Why are you worried about the naira price that is increasing

[Karl_3000]

It is because you save money in USDT, USDC or other dollar stable coins.

Fiat will only continue to lead to disappointment because if dollar do not do it, naira will as usual as it has been before.

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead 

[AVE5]

I don't know if there's a well thinking citizen that'd kick against the rising values of their traditional currency over foreign exchange as the USD and as for your information, that Naira recovery is a sign of balancing the economy system of the country because, the naira purchase power is said to had gained weight across international market.
Although there're individuals saving their funds in other strong foreign currencies to hedge the value of their funds against the naira falls since our local economy system maybe weak against other international economy but the hidden fact is that even the USD and the rest are reciprocating to loose value too due to inflations. Only that their economy structures is stronger than ours to be compared. If you must give your funds an edge against these crisis, then you must hold the funds on intrinsic values like gold, bitcoin or stock because the money in the bank will definitely loose values in the long term.

[Churchillvv]

I’m not happy about the increase in naira not because I’m an enemy of the country but because I know what it only means for the naira to appreciate in value when their is no actual appreciation in goods and services in the market, black market sales are increasing and naira is increasing in value against the dollar, that’s the game this government officials play usually once it’s getting close to when we will have an election and that will be a refers point that the country is doing will meanwhile it’s a disguise the country isn’t moving a better.

If naira will gain value it should be after the price of goods services are reduced to a great extent as the price of fuel reduces too then naira gain in value is appreciated by its citizen.

[Jubilee58]

It is because you save money in USDT, USDC or other dollar stable coins.

Fiat will only continue to lead to disappointment because if dollar do not do it, naira will as usual as it has been before.

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead 

When you invest your naira in bitcoin , you are investing in something that will change your financial story in the future, because as time goes on, and your investment gets matured, you are going to reap bountifully from your bitcoin investment and the value of your money is being preserved.

Because of the devaluation of naira, it is advisable to invest in bitcoin or you can even decide to keep your money in stable coin in order to sustain the value of your money and save against inflation.

[Bright0515]

It is because you save money in USDT, USDC or other dollar stable coins.

Fiat will only continue to lead to disappointment because if dollar do not do it, naira will as usual as it has been before.

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead 

I'm very happy to see naira regaining some value but what I'm not sure about is that naira will regain it value for a long time. Just now the value of $1 is around NGN1,469 which hasn't recovered one quarter of what it was around 2010. But let's keep on believing that Naira will continue to gain more value till it becomes valuable.
Keeping money on Bitcoin is a nice ideal but just be sure you can not save your money on Bitcoin. Bitcoin should be for investment or normally daily use online currency. If you save money on Bitcoin and the time to take the money reach, the value might be lower and you will be at lose. But when you invest for long term there's a guarantee that you will get value instead of loss.

[knowngunman]

First of all, I don't think this thread is necessary again since we already have a similar discussion going on here I'm worried about the current exchange rate, aren't you?.

Secondly, what's the reason behind the sudden growth of NGN value? If you can't provide a convincing reason behind this, then there's everything to be worried about over this issue.

In case you are interested to know, this is not a new development. This is how it has always been towards the end of every year since USD/NGN drama began during the late Buhari regime. Moreover, the present tax introduced by the Tinubu administration is making people to move out there funds to avoid being taxed.

Lastly, no dey compare this kind situation with Bitcoin. Even Bitcoin sef get disadvantage because you lose your coins. Moreover, no be every money person go dey safe for Bitcoin unless you no wan use am for long time. Like I said before, if this NGN development reflects on every angle, everyone go dey happy about it.

[Inior]

It is because you save money in USDT, USDC or other dollar stable coins.

Fiat will only continue to lead to disappointment because if dollar do not do it, naira will as usual as it has been before.

