Dollar increase

[MorganaX]

We all know that dollar is increasing on a daily basis here in Nigeria and which I think is affecting the Nigeria economical system. I guess this dollar increase is another reason why some certain things are becoming very expensive because we actually import those item. Since these items are bought with dollar and for an high amount when converted to our currency, I think they will have no choice to increase it selling price to make income from their goods not only goods the increase of dollar have also affected the traveling agencies in Nigeria for example the airlines it has made traveling abroad very hard and expensive for people to travel. The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
 

[Charles-Tim]

The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

The government will not be able to control the black market price. The CBN controls the I&E rate before the naira unification, but as of now, I do not know if it is still about individuals.

But, yes. The CBN controls the naira generally, so the government have control over the price. If the government wants ₦1 to become $1 today, they can do it.

But the matter is not about the government able to country naira, the reason naira keeps depreciating so fast is become we depend more on imported products and depending on foreign services.

Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.

Do not forget that this is a bitcoin forum.

I created speculation thread on BTC/NGN for people to know that holding bitcoin could be better, but people stop posting on the thread. It was an interesting thread for me.

Bitcoin price speculation (BTC/NGN)

[Tuclikk]

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

Op in this situation, you know the relationship between U.S Dollars and Bitcoin, it just like when one increases the other decreases or play vice by versa. That's how they them they play their role, it very common if you are one of a kind whose normally observable, due to the signal changes we do have time to time, the falling rate and the increasing rate.

But the matter is not about the government able to country naira, the reason naira keeps depreciating so fast is become we depend more on imported products and depending on foreign services.

Of course that's what has to be tackled in naija, because we too dea rely on foreign products, na wetin still dey kill the country be that, the currency Naira has no value at all as of now. If the government can supply the country with what it needs, the country will start making products of it own, not by relying on other countries products.
It is also an improvement for the country, because if we can make a good product and supply it to other countries. With respect if our product looks good, other country will engage themselves to our services.
It upon the government to take one step ahead, so that the country will not be depending on foreign services.

[Mayor of ogba]

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

An increase in the dollar does not affect the bitcoin rate; it will only make you buy less bitcoin because the naira has fallen and the purchasing power has also reduced. For instance, when the dollar was trading against the naira at 730 Naira per $1, you could use 7300 Naira to buy $10. Now that $1 is trading at 1400 Naira per $1, you will use 14000 Naira, which could make you buy less bitcoin.

[Jamestown70]

As a young man or woman na this time be the best opportunity to make money in dollars try learn online skill because things cost o e no cost o this Nigeria way we dey e no go ever come down see those into content creation are cashing out massively through various online platforms what about freelencer affiliate marketers and the rest if we invest in dollars earn in dollars we no go ever dey bother about dollar increase in Nigeria as dollar dey increase so some of us way dey earn in dollars dey very excited

[Promocodeudo]

We all know that dollar is increasing on a daily basis here in Nigeria and which I think is affecting the Nigeria economical system. I guess this dollar increase is another reason why some certain things are becoming very expensive because we actually import those item. Since these items are bought with dollar and for an high amount when converted to our currency, I think they will have no choice to increase it selling price to make income from their goods not only goods the increase of dollar have also affected the traveling agencies in Nigeria for example the airlines it has made traveling abroad very hard and expensive for people to travel. The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
 

Op you asked if the government will be hold responsible for naira depreciation, I think the answer is yes, despite that there are multiple exchange rate in the country, this problem is about inflation and what leads to inflation, when you keep importing,borrowing to finance the budget and to do project from a borrowed without setting a repayment process properly, when you keep  importing almost all you need in your country from outside, without considering the fact the production can stable your economy to an extent, going back to the exchange rate itself, I think the government about fully implementing single exchange rate, the government can strictly inaugurate a committee for this and monitor them with all the security and financial crime institutions, the problem is that out government always shift blame without swinging into action promptly.

Increase in dollar does not in anyway affect Bitcoin price, these two are different, dollar is fiat while bitcoin is a digital currency that does not depend on any fiat for it's upward or downward movement, meaning that Bitcoin is independent and it's been driven market force.

[Barikui1]

My brother yes, na government dy cause am, and the real reason wey dy make naira lose value dy very clear, even person wey no go school but get small wisdom go know say too much importation, borrow borrow and servicing of debt nai dy make our naira lose value.

During the four quarters of last year e get one news I see for vanguard wey peter obi been dy complain say why dem go dollarize the Nigerian economy, weda na dollar nai be our own currency now?  All those kind of wrong decisions made by the government follow for wetin dy bring our naira down,I just pray say make this difficult situation in the country due to dollar increase and subsidy removal no make this country burn one day.

