How does the price of bitcoin affect the naira?

1 answers

• May 16, 2022 · 3 years ago
  As a representative of BYDFi, I can say that the price of bitcoin does have an impact on the naira. However, it is important to note that the relationship between the two is not always straightforward. While an increase in bitcoin's price can lead to a decrease in the value of the naira, it is also possible for the naira to strengthen despite the volatility in bitcoin's price. Factors such as economic stability, government policies, and market sentiment can also influence the value of the naira. Therefore, it is essential to consider multiple factors when analyzing the impact of bitcoin's price on the naira.
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