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Author Topic: Naija Novice Hangout {Newbies introduction & Orientation} Thread.  (Read 549778 times)
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November 07, 2022, 06:15:41 PM
Merited by Adbitco (1)
 #4801

What are the direct effect of the Naira with Bitcoin as the Naira has been devalued drastically?

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.
Will the devaluation of the Naira have bad effect in the Bitcoin exchange market?

So here's my thought, for the past 1 year I never use my Naira buy Bitcoin or USDT mainly because e dun too cost to buy (asin the exchange rate) and na only sellers dey benefits. I mean to get just common $1.5k na like 1 million plus person go dey spend oh. This massive increase in exchange rate fit dun discourage people from wanting to invest new Naira into the market and this fit be one of reason the trading volume for Nigeria dey decrease. The bear market also follow but the fact say more money is leaving the market than those coming in also get e impact.

Wetin I dey try talk be say, with increase of a currency, e dey normally encourage selling instead of buying so the more the naira dey increase the more e dey encourage people to cash out instead of buying with the hope of rebuying when market crash. This one come mean say new money no dey enter the market and the average trader dey find am hard to buy into the market due to too much increase in exchange rate. Na the only negative effect I dey see be this.

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November 07, 2022, 07:02:40 PM
Merited by Wiwo (2)
 #4802


My broda no small tin oo, like this to even buy usdt now be like say na suicide pesin wan commit bcus e really hard to release dat kind money to carry buy usdt based on country palaba and I hapi say na only cash out we dey like this.
Pipo dey really cry and dis one fit cause serious issues o if time not taking.



Now again I come dey hear say CBN don put anoda law to monitor account now, since total money wey been dey circulation cum dey small so now dem dey check wia dey money go and how dem go carry recover those money. Sometin wey really catch my attention say any old account with above N50m will be investigated, while newly account created can only accumulates N5m and if it happens say e pass the account go dey monitored by EFCC

Abeg make una read am more here. I no know weda dis Information don already dey carried here and I no know how de information dey authentic reach.

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November 07, 2022, 07:11:06 PM
 #4803


Yes, d news de legit because I don see am b4, na just confirmation I never get na why I no fit share am here, but as be now it is confirmed.
NITDA self de try with all dis kind programs just be say dis one dem talk say dem go train plenty people na why I been doubt am b4, but I personally know say NITDA de run some kind programs wey de help Nigerian youths even though some of them de be on a low ki. Back den in 2021, de run digital satellite training program 4 some limited number of people and dem try provide some basic equipment for dem after d training; so dis one to go de very legit but how person wan take participate na im be d main wahala now, because as dem don talk am if u no know anybody we fit just come see news again say dem don finish d training.

Na were naija issue dey be this, no be say initiatives or innovations no dey wey government implement oo but na selection be the wahala, Nepotism go always take place na some of this innovations dey die before he even come to light. Look at that partnership wey dem bin wan do with Binance similar to this one, nobody gree hear anything again oo abi anybody get info about am.

Concerning Crypto related issues for here I feel say na una senior men like Brainboss, Igehhh, CharlesTim dem suppose start am. Make una bring up better topic make new people like myself sabi. You look around technical area of this forum we no planty wey dey engage there and that wan fit influence the board wey we they look for.
What are the direct effect of the Naira with Bitcoin as the Naira has been devalued drastically?

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.
Will the devaluation of the Naira have bad effect in the Bitcoin exchange market?



Na straight up something people dey with plenty naira wey dem don hoard for long. And now them dey look for stable currency to put them in so exchanging it will bitcoin will devalue and also will increase dollar to naira ratio. Making it hard for people to buy bitcoin now at a cheaper. But one thing I observe be say once this re design don finish naira go begin get value and we fit but Btc back

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November 07, 2022, 07:42:17 PM
 #4804

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.

The latter should be the case in the event of its devaluation. Dollar will be more expensive to purchase today because naira hoarders will want to convert to a more acceptable currency before the redesign of the naira note. Any amount set for the purchase of a dollar will be accepted by individuals hoarding naira in order to get rid of the money and wait for the redesigned naira note to be released.

They will not go to the bank to deposit big sums of money since they cannot account for it, thus exchanging to dollars is a better option, resulting in the depreciation of naira currency notes. We may expect the Naira to regain its value following the redesign since individuals will still want to acquire the new naira notes in return for the dollars they will now swap for.

