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.
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As long as the country is not in support for the use of cryptocurrencies, the government will always fight against the user and caution the banks from engaging any crypto related activities like trading, that is also why we need to be more sensitive from how we make use of some of these centralized exchanges because the government will always fight back on them, while loss in economy is not because of the exchange rate, inflation has already been the order of the day long time ago, there is more need for increased productivities for a currency to strong value in the global market.
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As long as the country is not in support for the use of cryptocurrencies, the government will always fight against the user and caution the banks from engaging any crypto related activities like trading, that is also why we need to be more sensitive from how we make use of some of these centralized exchanges because the government will always fight back on them, while loss in economy is not because of the exchange rate, inflation has already been the order of the day long time ago, there is more need for increased productivities for a currency to strong value in the global market.
Nigeria government is not tackling the problem that is causing inflation which leads to the value of dollar to increase over Naira. Instead, they are telling all exchanges to delist Naira from their exchange, and the EFCC have also told airports not to use dollars again but Naira. Will this revive our dying currency to start gaining value over dollar, or the focus on production should be handled urgently.
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Instead, they are telling all exchanges to delist Naira from their exchange, and the EFCC have also told airports not to use dollars again but Naira. Will this revive our dying currency to start gaining value over dollar, or the focus on production should be handled urgently.
Some news also suggests they think crypto or P2P is the culprit for this forex manipulation if I recall correctly. Sounds like the deflation is worse than I thought if they keep bleeding like this. I'm not an expert by any means but if there's no reason to invest in the country because they don't produce anything, I think there's no reason for the market to value their fiat currency that much. Sounds like there are complex issues and the only way to untangle the mess is by finding the right person to steer the government, which is probably a hard thing to do[1]. CMIIW.
[1] https://punchng.com/why-naira-continues-to-lose-value/
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Instead, they are telling all exchanges to delist Naira from their exchange, and the EFCC have also told airports not to use dollars again but Naira. Will this revive our dying currency to start gaining value over dollar, or the focus on production should be handled urgently.
Some news also suggests they think crypto or P2P is the culprit for this forex manipulation if I recall correctly. Sounds like the deflation is worse than I thought if they keep bleeding like this. I'm not an expert by any means but if there's no reason to invest in the country because they don't produce anything, I think there's no reason for the market to value their fiat currency that much. Sounds like there are complex issues and the only way to untangle the mess is by finding the right person to steer the government, which is probably a hard thing to do[1]. CMIIW.
[1] https://punchng.com/why-naira-continues-to-lose-value/
Exactly, no one wants to sacrifice to fix thing in the country because that was never their intention from the beginning when they were fighting for power. The government is just doing things like people that don't know what they are suppose to do and their decisions are affecting the youths, the citizens and the economy of the country. Our refineries are bad, they cannot fix them, instead they import our crude and bring back few byproducts, just because the person in charge of that contract is benefiting a lot and they share the money amongst themselves. That will make them even happy that the refineries are bad, and they are busy blaming exchanges that are innocent,whereas it is the government that is manipulating the Naira through their fraudulent actions and corruption.
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[1] https://punchng.com/why-naira-continues-to-lose-value/
That's a really bad article, is it from the opposition?
Banks pay in dollars instead of naira to recipients of Western Union remittances. An estimated $50bn, some say, is driving an underground currency speculative market.
This thing doesn't matter, remittances are paid in the currency they are sent, and those receivers will have to switch from USD to naira at one point anyhow, if they get nairas at the office or they exchange those dollars when they need food it doesn't matter, it's a net positive!
has continued to enhance the promotion of imports to the detriment of local production, thereby stifling exports and causing a shortfall of naira receipts on the sale of dollars.
This is again really bad and completely wrong, it would have the exact opposite effect!
Each cycle of rate hikes lowers productivity and induces inflation.
No, no and no again! Rate hikes cut inflation don't induce it, seriously every country in the world hikes rate to cut inflation, we know from decade of the CB of Japan that wanted!!! inflation the only way to induce it is negative rates!
Across the African continent, currency depreciation is pervasive. The francophone countries, with their French-supported CFA franc, are sitting on an economic time bomb. Their currency is stupendously overvalued.