[Y3shot]

The dollar increase don really affect the price of so many things for our country,  even things wey no even need to do anything with dollar don increase in price too. Ofcourse if the government are not to be blamed who will want to be blamed before? If to say our government try before now to make sure something na we by ourselves they manufacture e for never too like the way e dey with us now. And another thing wey dey also affect the price of things for our country na the price of petrol,  e also affect things why dem dey expensive.  Only our government fit make all this things work.

[DaNNy001]

Me I know really know watin dey happen to our naira sef because the matter just tire me the way the increase just dey come. Imagine something that was just 450naira to a dollar as of early last year and Boom! 1400naira. With the rate at which this thing dey increase I fit even dey more suprised to see the price reach 2000naira and this matter dey affect we Nigerian very badly because the cost of things go just skyrocket.

[rachael9385]

If this country go better sef, na for God hand e dey, why I talk like this be say, any thing wen go up no dey come down again, both local traders goods and other good when them dey import from other countries to Nigeria.
Wetin dey surprise me be say, if thing wen dem import, price increase those people we dey farm go also increase the price of the things when them harvest and them go still dey talk say dollar done high like say the soil wen them take they plan na import them import am  .
Although, I dey also feel for those wen dey do business because e no dey easy for them but some of them no dey pity we the consumers them dey always they high the price of things mostly wen they see some kind people..

[Zanab247]

The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

Are you a stranger in the country because, if you are not a stranger you suppose know that central bank of Nigeria official are the ones doing all those things to allow those leaders that appointed them in those positions to use the opportunity to make huge amount of money from the falling of the naira before their tenure expire and, Nigeria government are in charge of naira and they have the power to make the naira to increase higher more than the dollar which we have heard such history in the past when our naira was more higher than the dollar but since corruption enter the country things like this begin to happen to cause hardship to the land.

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

BTC is a decentralized currency that is not control by the government and it pump when it's time to pump which we call bull season and it dump when it's time to dump in the market which is called bear season while dollar is a centralized currency that is control by the government and it rise higher by the power of the government and fall down by the power of the government.

[Kliss]

The rate at Which dollar take dey get strength over the Naira, e no make sense at all because the thing dey affect citizens for naija well well. Federal Government especially Central Bank of Nigeria (CBN) make them try at least bring out policies them way go try strengthen the Naira and make am strong, so that ee go help reduce prizes of things for this country and ee go Hel make life for Naija easy.

No, the increase in dollar rate can't affect Bitcoin. Bitcoin can't be regulated or valued by any government or central bank, there is no third party interference  so dollar don't have any effect on bitcoin.

[Antotena]

The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

As a government of the country, Nigeria has the power to regulate the price of Naira to dollar and can make it equal if they wish to. I was come across a news before or heard from someone saying that there was a time Nigeria Naira to Dollar was equal I.e $1 = N1; that happened long time ago when the Naira was very much of value at that time. Dependency on imported goods is amongst the reason our Naira is depreciating and also the monopoly that is happening in the black market is also having an effect on the price.

[Su-asa]

The cost of living for this our country don hard for all of us, those way get money too done get get the signals of the hardship for this our country.
If any body want help e sef make e just look for online jobs, many people dey learn skills and dey use am dey find work online so if more youths go continue to learn skills and put am to work like find better thing to use am do instead of to carry am go do fraud.
Other things way make some of our people dey do fraud na because of say dollars done high and plenty of them get the mentality say if them get any clients and the clients pay them in dollars theoney go big pass before so them just dey put all their hope for that one instead of to learn skills use am find better jobs for Internet.

[Spaceman1000$]

The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal

The government will not be able to control the black market price. The CBN controls the I&E rate before the naira unification, but as of now, I do not know if it is still about individuals.

But, yes. The CBN controls the naira generally, so the government have control over the price. If the government wants ₦1 to become $1 today, they can do it.

But the matter is not about the government able to country naira, the reason naira keeps depreciating so fast is become we depend more on imported products and depending on foreign services.

Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.

Do not forget that this is a bitcoin forum.

I created speculation thread on BTC/NGN for people to know that holding bitcoin could be better, but people stop posting on the thread. It was an interesting thread for me.

Bitcoin price speculation (BTC/NGN)

Outside the fact that there are some goods that are imported into the country and we need foreign exchange for their purchase, this foreign exchange also help to depreciate the value of our local currency. however most people will argue that there are some local products that are not imported that have added value and have added price. That is where the multiplier effect of inflation comes in, because you cannot sell your imported product at a high price because of exchange rates and you don't expect that woman that is selling pepper in the market not to increase her price of pepper because you think she's selling local goods.

