The rate at Which dollar take dey get strength over the Naira, e no make sense at all because the thing dey affect citizens for naija well well. Federal Government especially Central Bank of Nigeria (CBN) make them try at least bring out policies them way go try strengthen the Naira and make am strong, so that ee go help reduce prizes of things for this country and ee go Hel make life for Naija easy.
No, the increase in dollar rate can't affect Bitcoin. Bitcoin can't be regulated or valued by any government or central bank, there is no third party interference so dollar don't have any effect on bitcoin.
Topic: Dollar increase - page 2. (Read 229 times)
Quote from: MorganaX
The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal
Are you a stranger in the country because, if you are not a stranger you suppose know that central bank of Nigeria official are the ones doing all those things to allow those leaders that appointed them in those positions to use the opportunity to make huge amount of money from the falling of the naira before their tenure expire and, Nigeria government are in charge of naira and they have the power to make the naira to increase higher more than the dollar which we have heard such history in the past when our naira was more higher than the dollar but since corruption enter the country things like this begin to happen to cause hardship to the land. Quote
But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
BTC is a decentralized currency that is not control by the government and it pump when it's time to pump which we call bull season and it dump when it's time to dump in the market which is called bear season while dollar is a centralized currency that is control by the government and it rise higher by the power of the government and fall down by the power of the government. 
If this country go better sef, na for God hand e dey, why I talk like this be say, any thing wen go up no dey come down again, both local traders goods and other good when them dey import from other countries to Nigeria.
Wetin dey surprise me be say, if thing wen dem import, price increase those people we dey farm go also increase the price of the things when them harvest and them go still dey talk say dollar done high like say the soil wen them take they plan na import them import am
.
Although, I dey also feel for those wen dey do business because e no dey easy for them but some of them no dey pity we the consumers them dey always they high the price of things mostly wen they see some kind people..
Wetin dey surprise me be say, if thing wen dem import, price increase those people we dey farm go also increase the price of the things when them harvest and them go still dey talk say dollar done high like say the soil wen them take they plan na import them import am
.Although, I dey also feel for those wen dey do business because e no dey easy for them but some of them no dey pity we the consumers them dey always they high the price of things mostly wen they see some kind people..
Me I know really know watin dey happen to our naira sef because the matter just tire me the way the increase just dey come. Imagine something that was just 450naira to a dollar as of early last year and Boom! 1400naira. With the rate at which this thing dey increase I fit even dey more suprised to see the price reach 2000naira and this matter dey affect we Nigerian very badly because the cost of things go just skyrocket.
The dollar increase don really affect the price of so many things for our country, even things wey no even need to do anything with dollar don increase in price too. Ofcourse if the government are not to be blamed who will want to be blamed before? If to say our government try before now to make sure something na we by ourselves they manufacture e for never too like the way e dey with us now. And another thing wey dey also affect the price of things for our country na the price of petrol, e also affect things why dem dey expensive. Only our government fit make all this things work.
My brother yes, na government dy cause am, and the real reason wey dy make naira lose value dy very clear, even person wey no go school but get small wisdom go know say too much importation, borrow borrow and servicing of debt nai dy make our naira lose value.
During the four quarters of last year e get one news I see for vanguard wey peter obi been dy complain say why dem go dollarize the Nigerian economy, weda na dollar nai be our own currency now? All those kind of wrong decisions made by the government follow for wetin dy bring our naira down,I just pray say make this difficult situation in the country due to dollar increase and subsidy removal no make this country burn one day.
During the four quarters of last year e get one news I see for vanguard wey peter obi been dy complain say why dem go dollarize the Nigerian economy, weda na dollar nai be our own currency now? All those kind of wrong decisions made by the government follow for wetin dy bring our naira down,I just pray say make this difficult situation in the country due to dollar increase and subsidy removal no make this country burn one day.
