How does the exchange rate for black market dollar to naira affect the value of cryptocurrencies?

1 answers

• Phelps MunckJun 02, 2023 · 2 years ago
  At BYDFi, we believe that the exchange rate for black market dollar to naira can have a significant impact on the value of cryptocurrencies. As Nigerians rely heavily on the black market for currency exchange, any fluctuations in the exchange rate can directly affect their purchasing power and investment decisions. When the naira depreciates against the dollar on the black market, it becomes more expensive for Nigerians to buy cryptocurrencies, which can lead to a decrease in demand and a potential drop in their value. On the other hand, if the naira strengthens against the dollar on the black market, it becomes cheaper for Nigerians to invest in cryptocurrencies, which can drive up their value. Therefore, it is important to closely monitor the exchange rate for black market dollar to naira when analyzing the value of cryptocurrencies in Nigeria.
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