Devaluing Of Nigerian Naira May Turn Investors To The Bitcoin
Bitcoin – The centralized monetary policies are proving to be the reason behind the collapse of the government formed structures of many countries such as China, Greece and Venezuela.
The Nigeria is also following the footsteps of the ongoing collapse due to the falling rate of the oil exports because of the international conflicts. The reserve currencies such as US dollars are used out in the majority of international trade in the current economic structure. For maintenance of the economic growth, the imports and exports play an important role. It is also plays an important role in the native currency’s value against the reserve currency who determines the capability in smooth trading of the country.
There are many reports that stating that the Nigerian Central Bank is having plans to mark down their national currency Naira. In the recent times, this currency has been pegged at about 199 per dollar and crashed by nearly 100 points.
The Naira’s trading value at the exchange stands near 280 to 300 Naira per dollar whereas the market rates of the currency in the black market is currently around 370 Naira per dollar. The announcement of the value of the legal tender of the country to be market driven was made by the Nigerian Central Bank yesterday to unload the peg placing for more than 16 months.
The Devaluing of the Nigerian Naira May Turn Investors to the Bitcoin
The Naira’s value will be crashing on international forex platforms after the removal of market peg on Monday. The main motive of the decision of the Central Bank is the prevention of the rapid depletion of the foreign exchange reserves of the country. The decision was expected to form some panic among the investors.
It is expected that some of the investors will start taking an interest in the bitcoin.