₦airaland Forum

iLegendd:
Oyah, MercySpeak. 🎤 Lol.

LincolnOnyeabor:
So, if I get you guys correctly,

You'd like to have one page of wisdom written by iLegendd or some other persons and say 3-4 pages of Insults, abuse and childish tantrums??

What is wrong with all of you na

DoctorShomo:
Fight...

SINisSIN:
It seems some people know how to use this Nairaland pass others.I can't remember how many times I have typed business to do, I didn't see anything serious.

Omobola121:
Ooh, I see now why some people aren’t getting updates. Information is all about keeping up with updates. No one will sit you down and spoon-feed you. You need to read, research, and gather information to stay informed.

I engage in several side hustles, and to be honest, I got about 80% of them from Nairaland.

DoctorShomo:
Mr man we did not come her to do an academic research on fiscal policy!

Quitmast:
Lol…Uptober don cast. Make una go find another update.

iLegendd:
You even have multiple accounts with Mercy+whatever, MercyLike, MercySpeak, etc. The moment your MercySpeak logged in, you liked your comment posted by your MercyLike account to make it look like majority are with you.

You people should take it easy with manipulation.
All you could do it to make side comments and still login with your alternates to like your comment. Okay o, continue.

People like you are the reason I reduced my contribution here.

iLegendd:
The Evolution of Nigerian Pounds to Nigerian Naira and Exchange Rates

Starting from 1940 (before Nigeria gained independence), the Nigerian currency and its exchange rate against the U.S. Dollar evolved through significant changes, primarily due to shifts in Nigeria’s political and economic landscape.

Here's a summary of how the exchange rate developed from 1940 to 2024:

1940-1960 (Colonial Era):

Currency in Use: The Nigerian pound (pegged to the British pound sterling) was the official currency.

Exchange Rate: As Nigeria was under British rule, the exchange rate followed the British system. The Nigerian pound was equivalent to the British pound, which was relatively strong.

Around this time, 1 British pound (₤) was equivalent to around $4.03 USD.

1960-1973 (Post-Independence):

1960: Nigeria gained independence and maintained the Nigerian pound, still pegged to the British pound.

Exchange Rate: 1 Nigerian pound = 1.03 USD at independence.

1973: The Nigerian government introduced the Naira, replacing the Nigerian pound.

1 Naira = 2 Nigerian Pounds = 2 USD (approximately).

1973-1980:

Nigeria enjoyed an oil boom during the 1970s, making the naira strong relative to the U.S. dollar.

1973-1980: The naira was almost at parity with the dollar.

1 NGN = 1.52 USD at the time of the naira’s introduction.

By the late 1970s, 1 NGN = 0.65 USD (strong naira).

1980-1990 (Structural Adjustment and Decline):

Early 1980s: Oil prices began to fall, weakening Nigeria's economy.

1981: 1 USD = 0.61 NGN (the naira was still strong).

1985: 1 USD = 3.30 NGN.

Mid-Late 1980s: Due to economic reforms (including a Structural Adjustment Program), the naira was devalued.

1986-1990: 1 USD = 5-9 NGN.

1990-2000:

Throughout the 1990s, the naira continued to depreciate sharply.

1994: 1 USD = 22 NGN.

1998: 1 USD = 85 NGN.

By the end of the 1990s, the rate hovered around 85-100 NGN per USD.

2000-2010:

The early 2000s witnessed more economic instability and inflation.

2000: 1 USD = 100 NGN.

2008: 1 USD = 130 NGN.

2010: 1 USD = 150 NGN.

2010-2020:

The naira depreciated rapidly during the 2010s due to oil price crashes and economic instability.

2014: 1 USD = 164 NGN.

2016: Following a currency devaluation by the Central Bank of Nigeria (CBN), 1 USD = 315 NGN.

By 2020, 1 USD = 360-380 NGN (official rate), while black market rates were around 450 NGN.

2020-2024:

The naira weakened further due to the impact of the COVID-19 pandemic, inflation, and declining foreign reserves.

2021: 1 USD = 400-500 NGN.

2023: Official rates were around 1 USD = 750 NGN, with black market rates crossing 900 NGN.

2024: The exchange rate has reached around 1 USD = 1200-1600 NGN in official markets, while parallel (black) market rates ranges from 1500-1950 NGN at some point.

Summary of Key Exchange Rate Milestones:

1940-1960: 1 British Pound = $4.03 (Nigerian Pound followed).

1960: 1 Nigerian Pound = 1.03 USD.

1973: 1 Naira = 1.52 USD.

