$1 To 1700N. Which way forward?

[Tribalchief]

$1 to 1700naira done bcum the trending mata for de country, as things no cum dey funny again. Prices of things dey Increase/change the very moment we wake up from sleep, abi make we no cum dey sleep for night again? . Mr president done already talk say there is no other way, so make we no even talk about the government.

How to survive in Nigeria should be a movie title, as per say the thing they meet majority. Sadly, de thing still dey affect those wey dey earn in dollars in one way or the other. Make I explain how:

Assuming the price of dollar to naira was 1500 as at last week, and the price of bottle drink na 200. Then, this week, the price of dollar to naira cum increase go 1700, there is no way we go get bottle drink for same amount, as e fit increase go 250 too.

Recently, i almost get issue with person wey dey sell, bcus of how price of something fit change 3times within 2days. No cap, things tough.

Way forward
We as citizens know the problem, but the solution matter's most. The only thing I can say is "Keep doing what works for you ". As long as you dey make profit, keep up with watin u dey do. Every body for fit do banking work, everybody no fit do crypto, every body no fit do teaching, just do your thing.

[SmartGold01]

Yeah e don even increased the more self and we fit reach 2k before the month or two months Time since price of things dey increase on a regular basis without control. People fit die for this wey country and e fit lead to crisis or protest where them go say we no need we president again, before we been dey talk of Buhari now na BAT why e be say we no dey luck for anything good leadership abi them carry am swear for us say make we no get better person as president and I again me no know how him take occupied there wey be say him no win election not even by selection.
In God we put our Trust.

[Mr. Allcrypto]

Lol... omo the country nothing funny again aswear, e just to sleep sef just kuku tire me, I no wan go sleep wake up hear say 1 cube of sugar don reach 1k...lol , omo my fellow 9ja people what is the way??

[Cantsay]

Have you checked binance recently? the price of one dollar is now up to 1,800 naira and all merchants are now hodling their bags very close to themselves.

I just tried to get some more coins from them and I couldn`t get any - to get usdt now, you have to buy through credit card because no merchant have an active ads on binance during the period this post was made.

[goaldot]

Na wetin we see for our country. You wake up dollar change price, you go to market goods change price na wetin you buy yesterday be that o. OP, you dey talk of people wey dey earn in dollar is still dey affect them. The people I dey pity most na dey people wey be state government workers. The ones wey dey never pay minimum wage. There own worst past.

[Thyplaymaker]

Have you checked binance recently? the price of one dollar is now up to 1,800 naira and all merchants are now hodling their bags very close to themselves.

I just tried to get some more coins from them and I couldn`t get any - to get usdt now, you have to buy through credit card because no merchant have an active ads on binance during the period this post was made.

Is now around 1875 naira per dollar, dollar is not slowing down at all and I believe before the end of this month or around next month e go hit 2k. Which e nor go dey pretty at all because the rate things one tey rise nor be here ohhh. They got to take action fast before dollar go go hit 5k

[Agbe]

That price was f #1700 to a $1 was last week exchange rate as of today the current exchange is #1900 to a $1 while #2500 to a £1 and the prediction is to hit 5k before this year go end and pound go hit 10k and at that time nobody go fit go market again so this is the best time to protest. Because di way I see things in the country dat is should be di solution or make military personnels takeover di country.

[Emmanuel1]

Way dey  forward by God's grace, president talk say Dem no go fit do anything,e no give us small hope self wey we go use take encourage ourselves,e just tell us the truth, say nothing government go fit do.
Watin e mean bi say everybody go carrie there cross oooooh,the don remove them self, I mean government for the matter.
Any how shall, but the truth bi say, any how wet dollars grow omo we go survive.

[Charles-Tim]

Way dey  forward by God's grace, president talk say Dem no go fit do anything,e no give us small hope self wey we go use take encourage ourselves,e just tell us the truth, say nothing government go fit do.

Presently, dollar to naira is less volatile and dollar is not that increasing in value if compared to naira as it was before. When OP created this thread, he said 1 dollar is equals 1700 naira, but as of today, it is around 1600 to naira and the volatile significantly reduced. Although it would have been more than this in the parallel market, but government have done their best to manipulate the parallel market, making it similar with the official rate.