Again, really stupid take!
The author has somehow decided that a currency pegged to the euro is overvalued, that would mean the whole EURO currency is overvalued, seriously? Then Denmark is also in trouble because their currency among other sis also pegged to the Euro.
Should we compare Denmark with Nigeria?
Really, really bad article, I am sure it is paid to make things look completely different than they are, if someone would come up with an essay like that he would get to repeat the year!
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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://i.ibb.co/wgzxLMP/imgf720b0f879a7fb70dc6f5dec69b4553d.jpg)
https://bitcoindata.science/bitcoin-units-converter
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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.
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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://i.ibb.co/wgzxLMP/imgf720b0f879a7fb70dc6f5dec69b4553d.jpg)
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.
(https://www.talkimg.com/images/2024/06/03/cX5Lz.jpeg)
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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://i.ibb.co/wgzxLMP/imgf720b0f879a7fb70dc6f5dec69b4553d.jpg)
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.
(https://www.talkimg.com/images/2024/06/03/cX5Lz.jpeg)
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?
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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.
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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
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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.
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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.
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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.
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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.
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
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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.
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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...
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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.
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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.
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.
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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? :D
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.
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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.
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If we check around the market value of the Nigerian currency from the beginning of this year to where we are today, we are going to record a massive slope whereby the market have been falling due to the poor economic performance of the country in the parallel market as dollar always rises against the Nigerian currency by exchange rate, and up to this time, this has been the same situation on what is happening and some were already predicting more high in value for the exchange rate before the end of the year if the Nigeria economy is not progressing at all.
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Based on news that I read, some analysts predict that the condition might get worse even though inflation slowed down in the last 2 months[1]. Petrol's price and food prices are major issues that need to be addressed to avoid the worst outcome. I believe others said that the political situation does not help the situation at all. I can't give any suggestions to them, but hopefully, they realize the need to take a step back if they still want to enjoy their power. After all, it doesn't matter if you hold a ton of money but all of them become useless due to the terrible exchange rate. CMIIW.
[1] https://www.reuters.com/world/africa/nigerian-inflation-falls-second-straight-month-august-2024-09-16/
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Any country whose local economy is not strong will always suffers a huge loss on the currency value of the country, because it will lack all it takes to perform along with other world fast growing economy and developments, there are many indications in which can be used in determining for whether a country is progressing in it economic activities or not, the rate on production must have to increase along the labour and workforce.
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At this point maybe we can give the Nigerian government some breathing room because we have seen what's happening around the world which could be directly or indirectly affecting them too, things like the Russian war is obviously going to affect them and have a say on its economy, droughts around the world, floods, political tension and the list goes on...also the mentality that government should help individuals should be something we need a mind change about because nobody owes anybody a living and people need to stop feeling entitled if we are to see development and the ripple effect will mean better performing economy, stronger currency 💵 etc.
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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.
I still remember the first time I learned what inflation was when I was still in college, coincidentally the major I took was economics, to be honest inflation is a scary thing especially for developing countries whose economies are moving towards developed countries.
I don't know for sure what happened to Nigeria, sorry I'm not discussing that, what I'm highlighting from this topic is the discussion about inflation, the role of the government is very much needed to suppress inflation because inflation is a natural thing but if the government is good at controlling its course, inflation will definitely occur slowly and gradually.
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also the mentality that government should help individuals should be something we need a mind change about because nobody owes anybody a living and people need to stop feeling entitled if we are to see development and the ripple effect will mean better performing economy, stronger currency 💵 etc.
What change are you referring to? Should we allow them to apply policies without any responsibility or something similar? I can understand why you want people to be responsible for their own choices, but as a citizen, you have the right to demand things from your government, especially if you vote for them. Why would the government exist if they don't have an obligation to make your life better? I guess it's impossible to do that in a monarchy or dictatorial government, but I'm sure Nigeria isn't one of those countries. CMIIW.
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The government of a country have to work in hand with its agencies to see the effective implementation of every elements that could help facilitate the advancement of the economy, there must be an increased rate of productivity in a country, this will help the people to be more independent and the economy to grow more rapidly, because the GDP is growing fast and this will also help the economy to maintain its balance and independence.