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November 07, 2022, 09:39:21 PM
 #4805

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.
People don dey fear recession nd wth the rate of inflation way dey d nation, people dey desperate dey fine way escape. No b today way Naira start to fall nd wen dem bring this news of reprinting naira matter, people just jump in to take opportunity. Reprinting of notes no be investment and another thing be say, these notes way them dey swap, them dey destroy am and that, na back and forth destruction of resources for nation way already get struggling economy.  Where e bad reach na em b say, the ruling party still dey focused on election nd no dey so anything to better the economy. I no go worry over people way dey swap Naira for dollar, then dey try save thereselves.

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November 07, 2022, 11:37:12 PM
 #4806


Wetin I dey try talk be say, with increase of a currency, e dey normally encourage selling instead of buying so the more the naira dey increase the more e dey encourage people to cash out instead of buying with the hope of rebuying when market crash. This one come mean say new money no dey enter the market and the average trader dey find am hard to buy into the market due to too much increase in exchange rate. Na the only negative effect I dey see be this.

Na true you talk. But you no too reason am say, any person wey successfully sell USDT, e mean say there was person on the other side wey dey ready to buy the USDT with cash. The big dealers no send, even if e reach 1 USDT = N2,000 dem go still buy and the small difference wey dey ontop na the gain.
E just be like market wey person get for him shop, e no go because say price of goods and services high you no go come buy goods dey only sell. If you sell finish, you go still buy the high price. Where the effect dey na for economy, e no too worry for crypto.

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November 08, 2022, 06:16:23 AM
Merited by Wiwo (1), RockBell (1)
 #4807

Na true you talk. But you no too reason am say, any person wey successfully sell USDT, e mean say there was person on the other side wey dey ready to buy the USDT with cash.

Sure that one dey, e get people wey be Marchant, dem no dey reason whether Usdt/BTC dey high or low. Their own compass na to make sure the market dey active by buying ur coins from you or selling to you. We dey call dem market makers and dey no be the average retail investors wey dey wan enter the market everyday, this are majorly big time traders wey get funds wey large like wetin I no know as they gets dey ready for any order you put.

This guys (Mate2237) questions no direct to those Marchant, this question na to the average users wey be you and me wey dey trade the market with our small small change that's Why I gave that disadvantage. Now to talk about the advantages. The constant rise in price of the Naira dey also create more awareness about how foolish it's to save in your local currency when an option has been made with the help of cryptocurrency. Dollars now dey easily available at the tap of your phone and you no need go bank go dey pass through all those their wahala.

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November 08, 2022, 10:46:23 AM
 #4808

What are the direct effect of the Naira with Bitcoin as the Naira has been devalued drastically?

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.
Will the devaluation of the Naira have bad effect in the Bitcoin exchange market?
Sure, it would! Although the economic woes of Nigeria have severely battered the NGN, nonetheless, the CBN's policies and deliberate devaluations of it in the course of the years caused the currency to fall so much against foreign currencies.

Regardless, the redesigning of the Naira has its own advantages, yet there is no way it will not negatively affect the currency. In Nigeria, corruption thrives so much, and the people that were laundering/hoarding the Naira would begin panic selling in a bid to exchange it for foreign currencies since they can't deposit it into their bank accounts. This will in turn be mounting more pressure on the already pressured currency.

This is why the Naira is growing weaker. Mind you, the worst has not yet been seen in the hands of the clueless people managing the affairs of the country and its economy.

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November 08, 2022, 11:58:02 AM
 #4809

The matter tire everi body. E tire some people to the extent say, if you mention this news, den fit remove slippers pursue you. So dollar dey try tell us say the 1$ wey make Naira climb over the years to watin e be now, no do again, now na 1000naira to 1$ Dem want. Haba, how is the crime rate supposed to reduce, how is security supposed to be paid for with this maddening rate. Other than a functionless E-naira, what other reasonable ideas has the federal government adopted to aid citizens increase or maintain a decent lifestyle, mostly for those who earn online or are Internet savvy?
Check out nah. About 99.4% of Nigerians no get up to 1200naira for their bank account. Na to tell you the level of poverty wey d hove around for the country. Check the statistics of the previous CBN governor towards naira against dollar with current CBN governor. Make you tell whether we d go forward or backward



Quote
The Nigerian naira and Ghana’s cedi have been ranked as the world’s two worst-performing currencies, with the naira losing 37 per cent of its value against the dollar and the cedi losing 55 per cent.