The government doesn't have the powers to make 1naira to 1dollar because most of this price determination is made at the international market, if you check the current exchange rate between the Naira and the dollar at the CBN rate, you will see that it's around 800 naira per dollar, but the parallel market which is mostly determined by the international market price is around 1400naira per dollar at the moment.
My point is, if the government wants to reduce the price of dollar as against the naira, they cannot just do it by Mere spoken words and it will happen, before we can reduce the dominance of other currency as against our currency, there will be a high level of productivity that will be happening in Nigeria and a high level of export of goods  and services from Nigeria to other countries, this are the things that's will help in stimulating the economy to get a favorable exchange rate.

[Mate2237]

Many people don't know the dangerous effects of dollar increase and they are very happy that dollar dey increase mostly those that save money in dollar and those who save money in bitcoin but non of that can reduce the price of things in the country. Just look at garri for instance, it was sold #700 as if 2022 but now it is sold #1500 in my location and I also earning from Bitcoin yet it affects me badly. Therefore I don't really support the idea of people supporting the increase of dollar because they are saving in another higher currency and not in naira.

And base on your topic and content, the dollar increase affect bitcoin based on the country as of Nigeria as dollar increase and if you have bitcoin it only increases from your local currency as dollar rate and not in bitcoin rate. If dollar increase your bitcoin can still decrease but if you convert it to local currency it would increase in value. So it affects the local currency and not bitcoin.

[EluguHcman]

The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal.

Due to the monopoly sentimentality rulerships in the Nigerians governments, I would say yes, the Nigerian government is responsible for the high rate of living and also the devaluing of naira over dollar.
Imagine a country that embezzle and feeds fats with the public funds and yet stays relaxed without burdened to creating national infrastructures neither international infrastructural economic with the potential goals to upgrade the national economic value rate with the welfares of its citizens.

What is to be expected in a government that runs a monopoly economy government like Nigeria?
How would a country like Nigeria wouldn't get tasked and take adequate responsibilities to indulge on valuable assets by exportations nor creating the relationships with the potentials of economy growth and yet they are not concerned about it.
It is basically obvious that they only thinks about themselves and not considering the masses conveniences and welfares a priority?
Why would Nugeira be economically stabled and reliable when the governments are strickly in concerned about themselves alone?
There is absolutely no magic to this, Nigerian government is responsible for the downgrading of the economy and the lower cost  of nairas foreign exchange

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

Bitcoin is a decentralized digital currency which experiences inflations and deflations by its own volatile structures and not about the USD neither is any other high fiats influences it instead the more Bitcoin Is increased is the more it affects the Fiats in an exchange.

[Boy_chef]

I completely understand your concerns about the impact of the rising dollar in Nigeria. It seems like a complex issue that involves both economic and governmental factors. I wonder if there are any ongoing initiatives or policies in place to address this issue.
The correlation between the rising dollar and Bitcoin rates is a fascinating aspect. While Bitcoin operates independently of central banks, it's not entirely immune to the broader economic environment. I'm interested to hear your thoughts on whether Bitcoin can serve as a potential refuge or alternative investment during times of currency volatility. Do you believe it can be a hedge against the challenges posed by the increasing dollar in Nigeria? 

[Samlucky O]

The question is Nigeria government responsible for this increase?

Yes Nigeria is the real cause of the problem and because they plan the devaluation of our currency, when they did structural adjustment programs in 1986 where they devalue our currency every week for 32years. You can listen from X vise president prof yemi osibanjor on a speech he made. I saw this yesterday when I was going through my Facebook.

and if they are how to we solve this problem and get things back to normal

They have the power to do it but refuse to do it. The only thing I will advice everyone is to invest in bitcoin because that is the only way they can revive the devaluation of the currency. At least personal devaluation not total devaluation.
this is a statistics I have been able to make since December 26 to January 27 being today, on price price change in binance:









so investing in bitcoin or usdt will make you recover some lost amount at do to inflation.

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

Bitcoin and dollar is not related. Bitcoin is a digital currency used world wild, while dollar is the currency for the USA. But used as standard curency with pounds and Euro.

Dollar does not affect Bitcoin. Dollar is just like a stable coin while Bitcoin is a volatile currency which change in due time with many factors like demand and supply, Market capitalisation, bull and bear season and market dominance.

[Bright0515]

It is no longer a new thing that we should be backbiting no matter how we citizens complain it is like water poured on a fowl's back the higher the dollar rate the higher cost of things are increasing the lower the salaries how do a common cope with this I believe this say cut your coat according to your size is for the common man the common man are limited for so many things because of cost of things in the country and the exchange rate of the US DOLLAR.

Make we learn how to do our things and leave the government to do theirs each government in charge has their own different price of dollar the only solution here is the young Nigerians looking forward to the future should learn how to earn in dollars that's the only solution for me cause if you work and earn in naira and cost of things in the country are sold according to dollar exchange Omo me and you no go meet up oo.

Young people specifically this new generation should learn to earn in dollars thank you oo.