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead 

honestly i was a bit surprised to the naira/dolar pair gainnig value for some time now, and most persons wo save i dollar are already beggining to panic because they are basically on lose right now. well the hike in the value of the USD to the naira pair was the reason for the hike in price of goods and services in the country yet we know that what ever goes up in nigeria wil fail to come down, at least that's the nly thing i've seen that defiled the law of gravity. may God help us.

[Zackz5000]

I can only accept that the naira is gaining value when the price of goods and services start decreasing because currently now there is no prove or sign that our naira is doing well, a thansand naira that's 1k can't buy you a breakfast and you want me to be happy that the naira is gaining more value.

This is just a strategy that the government use for the masses to believe that they are or think that the government has started hearing the cry of the poor masses and at the end nothing still change and goods still keep increasing in price.

[Ambatman]

The major reason it seems like the value of Naira is increasing is because the value of dollar is decreasing
As a result of the rate cut.
If Naira was really increasing it would be reflected in the prices of goods in our country.
Inflation isn't the rise of prices of goods but the fall in the value of money.


So I would Naira is increasing when the prices of goods starts falling.

Yes we worried Naira price is supposedly increasing because it's not reflected on the prices of our goods.

[Africolo]

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead  

You will only smile until it's time to convert it to Naira and you discovered that the dollar value has clashes against Naira and your Bitcoin becomes worthless in Naira.

Yes we worried Naira price is supposedly increasing because it's not reflected on the prices of our goods.

Because the rates are not stable and it barely a week since the clash. Businesses are not going to sell you what they bought at 1,550 rate at 1,440 rate, they're old goods and will be sold at old rate. We might see some price clash if the the current stats this way for the next 30 days or more.

[Ambatman]

Because the rates are not stable and it barely a week since the clash. Businesses are not going to sell you what they bought at 1,550 rate at 1,440 rate, they're old goods and will be sold at old rate. We might see some price clash if the the current stats this way for the next 30 days or more.

We won't. The biggest issue about Nigeria is Nigerians.
I recall the time when dollar was almost 2000 Naira per dollar
And Bread was increased to 1000 Naira
Flash forward to now it's still 1000 Naira.

Do you think the price would remain the same if Naira falls against dollar to #1600?
No they would start screaming dollar Don rise.

[Curious T]

You people hold dollar but those in US prefer to go for better things because they do not like how their government is printing USD and how they are reducing its value.

It is better you go for bitcoin. Those that hold bitcoin are smiling instead 

Different situations. Naira is a very unstable currency, so converting your naira to USD, which is relatively more stable, is not a bad idea. Keeping money you want to use for a short term in Bitcoin is not a very witty idea, as you imply. Bitcoin in the short term is very volatile and unstable as well, so you might lose your money.
If you keep your money in bitcoin for a short term, make sure you know the risk and don't expect a huge profit.

[Africolo]

We won't. The biggest issue about Nigeria is Nigerians.
I recall the time when dollar was almost 2000 Naira per dollar
And Bread was increased to 1000 Naira
Flash forward to now it's still 1000 Naira.

Do you think the price would remain the same if Naira falls against dollar to #1600?
No they would start screaming dollar Don rise.

The prices of rice as of that time was 110-120k per bag, today it's 78- 85k per bag, the prices of electronics also went down, the value of food stuff also clashed. Nigerian will always be Nigerian of course and taking advantage of condition is what we do best but when an obvious clashes occurs prices of things usually come down.

The reason we're still seeing some local produce skyrocket is due to the level of insecurity in our farms, the banditry and all sorts of insurgency going on and preventing our farmers from farming hence causing scarcity.

[Ambatman]

The prices of rice as of that time was 110-120k per bag, today it's 78- 85k per bag, the prices of electronics also went down, the value of food stuff also clashed. Nigerian will always be Nigerian of course and taking advantage of condition is what we do best but when an obvious clashes occurs prices of things usually come down.

Rice fell as a result of massive influx into Nigeria from Asia and Benin
And since dollar is weaker, import becomes cheaper
But this doesn't apply to our locally produced goods
But they all say the reason for the increase is dollar.