[Sim_card]

Way dey  forward by God's grace, president talk say Dem no go fit do anything,e no give us small hope self wey we go use take encourage ourselves,e just tell us the truth, say nothing government go fit do.

Presently, dollar to naira is less volatile and dollar is not that increasing in value if compared to naira as it was before. When OP created this thread, he said 1 dollar is equals 1700 naira, but as of today, it is around 1600 to naira and the volatile significantly reduced. Although it would have been more than this in the parallel market, but government have done their best to manipulate the parallel market, making it similar with the official rate.

You are right dollar have reduced significantly to 1600.i was able to use the exchange today, and the rate was 1599 naiaria to one dollar. But the problem sti lies in the country, which is the price of commodities skyrocketing. The dollar has drop but marketers are still increasing the price of things in the market, and the cost of living is getting more expensive. This shows that it was not the price of dollar that was the problem, but the incompetency of the present government. By now the cost of commodities should have reduced.

[Igebotz]

Way dey  forward by God's grace, president talk say Dem no go fit do anything,e no give us small hope self wey we go use take encourage ourselves,e just tell us the truth, say nothing government go fit do.

Presently, dollar to naira is less volatile and dollar is not that increasing in value if compared to naira as it was before. When OP created this thread, he said 1 dollar is equals 1700 naira, but as of today, it is around 1600 to naira and the volatile significantly reduced. Although it would have been more than this in the parallel market, but government have done their best to manipulate the parallel market, making it similar with the official rate.

For how long will they continue to manipulate the parallel market? Floating the naira was a very "rushed" decision; the only reason the naira is at 1550 is that the government is secretly subsidising it to maintain the black market near enough to the official price to prevent arbitrary opportunities.

I've been patient with this government and the new CBN Governor, but I'm not seeing any positive signs yet. If proper precautions are not taken, the naira will reach N2000 before December.

[Charles-Tim]

For how long will they continue to manipulate the parallel market? Floating the naira was a very "rushed" decision; the only reason the naira is at 1550 is that the government is secretly subsidising it to maintain the black market near enough to the official price to prevent arbitrary opportunities.

Yes. The federal government manipulated the parallel market. I think Aboki FX was banned. They threatened Binance to the extent that Binance started controlling the parallel market of its Nigerian P2P and later stopped providing naira pair services to Nigerians. Other exchanges are now fearing the government and indirectly started  controlling the P2P price. If a buyer or seller wants to use a rate higher than the official rate, they are restricting them. Not only on crypto exchanges but other places also. So I can say the government manipulation is resulting to naira unification which the government wanted.

I've been patient with this government and the new CBN Governor, but I'm not seeing any positive signs yet. If proper precautions are not taken, the naira will reach N2000 before December.

I can remember that when the government Binance issue began, naira later depreciated to $1301. Later it depreciated to ₦1560 and now around ₦1600. Despite the government manipulation, naira continues to depreciate. They do not tackle what is causing naira depreciation which is low production.

[SmartGold01]

I can remember that when the government Binance issue began, naira later depreciated to $1301. Later it depreciated to ₦1560 and now around ₦1600. Despite the government manipulation, naira continues to depreciate. They do not tackle what is causing naira depreciation which is low production.

Sincerely speaking our problems is not Binance rather our governor if they can tackle this and leave Binance alone the better for them the main thing is that they should bill them to pay task because in US no company can operate without taxation.
If Binance adhered to whatever they are saying then their staff should be released and let the user continue to use the exchange. Our problems is Aboki fx this people are really manipulating the market and they are one controlling the market.

[Charles-Tim]

If Binance adhered to whatever they are saying then their staff should be released and let the user continue to use the exchange.

Maybe it has been given without people knowing but no information that Binance is ready to give Nigeria government the lists of top 100 Nigerian P2P traders on Binance.

Our problems is Aboki fx this people are really manipulating the market and they are one controlling the market.

AbokiFX has suspended its operation in Nigeria since last year. So the trading platform is not the one manipulation the market. It is also just like Binance P2P that individual set their own rate.

[Agbe]

I am still confused why the price is still going up upon all the dreams with Binance and other cryptocurrency exchanges in the country. Presently the price or the exchange rate is USD1 = NGN1564.71 even as this we are still praying for good Nigeria. Last week again President Tinubu said they should extend the Binance Staff detention until the needed information are given. And I don't think Binance is ready to release such vital information to Nigeria Government.