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

[Charles-Tim]

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

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

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.

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.

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.

Do not let me repeat myself:

Naira hits highest level since September 20th, trade as high as N972 on Binance

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.

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

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

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.

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[Ruttoshi]

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

[adultcrypto]

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.

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.

[Coyster]

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.

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.

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.

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.

[Y3shot]

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.

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.

[coinlary]

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

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    . Update!!!

[Doan9269]

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.

[Charles-Tim]

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

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.

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.

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.

[Coyster]

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.

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.

[Richbased]

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.

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.

[Charles-Tim]

Una suppose know say no be only naira appreciation or depreciation they affect the prices of goods/commodities

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.

[Churchillvv]

Can anyone tell what is the cost of this new change in price of dollar and Naira

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. 

[Coyster]

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.

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.

[Doan9269]

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.

[promise444c5]

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

[Charles-Tim]

I saw this news two days ago: Naira may appreciate to N600 against dollar – Tinubu’s 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.

[Cryptoprincess101]

I saw this news two days ago: Naira may appreciate to N600 against dollar – Tinubu’s 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.

[CryptoHeadlineNews]

I saw this news two days ago: Naira may appreciate to N600 against dollar – Tinubu’s 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.

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.

[promise444c5]

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

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

[Richbased]

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.

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.