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

[Nwada001]

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.

[CryptoHeadlineNews]

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.

[Charles-Tim]

leaving the current BTC/NGN trading price at #25,630,790 per BTC.

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.

$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.

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.

[Gozie51]

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.

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.

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.

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.

[Agbe]

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

[Charles-Tim]

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.

[Nwada001]

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.

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.

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.

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.

[CryptoHeadlineNews]

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.

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.

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.

[Nwada001]

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.

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.

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.

[Dr.Bitcoin_Strange]

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.

[Charles-Tim]

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.

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.

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.

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.

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.

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.

[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.

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.

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

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.

now is still a better chance because sooner than expected BTC/NGN will cross #30,000,000.

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.

[Nwada001]

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.

[Agbe]

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.

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.

[CryptoHeadlineNews]

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.

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

[Charles-Tim]

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.

[Nwada001]

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.

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

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 and 884 on . P2P
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 is still trading at $886 as of the time of this post, and OKX 879–880: among all that I have checked, it appears that Remitano has the lowest rate.

[Charles-Tim]

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.

[Agbe]

As of today making this comment

The price is coming down and there is no sign to rise for now but continues going down.

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.

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.

[Charles-Tim]

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.

[Majestic-milf]

As of today making this comment

The price is coming down and there is no sign to rise for now but continues going down.

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.