Topic: Bitcoin price speculation (BTC/NGN) - page 4. (Read 2236 times)

Una suppose know say no be only naira appreciation or depreciation they affect the prices of goods/commodities, Naira appreciated a little no mean say we don defeat inflation na, the rising cost of living and rise in cost of goods is down to inflation, and this inflation affects cost of production, which ultimately go affect the cost of the goods.

Naija dey import most of the things wey we dey use and because of insecurity, lack of local production and bad government policies we no dey attract foreign investors, so the naira is definitely going to crash again because this is not sustainable. People no dey take advantage of anything, this is the reality, a small artificial appreciation in naira value no mean say things don good.

Naira appreciate over other currencies is what is happening right now, not that dollar is depreciating in price. About the price of goods and services, be expecting them not to increase as usual. But as naira increase in value, even if the price of goods and services is not increasing, do not expect any to depreciate. As we are moving towards December, cost of goods and services will definitely increase. Naira increase in value, but how long can it last is another question that should be answered because what the CBN did is just a temporary solution.

Naira does not depend on dollar. If naira depreciates, there would be increase in the price of goods and services which is called inflation. Inflation will make things to balance and be like before. Example is in the past when a brand new car can be bought with ₦5000, but an amount which a salary earner can not be able to use to afford to live for a week now.

Let's see and watch how long this will be sustained even as we are approaching the Christmas season, Naira is trying to maintain a strong resistance to fall, well i want to believe that this is not really a market reaction as others have said and could also be in other way round, what amazes me about this is the rate at which the market price of items in the market have rised and after the drop in exchage rate these prices still maintain the same rate, people are definitely taking advantage of this to make their own market manipulation.

we all know the game behind Naira  i read it in news that CBN fun around billion of Naira to Forex and now we have a upper hand i just hope it last .However, lets be on alert incase there want to be any rise :: exchanges to dollar should be done with immediate effect => a new rich strategy to apply    . Update!!!

Every currency rely on dollar as the the dollar is getting stronger that the naira,  the naira is loosing value which makes the standard of living to be very expensive, and if commodities keep increasing it won't be easy for people to buy bitcoin because the expensive of things is much on them which it won't be easy for them to buy bitcoin like when naira has value.

The way naira is losing value us really affecting some Nigerians, because of the expenses of things people are just looking how they can survive,  which they have made every investment as secondary budget.

The dollar is not depreciating, it is the value of the Naira that is appreciating when you compare it against the dollar. It is good that the naira is gaining value again, but i don't think it is going to be sustainable, we have seen many times that Naira gained value against the dollar for a short time and it crashed down again after sometime.
This one no mean anything, na just artificial value be this and i dey sure say in few weeks the value of naira go crash again, e no get anything wey the government don implement wey show say this rise dey sustainable, so no carry your hopes go up.

It is not that low as of now. I just checked Binance p2p and I am seeing N985. I do not see this as something that will last because apart from injecting dollar into the system, our government is not doing any other thing that will support the growth of our Naira against the dollar. So long as we depend on importation for almost everything we need, our Naira will always depreciate against the dollar. Assuming they can stop importation of petroleum products by revamping our refineries, they would have taken bulk of the dollar demand.

Assuming they can lift all restrictions in our cards and allow a unified exchange rate, then it would have been easy to find the point of equilibrium. As for now, the market is so volatile, and I will encourage us to exercise caution.

I don't know if anybody is noticing what is happening in the exchange rate of dollar to Naira, omo dollar don dey depreciate back to the former price if you can observe it, and naira is gaming back its value. I just did my calculation based on Binance price and dollar is 806 Naira as I am writing this thread, because bitcoin is 274 743 703 Naira now. At two weeks ago,we knew that it was above 1150 but gradually it is appreciating and nobody knows for how much it will appreciate to.

