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
These are simple factor that can make dollars fall,this is a good government policy, controlling if our domestic market, reduction of importation, employment of labour Force, establishment of small, medium and Large scale business and entrepreneur. A good policy covers all manner of foreign exchange made during transaction some of our citizens pay their fellow citizens in dollars which have side effects to naira, good policy regulate our demostic market where what will produce don't have compition with foreign imported goods. Example garri is made locally, rice beans and some others, good policy can create a market for our local produced where government we buy those products and regulates price. They can do more of production by providing for local produced raw materials and loan to increase the production, sensitize citizens the reason of consuming what we produced by making some provision of using standard machine that harness those products properly. Allot is required but to make it short our nation is not ready because most of this things listed they can't do it.