Quote from: Charles-Tim on January 25, 2024, 08:19:30 PM

Quote from: MorganaX on January 25, 2024, 08:08:13 PM

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.

Quote from: MorganaX on January 25, 2024, 08:08:13 PM

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.

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)

Outside the fact that there are some goods that are imported into the country and we need foreign exchange for their purchase, this foreign exchange also help to depreciate the value of our local currency. however most people will argue that there are some local products that are not imported that have added value and have added price. That is where the multiplier effect of inflation comes in, because you cannot sell your imported product at a high price because of exchange rates and you don't expect that woman that is selling pepper in the market not to increase her price of pepper because you think she's selling local goods.

The government doesn't have the powers to make 1naira to 1dollar because most of this price determination is made at the international market, if you check the current exchange rate between the Naira and the dollar at the CBN rate, you will see that it's around 800 naira per dollar, but the parallel market which is mostly determined by the international market price is around 1400naira per dollar at the moment.
My point is, if the government wants to reduce the price of dollar as against the naira, they cannot just do it by Mere spoken words and it will happen, before we can reduce the dominance of other currency as against our currency, there will be a high level of productivity that will be happening in Nigeria and a high level of export of goods and services from Nigeria to other countries, this are the things that's will help in stimulating the economy to get a favorable exchange rate.