 Does this means that the promise that Tinubu said about making things very high before the economy will be balanced, because I could remember that he said that dollar will depreciate over Naira with time. One thing that I haven't observed yet is the cost of commodities, the prices are still high and getting higher, is it that the dollar depreciation over Naira is not suppose to bring down the price of things now, or will it be a gradual process, or is it that Naira can appreciate over dollar,but the cost of commodities will never be brought low because of greed ? This means that the new administration is working on making the dollar loss value over Naira. Can anyone tell what is the cost of this new change in price of dollar and Naira

It is at ₦1040 presently. Edit: Just fell below ₦1000 again.

Not that USD is crashing, naira is the one that is appreciating and this makes USD to look like it is depreciating but not like that. Naira recently appreciates against all other foreign currencies nthst are well known.

Do not let me repeat myself:

Naira hits highest level since September 20th, trade as high as N972 on Binance

Nobody knows for now. But I will prefer to just continue to hold bitcoin, and United States dollar. Naira just for spending.

This is the problem, deflation is hard to achieve. Do not expect goods and services to be cheap. As usual, they will get more expensive overtime.

It's not funny that many aren't talking about the current ongoing fall of USD over Naira, as at today, the excha rate for $1 is  #985 the whole show started as at Wednesday while Thursday loud it all when i discover Naira is exchanged at 1135 as at yesterday, now the USD is crashing and Naira is gaining strength and momentum towards rising back and fighting against the US dollars, what are we seeing to this, let discuss the probably expectations with this current happenings under the following highlights.

1. Will Naira maintain it resistance against dollars for long.

2. Is this a trick to render the market vulnerable in other to rise back beyond expectations in subsequent days.

3. Is the exchange rate feasible to to bafk to 1300 or beyond this year or Naira is raising a dorminance against USD for long.

4. Considering the festive period approaching, we know hiw things normal appears being expensive because of high demand, should we expect contrary or worst base on the excha rate.

5. Will there be deflation upon every market commodities and items already inflated at the cause of USD exchage rate to Naira when it was 1300

I was not tracking the price of bitcoin vs naira before until I created this thread, so I do not know if what I am about to post is correct or not. I saw it on Cointelegraph that bitcoin has gotten to all-time-high in some countries, and Nigerians is one of the three countries mentioned.

Bitcoin price hits all-time highs across Argentina, Nigeria and Turkey

This may not be correct because the all-time-high I saw on Coinmarketcap was ₦51 million but bitcoin even in the black market has not gotten as high as that recently.

I noticed recently that naira that was ₦1310 to $1 as increased in price against dollar few days ago. $1 to naira today is around ₦1150. Bitcoin to naira is around ₦40 million in the parallel market.

We haven't seen the Bitcoin market so high in the past two years that we've seen in weeks. Where the value of Bitcoin reached the highest in 2023 touched $35000. It is good and happy for those who have invested for a long time, and they are waiting for the bull market ahead with the aim of profiting. As we are currently seeing positives from Bitcoin, we are motivated to see Bitcoin hit $40k by the end of the year.


BTC/USDT - BTC1 = $34531

The value of one bitcoin has increased greatly in Naira, where the amount of money previously compared to bitcoins is higher. The price of Naira has also gone up a lot with the increase in the price of bitcoin, when the price of bitcoin was low in the market, the price of Naira was also low, but now it is much higher.


BTC/NGN - BTC1 = ₦39,620,931

There's a lot wey the govt go fit do for our naira but the question nah Dem go do am? I don't see any reason why the naira will be depreciating against the dollar and all the president can say is "he understands the pain the country is going through but all will be well" but nothing is being done to that effect, instead nah to dey borrow we still dey on. We get plenty natural resources wey dey useful for the GDP of the economy yet we choose to depend on only oil; and no be like say we dey see any change the oil dey bring because we go carry am give the whites, dem go com sell am give us back.
Imagine say we get a natural resources like lithium yet we dey suffer. If we begin they export all these coupled with our cash crops, the economy go balance and condition the naira go grow but no, we govt no go gree unto say them fit no dey use the naira.

