Which cryptocurrencies are most affected by fluctuations in the dollar to naira rate?

3 answers

• Dec 16, 2021 · 3 years ago
  Cryptocurrencies that are most affected by fluctuations in the dollar to naira rate are those that have a strong presence in the Nigerian market. Bitcoin, being the most popular and widely accepted cryptocurrency, is likely to be influenced by changes in the dollar to naira rate. Other cryptocurrencies such as Ethereum, Ripple, and Litecoin also have a significant user base in Nigeria and may experience price fluctuations due to changes in the exchange rate. Traders and investors should closely monitor the dollar to naira rate to make informed decisions.
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• Dec 16, 2021 · 3 years ago
  When the dollar to naira rate depreciates, the value of cryptocurrencies in Nigeria may increase. This is because a weaker naira makes cryptocurrencies relatively more attractive as a store of value and a means of transferring funds. On the other hand, if the dollar to naira rate appreciates, the value of cryptocurrencies may decrease. Therefore, it is important for cryptocurrency holders in Nigeria to keep an eye on the exchange rate and its potential impact on their digital assets.
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• Dec 16, 2021 · 3 years ago
  As an expert in the field, I can say that fluctuations in the dollar to naira rate can have a significant impact on the cryptocurrency market in Nigeria. At BYDFi, we have observed that cryptocurrencies with a strong community and adoption in Nigeria, such as Bitcoin and Ethereum, are most affected by changes in the exchange rate. However, it is important to note that the overall volatility of the cryptocurrency market and global factors also play a role in determining the price movements of digital assets.
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