Naira appreciated against the dollar, best time to fund via P2P and get some BTC

[Franctoshi]

Yesterday and Today the Nigerian naira has appreciated significantly against the United States dollar and I think this is the right time I should post this thread.

Since the past few months, the Naira has been on a steady crash against the United States dollar (USD), and the impact has not only been experienced by the increasing price of goods and services and the high cost of food prices but also affected by investors and traders looking into investing in Bitcoin because the high rate dollar has reduced the purchasing power of the Naira and some investors could no longer get their hands on Bitcoin, However as of the time of this post, the current rate of USD/NGN is 860/$1 and has traded as low as # 790/$1 as of today which is way cheaper than the price we saw weeks back, which was way high as $1/1,270.
Right now, based on my view as a trader, I do see an excellent opportunity right in our face for those who intended to buy Bitcoin but were deterred by the increased rate we saw on the P2P platforms such as Binance and the other platforms.

Conclusion
Therefore, if you wanted to buy Bitcoin weeks back but couldn't due to the high rate of the US dollar against the Naira, I do think that now seems to be the right time to do so and by applying a proper DCA strategy in buying BTC via P2P exchange as there is a high percentage chance that we might not see the rate go lower than what we have right now.
    

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[Stepstowealth]

Since the past few months, the Naira has been on a steady crash against the United States dollar (USD), and the impact has not only been experienced by the increasing price of goods and services and the high cost of food prices but also affected by investors and traders looking into investing in Bitcoin because the high rate dollar has reduced the purchasing power of the Naira

I worry because the cost of goods that the high exchange rate succeeded in giving marketers an opportunity to increase the price of goods, the price of goods nor goods nor go still come down when the exchange rate reduce. Now sef wey e be say we dun near the festive period, I just dey reason how market price go be.

Conclusion
Therefore, if you wanted to buy Bitcoin weeks back but couldn't due to the high rate of the US dollar against the Naira, I do think that now seems to be the right time to do so and by applying a proper DCA strategy in buying BTC via P2P exchange as there is a high percentage chance that we might not see the rate go lower than what we have right now.

I think, your strategy to DCA should not be affected by high exchange rate, DCA is based on a consistent behavior pattern to investing no matter the challenges.

[rachael9385]

So sorry to say this, but it seems that a topic related to this has already been created https://bitcointalk.org/index.php?topic=5472678.0.
However, it is a good idea that we should practise, let's just hope that the price of goods will reduce in a short time because if it doesn't then there is not benefits of dollar crash.

[Makus]

Op it is advised that you lock this thread, because e never tay wey our baba dem been dey complain make we nor dey spam post for here, the thing dey bring bad name to our local board, I no say sometimes e fit be say you no do am intentionally but as e be say dem don tell you say this kind thread wey get same information already dey ground now e go good make you either delete or lock the thread. This same thing be don happen to me before and for my case I post am without knowing say person sef don drop that kind thread so wattin I do na to just lock the thread.

[Mate2237]

As for me this NGN860/$1 and NGN790/$1 as traded in the stock market is still high. Like yesterday in AIT news, there was a commentator who said that for everything to go down to the normal price again, dollar has to go down to NGN250 or NGN200 and that was how it was in  the former President, Goodluck Ebele Jonathan. In fact at of that time dollar was NGN150/$1. Since when this APC Government came in, Nigerians have been suffering from the National Level to the local level. Everything going up and non will come down.

If true true dollar come down the #150 even if #200 then God don answer our prayers for us. But for now I never really sure say this news go last. E bi like say to make just make us happy small then carry go back to the 1k+ again. Nigeria e no get strong government to bring back anything we don go up. Wen something go in naija, dat thing na skyrocket be im name an d he no go come down to di normal again. I lost #5 in my house for over 9 months now and I can't use it to buy anything so it is just in  the house. And when down was #150, you would used it too buy many things but today we are doom.

I am not yet sake for the move of naira against dollar because it might be a plan work to deceive people and for a period of time and go up and as I said, this  NGN860/$1 or NGN790/$1 will not have any impact on food and clothes. No seller will reduce their goods instead some traders will increase it.

