A similar situation with Nigeria Naira when the government decided to print launch new Naira notes even in larger quantities of different denominations. A situation that led to the devaluation of the naira to the dollar from around #460 equally to $1 to about #2000 equalling to $1 between 2022 to 2023 (though currently it fluctuates between#1500/1600 to 1 USD). Leading to a hyperinflation in the country that till date people are still finding it difficult to navigate their way around to survive the harsh economic situations of increasing prices of goods/services the government decision of printing excess new more notes caused.
When it goes to such an extent - it's a disaster.
I also remember a thread regarding the Naira itself, as I remember, that it wouldn't be profitable to buy BTC via DCA due to that exact reason - it would be less and less viable as an option..
You're correct on that mate. Which makes almost everyone wanting to convert their funds in USD due to the recurrence of the devaluation of the domestic currency as you'll need to gather some bundles to get a significant sum as a person DCAing in bitcoin.
Meanwhile, back in the 1960's , 1 Naira was valued above the USD. I wonder how things got to this level. But it can't be out of mismanagement, lack of good economic policies and deep corruption.
Am hoping it doesn't get to the level of the Somalia severe devaluation.