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When everything about the government is not working, everything will begin to fall and we may continue to experience a big decline along the way when it comes to anything that has to do with such country. The big decline in the currency value of Naira to Dollar is so large that when Nigeria even becomes a producing country, it’ll take them a while before they can reach up to that which can close the big gap. Many things needs to be done by the government to make things balance in the country and make them rise up in ranks on the global scale.
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The big decline in the currency value of Naira to Dollar is so large that when Nigeria even becomes a producing country, it’ll take them a while before they can reach up to that which can close the big gap.
It's the opposite!
A weak currency is good for exports as your production costs are lower in $ terms, so if you're not producing and exporting now you will for sure not produce and export more with a strong currency as all advantages will be erased.
A strong currency is not always a blessing, that's why some devalue it intentionally to balance their trade books.
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When everything about the government is not working, everything will begin to fall and we may continue to experience a big decline along the way when it comes to anything that has to do with such country.
There will be a continues decline when the government are not having enough time in seeing through the situation over the economy challenges, they are better off doing other things than sitting to see how the economy could work for the progress of the people, since they know quite alright that they are not being affected by anyone or any policy implementation they supported at the expense of the economy growth.
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The Nigerian currency is one with loosing its value at every short period.Our government themselves aren't helping matters with this at all..
The naira today has depreciated massively by 20%! Isn't that worth being scared of?with the price of goods,transportation and fuel increasing day by day,the country's becoming a hell hole.The poor are being whipped massively by this effect,even the rich are not spared as this effect isn't even a decidibg factor for both the rich and the poor at all.
Can't the Nigeria currency be at a point whereby we can boast proudly of our own currency?The government wishes for us to be patroit who can boast of our country meanwhile our currency is something not to be proud of at all..
At this point,can Nigeria even grow bettet?
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Bro nice one. Being enlightened daily about the situation of the country is good but we have talked about the problems of this country too often we've been hearing news of the misfortune of the country almost everywhere in the radios, on TVs on social media everywhere in the internet is carrying the news of Nigerian government and it's economy. But aren't we wondering that in a country of over 200 million people and just few set of people are playing with the country resources and nothing tangible is done? Aren't we wondering when these whole story spreading everywhere would come to an end. Not that citizens can't make a difference but Nigerians so much believe in bribery and self benefits, greed, hypocrite, these are the major problems. I won't have to explain further but until we find a new era of government without these unworthy qualities then we can be sure of a change for now, we are still going to witness more inflation all round.
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Nigeria currency is losing value against dollar, inflation has takeover the economy, governments doesn't overlook the problems that the citizens are facing due to decline of value of the currency, governments can join hands together (collaborate) with the citizens and bring progressive to the country, but selfishness, greediness, and discrimination will not allow them to do so. a wise man says "Together we stand, divided we fall", is not that the government is confused or something, they know exactly what to do, that will reduce the rate of inflation, and also make the economy stable, better and balanced, but they are intentionally ignoring them. Nigeria has eight (8) denomination of notes , but I can assure that almost four(4) denomination of notes are worthless because of devaluation and inflation.
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Nigeria currency is losing value against dollar, inflation has takeover the economy, governments doesn't overlook the problems that the citizens are facing due to decline of value of the currency, governments can join hands together (collaborate) with the citizens and bring progressive to the country, but selfishness, greediness, and discrimination will not allow them to do so.
The draw back in the price of the Naira isn't even much of a fresh topic anymore . It's way so obvious that it's effect can be seen outrightly on the rate of inflation. Currently I've actually come across some arguments that Naira is appreciating currently but another question is how much is it appreciating and how long is the effect going to last.
Often times we talk about the depreciation of different currencies but the truth is it's usually a relative comparison between two or more currencies most of the time. That's because judging from the fact that inflation is an effect on every world currency then those increasing in value are actually those performing well despite the effect of inflation.
