I sold some crypto for 704 naira per dollar of recent and it felt good but buying might be a problem because that is a very huge amount.

The exchange rate in the black market keeps increasing and I still don’t know why.

My opinion is that the strength of naira will only Increase if Nigerians follow the import and export rule. We should not only be importing goods and services which we the have to pay in dollars but balance it by exporting to other nations.

We hope the value of naira go back up against the dollar.
Please leave your opinion in the comment section so we can learn.

Corruption by the elites and insecurity is directly affecting productivity. APC is a scam

The sharp depreciation of the naira in the parallel market was driven by increased demand amidst low dollar supply. I traded some bitcoin yesterday on Yellow Card and I was happy because of the cool rates

Exactly what happened. Naira devaluation is totally worrisome. To buy USDT with Naira is now a war. I think I will also try out Yellow Card

AyodejiFelix:
The sharp depreciation of the naira in the parallel market was driven by increased demand amidst low dollar supply. I traded some bitcoin yesterday on Yellow Card and I was happy because of the cool rates

Nigerians must try their best to send APC parking come 2023. Enough of this . May God help us. This would have been the best time to buy Cryptocurrencies

EinsteinAyo:
Nigerians must try their best to send APC parking come 2023. Enough of this . May God help us. This would have been the best time to buy Cryptocurrencies

this is a pdp cbn Governor appointed by a pdp government and handed over to the Apc , talk anoda tin. Pdp is a worst and wud have shattered d economy by now

The naira is now so weak hence the neeed to try snd keep funds in USDT now. Only thing is finding a platform with the best rates

when they appointed him, was the naira this bad? If your former CEO employs someone and you try to observe how they will work for you and they do nonsense will you keep them in the job?

Healthquest:
this is a pdp cbn Governor appointed by a pdp government and handed over to the Apc , talk anoda tin. Pdp is a worst and wud have shattered d economy by now

The genesis of this crisis was the stupid policy of " no over the counter withdrawal of dollar" started by Central bank around 2016. People rarely used Dollar for business as it was so surplus that commercial banks dont even bother or stress themselves to buy from you at their rate. The idea might looks good to whoever brought it up, but they failed to acknowledge the insincerity of some Nigerians.

Problem started when some people,especially politicians and elites who have nothing to do with foreign trade buys dollar at official rate from Central bank and sell to black market at inflated rate.

If this policy was not introduced back then, dollar would still be around 320 by now. I could remember sometimes around 2011, the different between official rate and black market wss between #10 - #40, but to today, while official rate is still around 415, black market sell around 700.

Our economy also, being import dependent one could not help the matter. I dont know if common sense is not appeal to them that if something is made scarce, its value will increase,and if its value increase, everything use to import will also increased in value.

One way to escape this recession is to either open a dorm account or invest in cryptocurrency, you can learn more about the Blockchain and crypt tech via the link below... https://academy.yellowcard.io/

This is why you should use a good crypto platform like yellow card app. They exchange in good rates.

tobiapalowo:
This is why you should use a good crypto platform like yellow card app. They exchange in good rates.

I agree with you. Really enjoyed their exchange rate