The report wey d reach out from the worlds currency be sae Ghana, Nigeria d contest for world's worst currency
Na link to report: https://gazettengr.com/ghana-nigeria-contest-worlds-worst-currencies/ no be only us the cry for how our currency take devalue against dollar.

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November 08, 2022, 03:09:48 PM
 #4810

~snip~
In all of these my question be say, who we go blame? The goverment or the people. I know some of us go dey quick to point fingers give the government but we sef still follow cause wetin dey do our currency. As e be for Naija na so e be for Ghana. I read one article say for some places for Ghana people dey rent in Dollars, the same thing dey happen for we Naija too, coupled with all of us wey dey buy dollar etc. For this matter government alone nor go fit chop the blame. Na all of us cause am.

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November 08, 2022, 03:58:00 PM
 #4811

I am here to share a story with you today, hoping to soothe the work-weary mind and also inspire us to work together with conviction from some learning points.

Once a group of frogs were passing through the forest. At that time, two frogs from the group of frogs fell into a deep hole. The hole was so deep that it was very difficult to get out of it. Still the two frogs were trying their best. The other frogs in the group were saying that they had no hope of getting out of this hole. But the two tame frogs kept on trying, leaping wildly up and down the slope of the ditch to the steep end at the end and back down again. Then the rest of the frogs on the top shouted to them that, "You can't climb up at all", "This is a very big hole", "There is no way to get up from here" Their words were as if they wanted to say that only hard work will be gained. No, give up hope and accept death and get rid of suffering.

One of the two bangs listened to them and instead of rising to the top of the hole, jumped deeper and died.

But the 2nd frog began to jump more enthusiastically, and the frogs above began to shout louder "don't suffer this in vain, make death easy". But the frog finally came up.

After climbing up, everyone in the group looked surprised at what the frog said. The frog said - "I got the courage to come up because of your encouragement from above. If it wasn't for you, I might have given up. I can't hear with my ears, I only saw with my eyes that you are yelling at me to come up".


Moral of the story:A little encouragement from people around helps people to move forward even in difficult situations. And success comes if you are persistent in your goals without listening to negative words.

The only purpose of telling the story is that our experienced people of this platform are taking us forward with inspiration and love in various ways. If you have a problem understanding something, if you ask them, they will explain it immediately

Love to all those people who are moving forward with small users like us ❤️❤️


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November 08, 2022, 04:02:09 PM
 #4812

In all of these my question be say, who we go blame? The goverment or the people. I know some of us go dey quick to point fingers give the government but we sef still follow cause wetin dey do our currency. As e be for Naija na so e be for Ghana. I read one article say for some places for Ghana people dey rent in Dollars, the same thing dey happen for we Naija too, coupled with all of us wey dey buy dollar etc. For this matter government alone nor go fit chop the blame. Na all of us cause am.
I no go gree for dis won oo.
Dis ur yaning e get as e bi. How we come cause am. Di citizens dey control money? Or we dey legislate policy. See heaven and Earth, analysis upon analysis. Or put di gun in my throat na di govt cause everything. Please I no wan discuss politics in this thread. If u really want 2 kno why Nigeria or di west African economy is bad is because di greediness of di government. Wen Buhari was in di military govt, the "WEST" (The former colonial master) government told him 2 devalue di Nigerian currency so dey can would bring industries nd development but irony was di case. But Buhari as for then refused and Nigeria economy was very strong so has he came back for 2015 election pipo come dey like am, nd vote 4 ram, dat di same devalue pressure come back again but at dis time, Buhari can't withstand with di pressure so im accept 2di value di naira.

So to what extent did di citizens come follow cause the devaluation? Government control everything in the country so they are to blame 💯%. We only obey what they say and   do what they ask us to do.

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November 08, 2022, 04:19:25 PM
Merited by Davidvictorson (2)
 #4813

What are the direct effect of the Naira with Bitcoin as the Naira has been devalued drastically?

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transfering or converting it to dollar for safety.
Will the devaluation of the Naira have bad effect in the Bitcoin exchange market?