[Stable090]

I can only accept that the naira is gaining value when the price of goods and services start decreasing because currently now there is no prove or sign that our naira is doing well, a thansand naira that's 1k can't buy you a breakfast and you want me to be happy that the naira is gaining more value.

Omo no be only me Dey reason dis things, government Dey claim say Dollar dey come down, but prices of food no Dey drop, Wetin come be d use? E no really get use be that now, if dollar Dey drop, food prices Dey drop, then we go see d impact of dollar wey Dey drop, but if that one no happen, then dollar dropping is completely useless to me.

This is just a strategy that the government use for the masses to believe that they are or think that the government has started hearing the cry of the poor masses and at the end nothing still change and goods still keep increasing in price.

Government no hear any cry, na just format dem Dey use for us. Tinubu increased minimum wages, but him commot subsidy. So e just be like say d minimum wages wey him increase Dey useless, because him Dey collect d money back from d fuel wey we Dey buy. Tinubu just wan finish dis country, with all dis tax wey him wan Dey collect, and Dey no even Dey use d money do better thing, na dem Dey chop am, nothing Dey work for dis country, and everybody just Dey look.

[Africolo]

Rice fell as a result of massive influx into Nigeria from Asia and Benin
And since dollar is weaker, import becomes cheaper
But this doesn't apply to our locally produced goods
But they all say the reason for the increase is dollar.

I just gave you the reason why locally produced foods are more expensive than the imported foods

The reason we're still seeing some local produce skyrocket is due to the level of insecurity in our farms, the banditry and all sorts of insurgency going on and preventing our farmers from farming hence causing scarcity.

[Somto9Light]

I can only accept that the naira is gaining value when the price of goods and services start decreasing because currently now there is no prove or sign that our naira is doing well, a thansand naira that's 1k can't buy you a breakfast and you want me to be happy that the naira is gaining more value.

Sure we can't possibly say that naira has started gaining value when the price of goods and services is still the same as it was then, just imagine 30,000 can't buy food stuffs that will last for one week and we are here saying that the value of our currency has started increasing. I can only agree to that when the price of goods and services become cheaper, I could remembered those days when a cup of Rice was sold at #25 but now a cup is sold at #350 while most people are selling for #400 some #500 depending on their quality. And I don't see any possibility of returning back to the normal price which is #25 because even #20 don't have much value again in nigeria.

[iBaba]

I’m not happy about the increase in naira not because I’m an enemy of the country but because I know what it only means for the naira to appreciate in value when their is no actual appreciation in goods and services in the market, black market sales are increasing and naira is increasing in value against the dollar, that’s the game this government officials play usually once it’s getting close to when we will have an election and that will be a refers point that the country is doing will meanwhile it’s a disguise the country isn’t moving a better.

If naira will gain value it should be after the price of goods services are reduced to a great extent as the price of fuel reduces too then naira gain in value is appreciated by its citizen.

I quite understand your plight completely and you are honestly voicing out what a lot of people have in mind and cannot say it out because they are afraid not to have that poor public perception. The truth is many of us are not excited about the so called rise in Naira value because it does not truly reflect the real life of people.

How can the naira be strong when the cost of food is almost equal to the income the talk more of the transport, rent and fuel is still skyrocketing. It doe not even make any sense to me. This is the reason why we see these kinds of appreciation of the naira value as a temporary move as a political show to make it look like the economy is improving but in reality when you enter the market, it is giving a different fillers entirely.

[New Judgement]

No matter how the dollar is reducing against the Naira, I will always prefer holding the dollar against the Naira because this our government can't be trusted. We have watched them over the years and we know all their tactics, they want us to believe that they are working and forget about the bad things they have done over the years. We will all wake up one morning and see that the Naira has fallen again. Your government is taking money from the dollar reserves account to defend the Naira at the international market. How long do you think they can continue doing that, when they are tired Naira will fall again.