In order to understand the magnitude of loss the Naira (#NGN )is experiencing, lets quickly do a comparison.
Here is a comparison of the prices of Bitcoin in Naira at different times in the black market rate .
As you can see, the price of $BTC Bitcoin in Naira has increased by about 8%🟢 since the last bull run in December 2017. However, the Naira has also lost about 40% 🔻 of its value against the USD in the same time period. This means that the actual purchasing power of Bitcoin in Nigeria has decreased by about 32% 🔻since December 2017.
Additionally, the devaluation of the Naira is a volatile process and it is impossible to predict how much the Naira will be worth in the future.
Overall, the price of Bitcoin in Naira has increased since the last bull run, but the purchasing power of Bitcoin in Nigeria has decreased due to the devaluation of the Naira.