Many people no the dollar be their problem oh na money dem no det. And another thing if the dollar rate is low and bitcoin is high sef go affect people to invest.

[Franctoshi]

But for now I never really sure say this news go last. E bi like say to make just make us happy small then carry go back to the 1k+ again.

I am not yet sure about the move of the naira against dollar because it might be a plan work to deceive people and for a period of time and go up and as I said, this  NGN860/$1 or NGN790/$1 will not have any impact on food and clothes. No seller will reduce their goods instead some traders will increase it.

And another thing if the dollar rate is low and bitcoin is high sef go affect people to investment.

The market just took a breath of those fast moves because what goes up fast will as well go down fast and that's what I believe is the situation on the ground with the current Naira gain of strength, Therefore, most likely in the coming days and weeks, the exchange rate will go back to #1000/$1 and become more stable or form range than what we have seen between the naira and the dollar do lately which is volatile than supposed to be stable.

[SmartGold01]

It's a challenging situation for those who want to purchase dollars to fund their account or even purchase bitcoin because of the higher dollars increase, to us that is here who gain some pieces of bitcoin may not finds it so difficult rather will be on the advantage of selling or holding. Meaning if converting from Dollars to Nigerian Naira there is always an advantage due to how the dollars has surpassed the Naira giving it higher amount over Naira just as this morning I sold dollars at the rate of 964 per Naira which shows a very weak point on dollar and a good entering point for Naira.

[Charles-Tim]

However as of the time of this post, the current rate of USD/NGN is 860/$1 and has traded as low as # 790/$1 as of today which is way cheaper than the price we saw weeks back, which was way high as $1/1,270.

Are you confusing I&E rate with the parallel market market? Dollar increased to ₦1310 but it has not decreased yet to ₦790 to a dollar, the price is still around ₦1000. Presently naira is trading at ₦970 to a dollar in the parallel market which is the rate most.of use are using on this forum.

Therefore, if you wanted to buy Bitcoin weeks back but couldn't due to the high rate of the US dollar against the Naira, I do think that now seems to be the right time to do so and by applying a proper DCA strategy in buying BTC via P2P exchange as there is a high percentage chance that we might not see the rate go lower than what we have right now.

You are not getting this rightly, if you are buying bitcoin with naira, you also have to relate buying it to only naira. You do not have to relate it with dollar.



From the chart, you can see how bitcoin has fallen if relating it with naira, and this makes this time an opportunity to buy more bitcoin with naira.

[Franctoshi]

However as of the time of this post, the current rate of USD/NGN is 860/$1 and has traded as low as # 790/$1 as of today which is way cheaper than the price we saw weeks back, which was way high as $1/1,270.

Are you confusing I&E rate with the parallel market market? Dollar increased to ₦1310 but it has not decreased yet to ₦790 to a dollar, the price is still around ₦1000. Presently naira is trading at ₦970 to a dollar in the parallel market which is the rate most.of use are using on this forum.

Therefore, if you wanted to buy Bitcoin weeks back but couldn't due to the high rate of the US dollar against the Naira, I do think that now seems to be the right time to do so and by applying a proper DCA strategy in buying BTC via P2P exchange as there is a high percentage chance that we might not see the rate go lower than what we have right now.

You are not getting this rightly, if you are buying bitcoin with naira, you also have to relate buying it to only naira. You do not have to relate it with the dollar.

From the chart, you can see how bitcoin has fallen if relating it with the naira, and this makes this time an opportunity to buy more bitcoin with the naira.

The topic is about the dollar and  Bitcoin not only Bitcoin as we have some investors who may like to fund via USDT before getting their hands in Bitcoin,  Therefore, as you used Binance as a point of reference, And as it is the P2P platform that most of us Bitcoiners here in Nigeria use to purchase our cryptos, So if you pull the chart of USDT/NGN from the Binance platform you could see that the dollar topped at 1279/$1 and hit as low as 790/$1 yesterday using the USDT/NGN chart analysis.

[Charles-Tim]

It is also worth knowing that the dollar did not crash against the naira, but it is naira that appreciate in price against dollar. Which means not only dollar, but naira increase in price against other well known foreign currencies like euro and pounds sterling.

