0 sats \ 3 replies \ @KenyaCoin OP 27 Jul 2022 \ on: Bloomberg: Crypto Trades Drive Naira to New Low in Unauthorized Market bitcoin
More people are buying cryptocurrencies because they are losing confidence in the naira, Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria, said by phone. “The USD rate on the crypto floor is used in determining the value of the local currency,” Gwadabe said.
While financial institutions are banned by the central bank from facilitating cryptocurrency trades in Africa’s largest economy, many Nigerians still exchange the digital currency in in the peer-to-peer market where transactions are priced in dollars.
Nigerians traded $185 million of Bitcoin on the platform in the first three months of the year, accounting for a quarter of transactions in the period on Paxful, a crypto trading platform.
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0 sats \ 0 replies \ @KenyaCoin OP 27 Jul 2022
Incredibly stupid article.
https://www.bloomberg.com/news/articles/2022-07-27/crypto-trades-contribute-to-naira-s-dive-in-unauthorized-market
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0 sats \ 1 reply \ @KenyaCoin OP 27 Jul 2022
Another article on the naira crisis:
The national currency, which traded for N670 against the dollar on Monday, has fallen even further by 6.7 percent in two days.
Naira against the dollar at the Investors and Exporters window has decreased from N164 when Godwin Emefiele became governor of the central bank in March 2014 to N430 to a dollar on Wednesday.
In the parallel market, the Naira weakened from N180 to a dollar in 2014 to N710 on Wednesday.
Naira crashes to N710 per dollar https://gazettengr.com/naira-crashes-to-n710-per-dollar/
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0 sats \ 0 replies \ @KenyaCoin OP 27 Jul 2022
If you are in the political elite, you are acquiring dollars at the "official" rate, N430. You can then turn around and sell them at the black market rate, ... now N710.
But blame bitcoin for the crisis.
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