The Nigerian currency losses value in the exchange market

[Rruchi man]

1 Bitcoin is worth 94580089.26 NGN and that is $67535 USD
Can someone from Nigeria community confirm if this is true today?

I am not surprised, the value of our naira has been on the decline, and our government has been chasing shadows, acting like they do not know the real cause and how to tackle it, They have been busy shifting blames to currency speculators on the  crypto exchanges as the cause of the problems. They have even stopped a few exchanges and forced them to delist NGN from their exchange, but our currency value has not changed. It is just a sad situation.

[Agbe]

I heard that Nigerian currency naira is now worth less than one bitcoin satoshi unit so I wanted to check and confirm if that is true.
U used bitmover website tool bitcoindata.science and it showed me that 1 satoshi is worth 0.95 NGN.
1 Bitcoin is worth 94580089.26 NGN and that is $67535 USD
Can someone from Nigeria community confirm if this is true today?


https://bitcoindata.science/bitcoin-units-converter

That is correct the Nigerian currency is worthless since when this new president came in. He promised to come and change the bad economy to be a good one and he voted in but the opposite is displaying. All your calculations are very much correct. When the opposition party was ruling  Nigerian currency was NGN150 to a dollar. That is $1=#150 but today $1 =#1,464. Okay let me calculate it. 1 Bitcoin now is $69,155 X 1=$69,155 X NGN1,464 = is NGN101,242,920. And you can see the current USD/NGN.

[bitmover]

I heard that Nigerian currency naira is now worth less than one bitcoin satoshi unit so I wanted to check and confirm if that is true.
U used bitmover website tool bitcoindata.science and it showed me that 1 satoshi is worth 0.95 NGN.
1 Bitcoin is worth 94580089.26 NGN and that is $67535 USD
Can someone from Nigeria community confirm if this is true today?


https://bitcoindata.science/bitcoin-units-converter

That is correct the Nigerian currency is worthless since when this new president came in. He promised to come and change the bad economy to be a good one and he voted in but the opposite is displaying. All your calculations are very much correct. When the opposition party was ruling  Nigerian currency was NGN150 to a dollar. That is $1=#150 but today $1 =#1,464. Okay let me calculate it. 1 Bitcoin now is $69,155 X 1=$69,155 X NGN1,464 = is NGN101,242,920. And you can see the current USD/NGN.

So bitcoin is a very important asset to protect your wealth, isn't it?

Can anyone buy bitcoin easily in Nigeria? Which exchange do you use? Luno?

[Agbe]

So bitcoin is a very important asset to protect your wealth, isn't it?

Can anyone buy bitcoin easily in Nigeria? Which exchange do you use? Luno?

Yes bitcoin is an important asset to those who are into crypto. And bitcoin has help many in the country. Though the government banned it in 2021 and unbanned it in 2023 and still fighting against it very seriously through centralized exchanges, the government has banned several centralized exchanges in country and it is only  two popular ones are left. Which are bitget and ByBit with other local exchanges.

Yes one can buy bitcoin in the country through different ways. Those exchanges existing and also from www.bitcoin.org and p2p ect.

[joniboini]

from www.bitcoin.org .

Are you referring to their buy widget? AFAIK Moonpay provided that and Bitcoin.org is not associated with it. According to their faqs, they allow Nigerian transactions[1], but I'm not sure if there will be any additional checks and stuff like that. Their status page shows some issues with Nigerian banking transactions though[[2]. Anyway, you should be prepared to make an account if you want to use them at least since they are a centralized service. CMIIW.

[1] https://support.moonpay.com/customers/docs/all-supported-payment-methods
[2] https://status.moonpay.com

[dkbit98]

That is correct the Nigerian currency is worthless since when this new president came in. He promised to come and change the bad economy to be a good one and he voted in but the opposite is displaying. All your calculations are very much correct.

Sorry about that 
I don't think that any president or political party would do any better, they are all just puppets controlled by someone else.
And that is not only for Nigeria but for all other countries, they are all just actors playing good and bad roles.
For example Trump has a star in Hollywood Walk of Fame along with other actors, and I don't need to say anything for senile Biden.
Never trust politicians, especially not when they announce support for Bitcoin.

[akeemqaz]

Isn't June 12th the Independence Day? You posted this on the same day. Anyway, the Nigerian government has been trying to ban different kinds of dollar-related activities in the country to help the currency's value. But I think it's better if they focus on something else instead of banning dollar-related activities like crypto, forex, and so on.