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The news of Nigerian currency losing value is not a new thing, by this time I suppose many people should be able to cope with this inflation but the only problem is that it is not balanced at all if it rises today it will drop tomorrow but right now I think citizens to cope must be prepared for the hike and not the depreciation cause while waiting or hoping on depreciation one may not meet up.
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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.
There is nothing much just that when a new Government is elected it always affects the economy.
But what is perplexing me is that it's almost 3years of the new government but still bad story.
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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.
The Nigerian currency is losing it value every single day that passes in the international market this is due to the fact that Nigeria is a consuming nation with no single thing that it produces, any government that has refused to develop the technological base of it nation so that it can be positioned towards an economy that is producing will definitely suffer with high inflation because import in the international market is done with the dollar so it's going to definitely affect their local currency
The only remedy to this problem is for the country to be innovative and start producing goods and services to meet up local demands in that way inflation rate can be reduced and it's going to also strengthen the naira in the international market
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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.
I don't deny, and I will never deny any of your statement but from my observation I don't think government is attempting to do anything that is going to increase the value of Nigeria currency(Naira), what makes you have much confidence in government, many governments have come and go, for the situation of the economy to improve, instead the currency value is decreasing and inflation is taking over. different kind of government has ruled before and still the situation is getting worst day by day, then what makes you think that the current government is going to do something about the hardship that the people of his country are facing.
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If the economy of a country is retrogressing, then there is a need to run a check on the government and their pattern of administration to the economy affairs as well as how effective have they been responsible for the growth and developments of the GDP when it comes to production and independence, what sort of policies are they working with that are not productive for the growth required, who are the ones in charge of these implementations and are they up to task or not.
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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.
Fast forward to today fron a year ago,Naira is still performing heavily bad,completely devalued as though it is not important at all.The dollar conversion rate to naira is sitting at 1550 as at of today while last year, it was sitting around 1600-1700 thereabout;i’m talking about last year febuary to be previse.
The situation we face is really no joke at all cause it justs keeps either getting worse se or not moving at all.Our government adds to this problem bh not making good decisions at all while still taking loans upon loans while still not making any significant change in the economy.Our economy is a joke and our government are the standup comedians themselves.
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When it comes to the issues of the banks and governments, we don't know how they both keep deceiving on each other over for a better economy when the whole system is collapsing already, now from the Nigerian government, we can see that the dollar is dropping in value and naira winning against it in the parallel market, this is nothing than a pure economic manipulation and it is going to bounce back on the masses, because the economy is not that stable to withstand any independency of the US dollars for now.
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Niara's dropping fast, and it's got folks worried, many are jumping to Bitcoin and stablecoins to escape inflation. Crypto might be a long-term lifeline, or maybe the naira could still rally back.
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There must be many wrongs with the Nigerian economy that is why its currency is losing value fast in the open market and seems to me that the government is under the curse after it meddled with the cryptocurrency market in the past months. Well, anyway, we know that currency going down means there is a big chance for more inflation and the people will suffer more so I am wishing more power to Nigeria so it can face this challenge well. Nigerians who can use cryptocurrency to protect their wealth can do so...there is just one big problem and it is the prices of many coins also going down so one must plan to hold like Bitcoin for a long time to derived profits on the decision.
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The method of leadership in Nigeria is something else. It is a good thing for a government to be criticized in the areas they are not performing well, so that they can look at that loophole and fix it, but the reverse is the case for the said leaders of the country. When there is a cry from the masses, they claim deaf ears. Unemployment, inflation in the price of commodities, little to no exportation etc. can all add together to affect the decline of a country's currency value. These are things which I am sure the leaders are aware of and knows how to control or tackle the situation, but rather, they prefer to use it as an advantage to take and eat alone.
Until they decide as leaders to take Nigeria to a better level, there is nothing that may change in the country's economy.
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I'm not sure how credible this report is, but it seems like the government is claiming that Nigeria's trajectory is turning positive soon[1]. Can any Nigerian verify what was said there? I think the currency exchange value has been quite stagnant in the last few months or so. I wonder if this stagnation already reflects this, or is it possible we'll see an increase in purchasing power for naira soon?
[1] https://businessday.ng/news/article/nigerias-economic-trajectory-turning-positive-says-cardoso/