1985: 1 USD = 3.30 NGN.

1990s: 1 USD = 85-100 NGN.

2000s: 1 USD = 100-150 NGN.

2016: 1 USD = 315 NGN.

2023-2024: 1 USD = 7500-1600 NGN (official) / 1500 to 1950 NGN (black market).

These changes reflect Nigeria's transition from a colonial economy, oil dependency, and the effects of inflation and economic mismanagement.

With the above, have it in mind that $1 to ₦2000 is eminent and doubling it from ₦2,000 to ₦4,000-₦5,000 is just a matter of 2 decades or a new disaster or another bad leader assuming office.

So, with this, you can easily predict the future. Be a GLE-BOSS for your sake and the sake of your children, grandchildren and generations ahead. That is the only way to protect your money.

Even the Dollar is not safe if you're judging its price against gold or BTC. Now, let's talk about gold and BTC too.

To read about Gold, click here: https://www.nairaland.com/6318352/crypto-currency-investors-thread/3950#132512767

jonextee:
Abeg oh !!

I'm an amateur in crypto and I'm just trying to get back on it following this thread.
I've also been following gurus like ilegend and Graceglory on this thread as well.
The write-up just tickled my fancy and I decided to quote.

Robnectar:
No loud am sha

SINisSIN:
Same breaking way of writing🤔🤔🤔

sweetveek:
why do i feel this is Alexa alt? Just thinking out loud sha, no offence

chival10:
Even 1 billion MC

Mercylike:
Okay.. U r keeping the hope alive as u have too many investment in alt

Mercylike:
Let's be honest. With thr rise of many and over millions token coming up everyday, alts no get any glory again..

Make we face am

OgogoroFreak:
I love bitcoin

"Alt season" my butt

Robnectar:
LoL,... I have a important discussion to have with u concerning something,...

Robnectar:
All hands on deck chika

Robnectar:
With 3 weeks to US election,.. y'all should position like Cristiano Ronaldo on penalty duties,... Good morning to y'all bullishness is still on the way and everywhere go burst from this uptober

Mazinewmoney:
You're a blessing to mankind. Crypto blessing is all I wish you sir.

Mazinewmoney:
Chikacha how is it going?

shiffynaani:
i sent you an email sir

Pls check

shiffynaani:
ok boss

Pls how can i reach out to you sir?

Any other email or should I drop mine?

doyin01:
Honestly I am tired of seeing politics discussion on this crypto thread but at the same time I had another thought , shebi na person wey get money go buy coin and be ready for bull run ?? If the country is not good and the sufferings of Nigerians increase , it will also affect Nigerian crypto traders too and they will be so broke till the extent that they would not be able to buy a good coin and get ready for bull run , just 1000$ is now 1.6m and above , how many Nigerian crypto traders can now afford 1.6m most especially after losing so much money during the bear season?? That is why participation in airdrop increased massively. , so discussing about the way forward for this country is necessary because na person wey chop food well go get money to buy coin ..

But I still agree the discussion should be moved to politics section though I enjoyed all the conversations , it shows that this naija matter don dey concern everybody , including some rich people too , some of them are now feeling the heat

hedonido:
We have enough of this irritating bullshit to contend with in the politics section. For the sake of decency and focus, let's stick to the main issue - when and how the bull will run as fast as its legs can carry.

Which kind wahala be this? This place is supposed to be immune to the aggravating and depressing state of affairs in this shithole country. We can vent about that rubbish in the politics section.

Amhappy:
I love the fact that this group is filled with young Nigerians with like minds who have passion for a better life. @Chikacha your post made me so emotional. I feel so stagnated that it's killing me. Such a depressing and hopeless situation. I pray your kind of grace & breakthrough find my family.

shiffynaani:
i sent you an email sir

Pls check

DieRich5:
Japa and do what there?

Do you know how many Nigerian are dying there? ..........you will see Nigerian in UK, US doing 3 to 5 jobs, doing overtime, killing and stressing there body, some don't even have where to stay and some are even jobless after Japa

Too many cases of Nigerians dying over there cus of too much stress and overtime work

armadeo:
Honestly I believe there's a slow bleed in the market now to sub 60k. Slowly. This is deliberate to make people get tired and frustrated.

The pump would appear out of nowhere.

My last longs have been stopped out.

I'm fully on spot now. Whenever e like make e pump.

I'll add some small tin to my lightweight bags.


I'll also keep an eye out for the mad wick downwards that suckered punch. I felt incoming but was fomoing. Now I'll wait.