We all know that dollar is increasing on a daily basis here in Nigeria and which I think is affecting the Nigeria economical system. I guess this dollar increase is another reason why some certain things are becoming very expensive because we actually import those item. Since these items are bought with dollar and for an high amount when converted to our currency, I think they will have no choice to increase it selling price to make income from their goods not only goods the increase of dollar have also affected the traveling agencies in Nigeria for example the airlines it has made traveling abroad very hard and expensive for people to travel. The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal
Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.
But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
Op you asked if the government will be hold responsible for naira depreciation, I think the answer is yes, despite that there are multiple exchange rate in the country, this problem is about inflation and what leads to inflation, when you keep importing,borrowing to finance the budget and to do project from a borrowed without setting a repayment process properly, when you keep importing almost all you need in your country from outside, without considering the fact the production can stable your economy to an extent, going back to the exchange rate itself, I think the government about fully implementing single exchange rate, the government can strictly inaugurate a committee for this and monitor them with all the security and financial crime institutions, the problem is that out government always shift blame without swinging into action promptly.
Increase in dollar does not in anyway affect Bitcoin price, these two are different, dollar is fiat while bitcoin is a digital currency that does not depend on any fiat for it's upward or downward movement, meaning that Bitcoin is independent and it's been driven market force.
As a young man or woman na this time be the best opportunity to make money in dollars try learn online skill because things cost o e no cost o this Nigeria way we dey e no go ever come down see those into content creation are cashing out massively through various online platforms what about freelencer affiliate marketers and the rest if we invest in dollars earn in dollars we no go ever dey bother about dollar increase in Nigeria as dollar dey increase so some of us way dey earn in dollars dey very excited
But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
An increase in the dollar does not affect the bitcoin rate; it will only make you buy less bitcoin because the naira has fallen and the purchasing power has also reduced. For instance, when the dollar was trading against the naira at 730 Naira per $1, you could use 7300 Naira to buy $10. Now that $1 is trading at 1400 Naira per $1, you will use 14000 Naira, which could make you buy less bitcoin. But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
Op in this situation, you know the relationship between U.S Dollars and Bitcoin, it just like when one increases the other decreases or play vice by versa. That's how they them they play their role, it very common if you are one of a kind whose normally observable, due to the signal changes we do have time to time, the falling rate and the increasing rate.But the matter is not about the government able to country naira, the reason naira keeps depreciating so fast is become we depend more on imported products and depending on foreign services.
Of course that's what has to be tackled in naija, because we too dea rely on foreign products, na wetin still dey kill the country be that, the currency Naira has no value at all as of now. If the government can supply the country with what it needs, the country will start making products of it own, not by relying on other countries products.It is also an improvement for the country, because if we can make a good product and supply it to other countries. With respect if our product looks good, other country will engage themselves to our services.
It upon the government to take one step ahead, so that the country will not be depending on foreign services.
The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal
The government will not be able to control the black market price. The CBN controls the I&E rate before the naira unification, but as of now, I do not know if it is still about individuals.But, yes. The CBN controls the naira generally, so the government have control over the price. If the government wants ₦1 to become $1 today, they can do it.
But the matter is not about the government able to country naira, the reason naira keeps depreciating so fast is become we depend more on imported products and depending on foreign services.
Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.
Do not forget that this is a bitcoin forum.And it is commonly used and talk about here in this forum.
I created speculation thread on BTC/NGN for people to know that holding bitcoin could be better, but people stop posting on the thread. It was an interesting thread for me.
Bitcoin price speculation (BTC/NGN)
We all know that dollar is increasing on a daily basis here in Nigeria and which I think is affecting the Nigeria economical system. I guess this dollar increase is another reason why some certain things are becoming very expensive because we actually import those item. Since these items are bought with dollar and for an high amount when converted to our currency, I think they will have no choice to increase it selling price to make income from their goods not only goods the increase of dollar have also affected the traveling agencies in Nigeria for example the airlines it has made traveling abroad very hard and expensive for people to travel. The question is Nigeria government responsible for this increase? and if they are how to we solve this problem and get things back to normal
Now let’s talk about bitcoin. We all know bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
And it is commonly used and talk about here in this forum.
But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates
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