[Aanuoluwatofunmi]

The government are responsible for the losses experienced in their local economy transaction because this has been what they met on ground pilling up till they have no means to evade on its consequences, also when things like this happens, there should be a prepared plan and approach in dealing with it to gradually boost the economy back and make things get better instead of more worsened which i still see that they are yet to understand on this as well.

[retreat]

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.

Inflation occurs in many countries, not only in Nigeria, even my country experiences quite high inflation

making people think hard about how to get money today, there are many new unemployed people and competition is getting tighter

to fix this, the role of the government is really needed, hope things get better in the future

[dkbit98]

to fix this, the role of the government is really needed, hope things get better in the future

LOL you want to beg the government to help you fix the problem when they themselves created inflation together with central banks 
Just hope, wait and do nothing, see how far you end up in future with that attitude about inflation.
This is like hoping from thief who stole money from you to fix your money problem.

[Agbe]

The government are responsible for the losses experienced in their local economy transaction because this has been what they met on ground pilling up till they have no means to evade on its consequences, also when things like this happens, there should be a prepared plan and approach in dealing with it to gradually boost the economy back and make things get better instead of more worsened which i still see that they are yet to understand on this as well.

When the present government was campaigning to win the election from 2014, they were saying tht the country economy was very bad that they are here to fixed the economy and reduce inflation. And the electorates saw the good words from them. And voted for them in 2015 and they won the election and when they became the President and ministers and lawmakers then  they make things difficult for the citizens. In the year 2014, $1=$150 and fuel price was #97 and today $1=#1,580 that is X10 and today as I am typing, a petroleum (fuel) price is $1 in the cities that n the rural areas it is $2 a liter. And things we were buying $20 as of 2014, now it is $300. Yet they don't have any plans to reduce the cost of living. The Central Bank President is not fitted to be there. And the minister of financial are not good enough in those positions. And what happened in Kenya is the best answer to this situation in Nigeria...

[Manna]

A very important post. We all have to work constantly to keep up with the rate at which the prices of commodities and essential goods have increased and improve our quality of life.  What you mentioned about Nigeria is true and brings up a lot of important points.  If one is thinking about investing then invest with importance.

[Mia Chloe]

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.

Op the Nigerian currency has been dropping exponentially in value for a very long time now. It has had great effects on both the Nigerian economy and life of the citizens. In terms of Forex markets, I would say the Nigerian currency has been in dip or a down trend for a very long time now. Nigerian exchange rate is based mainly on the dollar and over time the dollar has over powered the Naira thus dropping it's value.
I believe the reason for the constant drop In the value of the Naira is as a result of the inability of the leaders to properly manage the  resources in Nigeria. The main source of revenue in Nigeria for a long time has been crude oil and petroleum . However they were unable to create other setups that would generate more revenue in the future and since then the economy has been collapsing especially to inflation.

[Stompix]

I believe the reason for the constant drop In the value of the Naira is as a result of the inability of the leaders to properly manage the  resources in Nigeria.

Actually, the population can do a lot about this, you stop buying goods from outside the country and you stop buying foreign currency
Nigeria has a positive trade balance for the last year so that's not the problem.
The problem lies in everyone abandoning the naira and seeking refuge in either the $ and of course crypto, so you might not like it but the population is also at fault for the decline, you have 200 million selling naira for USD and you have what, nobody else buying naira with USD? 

Either way, the CB will keep raising interest rates, and inflation is slowing down, once they push the rates again a few points it will start to normalize and so will the fx markets. With no exaggerated inflation, there is no demand for hard currency as a refuge.

[Dr.Bitcoin_Strange]

A very important post. We all have to work constantly to keep up with the rate at which the prices of commodities and essential goods have increased and improve our quality of life.  What you mentioned about Nigeria is true and brings up a lot of important points.  If one is thinking about investing then invest with importance.

In an economy that its local currency is losing its value or crashing down, it can be really difficult for those who depend or earn in that local currency,  because no matter how much you, it may never be enough to afford everything you need, especially for the poor and the middle class earners, because this will also affect the price of commodities, services and every other thing as mentioned. The best solution to escape a condition would be to sort for ways to work and earn in hard currencies like the USD or EUR, not just that, it'll also be very helpful to have multiple sources of income, so your income streams doesn't run dry as you'll always have sources to earn and be able to sort out your daily expenses and needs.