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

1 answers

• May 18, 2022 · 3 years ago
  The exchange rate of naira to dollar in the black market affects the value of cryptocurrencies in Nigeria. When the naira depreciates against the dollar in the black market, it becomes more expensive for Nigerians to buy cryptocurrencies, which can lead to a decrease in demand and a subsequent decrease in their value. Conversely, if the naira appreciates against the dollar in the black market, it becomes cheaper for Nigerians to purchase cryptocurrencies, potentially increasing the demand and driving up their value. Therefore, monitoring the exchange rate between naira and dollar in the black market is important for understanding the potential impact on the value of cryptocurrencies.
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