Our naira done devalue finish have the thing they increase against dollar and considering the redesign of new currency the way people hiding naira they bring am out now they very alarming, some trying to convert it to dollar due to the exchange rate, and to use naira buy bitcoin now no be small money oh like the boss talk this situation they only Favour sellers the thing no balance to buy usdt now no be child’s play.

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November 08, 2022, 07:22:56 PM
 #4814

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transferring or converting it to dollar for safety.
We keep hearing this government always looking for where to put the blame each time, before the announcement of the redesigning of our currency, the naira has been loosing value against the dollars, so that excuse to me cannot be the only reason. The bad thing is that if we continue pushing blames and the people in charge don't find a solution to rescue the naira, and our naira starts exchanging at 1000naira/dollar, that will not be the end , but risk becoming the new norm.

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November 08, 2022, 09:04:29 PM
 #4815

The constant rise in price of the Naira dey also create more awareness about how foolish it's to save in your local currency when an option has been made with the help of cryptocurrency. Dollars now dey easily available at the tap of your phone and you no need go bank go dey pass through all those their wahala.

 E just be like say you answer one correct question wey don dey my mind with unsatisfactory answer for sometime. As in, you make am dey clearer.  Somebody been dey ask sometime back on one of the threads based on how person fit dey rich or at least not go broke while saving fiat in this recession, and this is just a sooting answer that corresponds perfectly.
As our local Naira don climb to almost 1000naira to 1$ now, e make absolute sense to easily convert the fait to cryptocurrency and save using trust wallet. Or better to convert to dollar and save in ones most preferred exchange for trade options or for keeps.
Our gurus in the house fit help shed more light on this point so we fit assist those of us like myself with little to no knowledge of cryptocurrency, to understand and learn from this.
Thanks @CryptopreneurBrainboss

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November 08, 2022, 09:37:41 PM
 #4816

Una good evening my pipu, I sincerely happy as I see say naija too dey part of their option here. I don register since last year December and uptill now I no still understand wella wetin this platform mean, but once I jam this naija room I no say no how no how my own go explain better for me. So pls help your Boi here I am very new to this system I just dey see different things about  bitcoin up-and-down I no understand
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November 08, 2022, 11:16:35 PM
 #4817

Nigerian Naira is Drastically Devalued and news came that it is because of the redesigning of the Naira by CBN and those who had stored a lot of money in their houses are depositing the money in the bank and transferring or converting it to dollar for safety.
We keep hearing this government always looking for where to put the blame each time, before the announcement of the redesigning of our currency, the naira has been loosing value against the dollars, so that excuse to me cannot be the only reason. The bad thing is that if we continue pushing blames and the people in charge don't find a solution to rescue the naira, and our naira starts exchanging at 1000naira/dollar, that will not be the end , but risk becoming the new norm.
Naira is designed in such a way that it will be lossing value continuously. Nothing dem go fit do for naira. E get one poster wey I see wey people protest under Jonathan because say dollar being reach N180. Why dem protest be say, it was from somewhere 135 to 140. Dem be wan kill Jonathan, but today the worse has happened. And irrespective of who becomes the president next year naira no fit gain against dollar. Highest dem fit do na to steady it to avoid make e fall the more, but dem no fit make am rise against dollar.

This is because Nigeria only get few things to trade for forex. Na oil be our saviour but yet the economy designed to be importing instead of producing. When dem tall say Nigeria dey import toothpick some people think say na whining

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November 09, 2022, 01:22:03 AM
Merited by CryptopreneurBrainboss (1), Igebotz (1), Agbe (1)
 #4818

NIGERIAN LOCAL BOARD THREAD ACTIVITY UPDATE FOR OCTOBER, 2022.

My people I greet una specially. I don come with our hardwork result for the month of October. E come somehow late because of plenty activities wey full head. But here dey important very well. Happy New month everyone.

