rate because it is the price that we have been using for discussion. I did not see anyone using the I&E or the CBN rate.

Happy to see people posting on this thread again.

BTC at ₦92.2 million today. Approaching ₦100 million. $56000

[/quote]
BTCaby is not entirely predictable but we're still hoping for  a new ATH before halving and after that, up up and awy ;D

+1 merit for you to make this thread more lively again also to motivate you to work better in your post structure, here are some helpful guides :

Useful information for Nigerian newbies (https://bitcointalk.org/index.php?topic=5462934.msg62680420#msg62680420)
[GUIDE] Bitcointalk forum etiquette (https://bitcointalk.org/index.php?topic=5136703.msg50793983#msg50793983)
[/quote]

Yea thanks allot for the valuable insights and the post you shared ,it contains a whole lot of information for a beginner to really understand how the forum works.

https://www.talkimg.com/images/2024/02/28/fa5Fv.png

its 24hrs high is $59,508.89 which 94,053,800.155 NGN probably see the ₦100 million before the weekends

It's really funny how the price of BTC is skyrocketing and Naira is also appreciating but the appreciation of Naira is a welcome development as we hope to experience the price of Bitcoin soaring more higher while our currency gains more value, at least the price of goods and commodity would start reducing gradually in other to make life more affordable for people in the country. As at the time of writing this, the price of naira to dollars is around #1630 while the price of BTC is fluctuating around $58,986

Naira price is gradually appreciating. I checked it just now and I saw  ₦1475. Bitcoin price is now around ₦87 million. Although, we like it or not, bitcoin will later surpass ₦100 million.

I saw it at ₦1475 just now. Deflation can not easily be achieved, but the government have done it in a way that naira price is manipulated by them is what I think. They arrested BDC operators and also go for exchanges and forex brokers. Now Binance is indirectly controlling P2P price. Do not be surprised if the price of goods and services do not come down.

https://talkimg.com/images/2024/02/28/fdTyZ.png

OH MY GOD😱

Bitcoin is so close to getting a new ATH. If it keep on increasing at this rate, it might beat the ATH before the end of next week. This is just so amazing, those who are yet to buy, it's not yet late you can still accumulate now before we enter into a New ATH. I can see that the dollar to naira rate has dropped a bit, and that is a good one but just as Charles-Tim said all this is because of the manipulation from the government by arresting the BDC and making exchanges to set their p2p price, however the problem is still on. Manipulation can only last for a while and after that the problem will still surface. It's not my prayer that we continue like this, but the government have to admit the real cause of the problem and tackle it now that it's day.

Thank you for sharing your valuable insights. There's indeed a high probability of Bitcoin surpassing its all-time high (ATH) soon. Any how, e go dey  wise to still closely monitor the neckline of the previous double top pattern for any potential resistance. And then for  the recent strength in NGN, it seems like a sustainable trend from my own personal perspective. Any how Let's just keep our fingers crossed.

The price of bitcoin hit $62+k today and as of posting the comment it $59+k though it has not shown red yet and tht means it will still go up again. If the market is going up like this till the month end, it might hit $70k and that should the beginning of the all time high for all the in the cryptocurrency market. And crash of dollar affect the investors of bitcoin in the country because definitely the amount would come down and if someone has 0.06036 bitcoin equals to #5.5 millions before when the price of dollar was #1800 and now DT the price of dollar is #1500, the 5m will reduce very well.

Now the BTC/NGN is not like before again but even the price of dollar is coming down, things that is goods are not coming down again that is the worry now.

E get truth for the matter wey Bitcoin price don dey show serious momentum wey dey carry am near its ATH. Dis fit dey very exciting time for investors specially those wey don dey gather Bitcoin small-small over time. But e important make we dey approach the market with clear mind, and consider all the many factors wey fit affect how the price go move.

E make sense well to dey waka with caution and discipline. Make we dey updated on top market tori, maintain our long-term view and make informed decisions based on top our own financial goals and the level of risk we fit manage.

Bitcoin already touched $64k very close to last ATH, just a few more to go but we should also expect some market resistance for a while but if the buy continues this way then we certainly will hit $70k very soon. Goods are not yet coming down because the exchange price is not yet stable, let's just watch and hope for the best.

I'm usually more active on topics like this but you would find more on speculation sub board in the economy board, having a topic like this on our board is interesting, nice one @Charles-Tim.

I'm speculating that bitcoin would reach a new ATH of 150k this year, I was speculating a 100k but we are well close to 100k and we are still a month and some days far from the halving, we should be entering a new ATH before this month runs out and get to about 84k this month, the demand on bitcoin would well rise after the halving, but I think it's already bon a very high demand right now as it should be, we have enough fuel to hit 100k this year and soon, but I'll still have my bets on 150k

Currently it shows that Bitcoin's price came down a bit from $63k to $61k but with the increase rate for the week I believe it will still find its way back up, and it might even hit the ATH next week at this increase rate. Wattin Bitcoin chop wey make am they grow like this? The thing just dey sweet me as I dey see the growth because na just profit full everywhere. I nor fit predict say Bitcoin go reach $150k as ATH now oo but I know say e dey very possible in time coming but for now, I just predict the range of 80k -100k even with the Bull run after the halving but if e increase pass like that na still to my favour.

After hitting a new ATH against dollar (1BTC = $68,912.84) the new ATH against our naira is 1BTC = 107,573,639.129 NGN after which there was a significant dip to 95,004,969.151 ($60,861.22) NGN before retracing back to 103,612,355.538 NGN ($65,821.10).
source: Coingecko (https://www.coingecko.com/en/coins/bitcoin)

The fall was from investors who were selling, as we could see that Mempool was congested at that time but I guess we might still see another ATH before halving since it is currently sitting against US Dollar at $65,821.10

speculating on bitcoin future value can be exhilarting, espescially with the approaching halving and current market dynamics. the anticipation of reaching a (ATH) of 100$ this year can either or neither be. Although, we might see it surging after the post-halving but time will unveil the outcome in the following months

I have noticed that many people among us prefer to also discuss on USD/NGN price speculation. Some people even prefer BTC/USD pair because they can easily know the price dollar to naira and bitcoin to dollar. So we can discuss about these two pairs now.

Despite all the dramas that were on news, I noticed that this thread has not be active as it was before. But I think if we discuss about USD/NGN also, here can be enliven again.

You can see the price of naira falling again. It fell below $1400 but now at $1357.