Which cryptocurrencies are most affected by the current exchange rate of dollar to naira?

1 answers

• Dec 15, 2021 · 3 years ago
  At BYDFi, we have observed that the exchange rate of dollar to naira has a significant impact on the value of cryptocurrencies. Bitcoin, Ethereum, Ripple, and Litecoin are among the cryptocurrencies that are most affected by this exchange rate. When the exchange rate of dollar to naira is high, the value of these cryptocurrencies in terms of naira tends to decrease. Conversely, when the exchange rate is low, the value of these cryptocurrencies may increase. This is because the exchange rate affects the purchasing power of naira, which in turn affects the demand and supply dynamics of cryptocurrencies in the Nigerian market. Therefore, it is important for investors and traders to consider the exchange rate when making decisions related to cryptocurrencies in the Nigerian market.
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