Bitcoin price speculation (BTC/NGN), and USD.

[Makus]

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.

[Ever-young]

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.

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

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.

[Makus]

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.

[sokani]

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.

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.

[Makus]

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.

[Zigabel]

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.

[Inior]

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.

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

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.

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.

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.

[DubemIfedigbo001]

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.

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.

[Makus]

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.

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.

[laijsica]

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.

[Amphenomenon]

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.

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.

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  

[Inior]

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.

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.

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  

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.

[Amphenomenon]

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.

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

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.

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

+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
[GUIDE] Bitcointalk forum etiquette

[Olatundespo]

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.

Edit:
Which exchange rate should be used? Parallel or I&E rate?

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.

[Charles-Tim]

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

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.

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

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

[Inior]

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

+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
[GUIDE] Bitcointalk forum etiquette
[/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.

[Miles2006]

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.

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.investing
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

This is quite interesting as investors holding bitcoin will not even bother about the situation with naira or the economy situation but rather peoples thought will be on bitcoin investment for the bull run. Honestly speaking these past days the economy is just too poor and I believe most people had this thought of the economy and forgetting about investing cause people who earn in dollar also felt the impact due to high price of goods  but regardless we hope for the price of goods to decrease.

[Amphenomenon]

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

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

[Cryptoprincess101]

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

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

[Charles-Tim]

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

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.

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

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.