The question we need to ask ourselves nah are these our leaders growth oriented? Because them no go tell me say all these areas, them no fit touch on am. If I can remember vividly, China was once a 3rd world country until Deng Xiaoping (1904-1997) came and changed the economy by unleashing the creative and enterpreneurial potential of the Chinese. If we continue to put corruption for front, e no go tey, our #1000 no go fit buy food wey person go fit chop belleful.

I will blame the government because they are the leaders. The economy is affected with inflation and people are not having confidence in naira again as the value is depreciating all the time, but what was started by the government.

It is just like this country is cursed. There are a lot of things that our government are not concerned about. See the news I read recently that Nigerians have the lowest access to electricity in the world.

Nigeria has the lowest access to electricity globally,

It would be like the government are doing something about it, but what we would be noticed after few years again is the government low effort.

They do not care about many things, including refineries which are not working. Lack of electricity can result to low production and it can discourage business to be in Nigeria.

Na only our opinion we fit give on wetin dem suppose to do, but at the end of the day, na the federal goverment and the CBN get the power to implement the policies wey go change the situation of things in the country. Imo, i think we need to work on our local production, so that we go fit dey export goods and attract foreign investors too, see as our refineries no dey work, yet the government no dey do anything about am. Local production of goods go also create employment for a better economy.

Point of correction my friend, an increase in the price of Bitcoin is only going to affect other coins in the positive way, and not negative, as so will the price value of other coins increase when the price of Bitcoin increases.

No No No.. It seems you are contradicting two different scenarios, that is, "when the price of Bitcoin increases"
And "When the value of a fiat currency appreciates to dollar", of which what we are experiencing here in Niaja na the depreciation of our Naira currency to dollar, which initially was at #1000/$1 but as of today, it's now #1260/$1, and as such make the prices of goods increase too, unlike when the price of Bitcoin increases e.g from $27,000/1BTC to $30,000/1BTC, and yet the prices of goods is still the same.

You're right, at the end, everyone remain affected either directly or indirectly, just that the in-depth of how we are all being affected differs from each other, that aside, still on this exchange rate, today am able to discover that naira isnfast going to dunghill if care is not taken and this time, am seing that $1 = #1,279 what exactly is happening, with the rate it's going, we are heading towards #1,500 per dollar if care is not taken before the end of the year, i wonder what the government are doing, instead of things getting better, they are rather going worst with he economy, are the people to be blamed or the government.

But as naira value declined, there is persistent rise in the price of goods and services. Which means that those that are earning in naira will also have no option than to increase the price of the goods they are selling or the services they are rendering. Those that earn in dollar will first be happy, but the increase in the price of goods and services makes it like they do not make any profit. The people I always think that might be affected are people working under someone in a way the boss will not increase their salary in time. For buyers and sellers and people that are collecting wages, they increase the price of their goods and services asap.

Looking at the rate at which the Naira is depreciating against dollars is something else oo, and with the way is seriously dropping there is a chance of dollars reaching 1500 naira very soon, although in as much as most people that invest on Bitcoin will be happy seeing the dollar rising against naira, there are also people who will be suffering because as dollars is rising against naira that's how the price of goods and commodities will also be increasing were as making things very difficult for people.

So what are the measures that most be put in place for the government to revive our dear naira.?

Yeah, and the thing is, there is no sign of slowing down in sight, we could prolly see $1/1500 naira before the end of this year, the Naira is depreciating so fast whilst the cost of living and prices of commodities continues to skyrocket. If the government doesn't do something about local production of goods and services as well as making better economic policies, in a few years the Naira might be amongst the world's top weakest currencies.
I notice say many people dey really expect something unprecedented as per the price of Bitcoin if spot ETF happen during the time wey halving go happen, even people wey i know don dey buy and hodl Bitcoin and once we enter next year, the number of people wey dey buy and hodl go also increase. I no know wetin go happen, but na to join the optimism, but make sure say you no go buy wetin you no fit afford to lose and also no borrow money or use money for other important things take go buy Bitcoin.