Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: Mr. Allcrypto on February 14, 2024, 10:38:34 AM
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The Nigerian currency has recently experienced some depreciation in the exchange markets as a result of poor economic stability which has given room for rise in prices of goods and services and also a high cost of living in the country. Currency values can fluctuate due to various factors like economic conditions, inflation rates, and also global market trends etc... It's important to stay updated on the current exchange rates if you're planning to exchange currencies or make international transactions. If you need any specific information or have any questions, feel free to ask...
I wrote an article about inflation recently in a platform and I highlighted the causes of inflation in the country, and also how it strongly affects the cost of living due to the rate at which prices of goods and services where increased.
Currently the economic condition is very poor and the government needs to work hand in hand together with the citizens as well so we can restore balance in the economy.
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I'm looking at the chart of Naira vs USD and, yeah, that's a sharp decline. What's happening over there? Is there a political turmoil or some insurgency that's causing their local currencies' plunge? That is the only thing I could think of right now that would cause a crash like this https://www.exchange-rates.org/exchange-rate-history/ngn-usd
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Looking at the state of the country now, there are various economic reasons why naira is loosing it values in the exchange matter, and critically looking at the matter you are are right by saying political turmoil is one of the key reasons affecting it, because looking at the country we observed that any te there is a change in government, our currency always losses value, but with time, we hope that everything will become normal if the government work towards that, and also the rate of inflation in our country will reduce....
Shear your points also, so we can enlighten each other about our economy.
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because looking at the country we observed that any te there is a change in government, our currency always losses value,
So you're saying that the new government is not trusted by the investors, hence they pull the plug and try to exit the market as soon as possible? What is the reason tho? Is the new government dictatorial or something? I'm not up to date with the political landscape of Nigeria. As for my country, we just had an election and as far as I can tell there's no significance difference in the market, maybe because most of them predicted the result, or at the very least the possible trajectory of the country in the next five years regardless of who was chosen as the president.
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because looking at the country we observed that any te there is a change in government, our currency always losses value,
So you're saying that the new government is not trusted by the investors, hence they pull the plug and try to exit the market as soon as possible? What is the reason tho? Is the new government dictatorial or something? I'm not up to date with the political landscape of Nigeria. As for my country, we just had an election and as far as I can tell there's no significance difference in the market, maybe because most of them predicted the result, or at the very least the possible trajectory of the country in the next five years regardless of who was chosen as the president.
As of date, the change of government is really affecting Nigeria economy. But with time the government will definitely make ammends across every thing to make sure naira gains it economic strength and value again.
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Right now the currency is gaining more than the dollar. Last two weeks the naira was very weak even in the parallel market but in this week, it is #1460 to $1 but even at that I am not happy with the exchange rate because when the former president Goodluck Ebele Jonathan was there, the dollar rate was very small and it was #150 to $1. And now we don't even know whether this new government will reduce the exchange rate to a bearish minimum rate in which everyone can make use of it. According to the government, Binance is one of the exchange that making the naira to be devalued so they have arrested 2 Binance staff and fine Binance with #10m.
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Now I understand why bitcoin and cryptocurrencies are so popular in Nigeria:
(https://www.talkimg.com/images/2024/03/31/VRxH3.png)
When the government devalues the currency by leaps and bounds, even much faster than the dollar or the euro devalues, it is normal for people to seek refuge in other currencies or assets to protect the value.
Right now the currency is gaining more than the dollar.
Yes, well, but the long-term trend is clear.
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Now I understand why bitcoin and cryptocurrencies are so popular in Nigeria:
(https://www.talkimg.com/images/2024/03/31/VRxH3.png)
When the government devalues the currency by leaps and bounds, even much faster than the dollar or the euro devalues, it is normal for people to seek refuge in other currencies or assets to protect the value.
Yea, it is better to keep the value of your funds in bitcoin or in USD if you are living in Nigeria, because of the low value of Naira to USDT. The problem is caused by corrupt leaders, who are only after stealing the country's resources to enrich themselves, and they lack the knowledge on how to grow the economy, and make life easy for the citizens. However, the value of dollar have dropped recently, and I don't know how long this will last.
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What do you expect when a nation is always at the consuming side and stressing only on importation. To the least, toothpick is being imported. If to that extent, what do you think would become of a nation that can not produce anything for exportation at a large commercial quantity.
Secondly, the leadership is bereft of ideas to lead the nation. They fail to implement good economic policies that would improve the nation economy. Rather they choose to clamp down on crypto currency exchange and enthusiast for what they themselves could not properly handle.