The topic is about the dollar and  Bitcoin not only Bitcoin as we have some investors who may like to fund via USDT before getting their hands in Bitcoin

You still did not understand me. You were referring to buying bitcoin, and you were also referring to naira. This is about bitcoin and naira.

Therefore, as you used Binance as a point of reference, And as it is the P2P platform that most of us Bitcoiners here in Nigeria use to purchase our cryptos, So if you pull the chart of USDT/NGN from the Binance platform you could see that the dollar topped at 1279/$1 and hit as low as 790/$1 yesterday using the USDT/NGN chart analysis.

Oh! It was like that on BTC/NGN spot trading on binance. I will advice you to not let that to be deceiving you as that price is not accurate sometimes and I do not use it again.

Look at this: BTC/NGN price manipulation on Binance or what is this

That did not happened in parallel market but happen on Binance. I have seen similar things often like that on BTC/NGN price on Binance spot market.

Now Bitcoin in parallel market is around ₦984 or higher, but ₦912 on on Binance spot market.

[EluguHcman]

I intended quoting you on a serial @ OP but have to make it complex here.
The increments of goods and services that is also affected in high cost of living should not be buttressed on the high value of USD against our NGN.
Years back, there had been inflations while the NGN maintained its value in an exchange and the rate of living was still a normality.
However, the price of goods and services is tended to be hike at considering importations but at this era, even the local produces are also hiked. So I would take that hard time of living to be matter of hard economic system and not pointing at the values of the fiats exchange.

The value of USD over NGN was to affect traders that is investors specifically with foreign exchange such us importers x exporters or those on foreign financial exchange but was not necessary to hit the local invest as much as that.

So here you got it wrong because the price of goods and services including high cost of living in our localities still remains them same but that of the importers and exporters including those on foreign exchanges are on the benefitial side of the appreciation of NGN against USD.

The depreciation of NGN against USD never deprived any investors to Invest on Bitcoin as consider because Bitcoin is always affordable according to what an investor could afford to Invest as a minimum and there is no exceeded maximum tag in the Bitcoin investment industry rather, the said invertors who waiting for the value of NGN over USD at today is technically a measure of marketing and investors techniques and not that there was no chances to get into the market at any cost.

[Franctoshi]

I intended quoting you on a serial @ OP but have to make it complex here.
The increments of goods and services that are also affected by the high cost of living should not be buttressed on the high value of USD against our NGN.
Years back, there had been inflations while the NGN maintained its value in an exchange and the rate of living was still a normality.
However, the price of goods and services tends to be hiked considering importations but in this era,

Yes, You can't take inflation away from the picture,  But How much do we produce here or even manufacture here in the country? some tools we use in the processing of some locally made foods, products, or goods are also imported, so this states clearly why the high rate of the dollar is a major cause of the skyrocketing prices of goods. Take you for instance my recent experience with purchasing things in the market, most retail traders don't sell without making calls to confirm the current exchange rate from their suppliers, so this tells you the fact.

even the local products are also hiked. So I would take that hard time of living to be a matter of a hard economic system and not pointing at the values of the fiats exchange.

This is what we call the snowball effect.

[Asiska02]

Conclusion
Therefore, if you wanted to buy Bitcoin weeks back but couldn't due to the high rate of the US dollar against the Naira, I do think that now seems to be the right time to do so and by applying a proper DCA strategy in buying BTC via P2P exchange as there is a high percentage chance that we might not see the rate go lower than what we have right now.
 

Exactly, this is a very good time to accumulate some USDT to purchase some BTC and add to your portfolio for the upcoming bull run. I know say d former price wey been dey read N1K+ dey very discouraging to buy dollar with but now na very good time. For those wey don buy at higher price, dem fit use DCA approach to balance what they’ve bought before with dis one and their total spending will come down to a reduced price that what they bought it earlier which is a very good opportunity. As you said, this might ne the lowest price it might go. I miss seeing the price at less than N800 but it is now already trading at N900+ now which is also a good time before it starts depreciating against dollar again.