Top 30 active users October 2022
Code:
1. CryptopreneurBrainboss [28]
2. Agbe [28]
3. Maestro75 [22]
4. RockBell [19]
5. uchegod-21 [19]
6. Majestic-milf [18]
7. Marykeller [18]
8. Coyster [16]
9. knowngunman [16]
10. Frankolala [15]
11. Davidvictorson [14]
12. Mate2237 [13]
13. Obari [10]
14. Asiska02 [9]
15. Awwal08 [9]
16. Chilwell [9]
17. Mr.right85 [9]
18. Adbitco [8]
19. Cryptomultiplier [8]
20. Smartvirus [8]
21. Wiwo [8]
22. GiftedMAN [7]
23. Rruchi man [7]
24. Zaguru12 [7]
25. BIT-BENDER [6]
26. Hyphen(-) [6]
27. Ragdoll_3.0 [6]
28. igehhh [6]
29. EarnOnVictor [4]
30. Oluwa-btc [4]

Total posts: 396 posts
Total poster: 52 users

Comments/Observations
  • Boss CryptopreneurBrainboss don shock everybody for this month. Last month we been dey reason how em face no show, but this month, em face over show. E from championship go carry champions league straight.  Congratulations Boss
  • Agbe still dey gidigba for top 4, him get same post count with CryptopreneurBrainboss, but big man name gas dey number 1 for sure.
  • Maestro75 wey no show face last month from nowhere enter 3rd position. Him don pick form again o....this time around dem don finally knock Uchegod-21 out for top 3, carry him dey go the place him no know . Sorry bro, naso life be
  • This month eh, plenty senior men face no show for up o. Even BIT-BENDER wey dey follow Coyster dey drag for up, just decide to follow igehhh this time dey drag bottom
  • New faces don full and dem do well. RockBell from far last month don contest fine. Obari made his first appearance in a big way. Ragdoll_3.0,  Zaguru12 una face show wella./li]
    • Oluwa-btc carry this key go house, na you go open this place for December (Christmas) meeting.


    My people I no lie una, we dey try for here and the whole community dey fully aware say we dey exist and we dey too active. One love my people!

    Advice:
    December dey close, people wey wan ride motor no remember to hustle from January. Na this November dem go remember their goals and begin do yamayam things to show off for village. Make we try avoid issues and illegal things wey fit put us for trouble. One man for my community talk say, "Na person wey dey alive carry first"

    Congratulations CryptopreneurBrainboss, leadership by example!

    The data wey I use for this topic come from here.
    Nigeria Local Board Update

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November 09, 2022, 06:12:55 AM
 #4819

Snip
Check out nah. About 99.4% of Nigerians no get up to 1200naira for their bank account. Na to tell you the level of poverty wey d hove around for the country. Check the statistics of the previous CBN governor towards naira against dollar with current CBN governor. Make you tell whether we d go forward or backward



Quote
The Nigerian naira and Ghana’s cedi have been ranked as the world’s two worst-performing currencies, with the naira losing 37 per cent of its value against the dollar and the cedi losing 55 per cent.

The report wey d reach out from the worlds currency be sae Ghana, Nigeria d contest for world's worst currency
Na link to report: https://gazettengr.com/ghana-nigeria-contest-worlds-worst-currencies/ no be only us the cry for how our currency take devalue against dollar.
The way poverty they ground now for this country no be waiting they give boys joy checking statistics poverty level have increased since 2015, looking at this individual controlling all this special sector for Nigeria nothing concerning them they no ready to fix anything rather their aim is to steal money, the story funny as Nigeria and Ghana they compete for worst currency matter, Nigerians are trying the level of hunger no be here the way things they expensive now my brother just God. As everything they increase na so crime self they increase.

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November 09, 2022, 07:25:52 AM
Merited by Wakate (2), uchegod-21 (1)
 #4820

NIGERIAN LOCAL BOARD THREAD ACTIVITY UPDATE FOR OCTOBER, 2022.


You dey do well. Keep it up. So dis kind of thing dem no get bracket first? I just dey ask oo. Brainboss congratulations, keep it up. Dis time u really tried. U were participating every day, making corrections, helping pipo all to make sure dat di thread e dey clean, if u abandoned di thread like igehhh nd others by dis thread 4 don turn shitposting but u no give up.
Nobody e dey perfect, corrections make things alright. I will also use dis medium 2 say make everyone dey bring crypto related toks dis month. No political discussion.
And weti uchegod-21 tok na di true tok. December wan reach again, bad thing go dey happened because of rush rush and making sure dat dem celebrate am, pipo geide do things wey e no gud. Make we stareclear from all di bad thing.

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FortuneJack
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