A time will come when most of you will turn scammers on this thread. You seem not to be here for the knowledge, but the fun and likes. You even have multiple accounts with Mercy+whatever, MercyLike, MercySpeak, etc. The moment your MercySpeak logged in, you liked your comment posted by your MercyLike account to make it look like majority are with you.
You people should take it easy with manipulation. I know you want to be loved and seen as powerful, but at least, don't discourage people from reading.
I asked AI some questions, it gave me answers and I researched on it, corrected some things and felt it's worthy to be shared.
All you could do it to make side comments and still login with your alternates to like your comment. Okay o, continue.
People like you are the reason I reduced my contribution here.
Okay okay.. You win on this one but it is too long..
Na why I doubt if you siddown type those things.
E too long
I understand. But if I put am for book come give you the book for free, you go call am short book (just 2-3 pages). Think about it, dear. I only reacted because you did two things
1. You indirectly discouraged people from reading 2. You liked your discouragement to make it look as if people are on your side
iLegendd: I understand. But if I put am for book come give you the book for free, you go call am short book (just 2-3 pages). Think about it, dear. I only reacted because you did two things
1. You indirectly discouraged people from reading 2. You liked your discouragement to make it look as if people are on your side
Anyway, no issues. Let's move on.
I understand but make it short..
I dey read only to be scrolling and scrolling... So I gave up
You know we are Africans, we don't like to read much
I dey read only to be scrolling and scrolling... So I gave up
You know we are Africans, we don't like to read much
You're right. I wanted to post it in 3 parts, Naira, Gold, and BTC, but I didn't know when a spirit convinced me to post all at once. Next time, I'll try to post in parts.
iLegendd: The Evolution of Nigerian Pounds to Nigerian Naira and Exchange Rates
Starting from 1940 (before Nigeria gained independence), the Nigerian currency and its exchange rate against the U.S. Dollar evolved through significant changes, primarily due to shifts in Nigeria’s political and economic landscape.
Here's a summary of how the exchange rate developed from 1940 to 2024:
1940-1960 (Colonial Era):
Currency in Use: The Nigerian pound (pegged to the British pound sterling) was the official currency.
Exchange Rate: As Nigeria was under British rule, the exchange rate followed the British system. The Nigerian pound was equivalent to the British pound, which was relatively strong.
Around this time, 1 British pound (₤) was equivalent to around $4.03 USD.
1960-1973 (Post-Independence):
1960: Nigeria gained independence and maintained the Nigerian pound, still pegged to the British pound.
Exchange Rate: 1 Nigerian pound = 1.03 USD at independence.
1973: The Nigerian government introduced the Naira, replacing the Nigerian pound.
Nigeria enjoyed an oil boom during the 1970s, making the naira strong relative to the U.S. dollar.
1973-1980: The naira was almost at parity with the dollar.
1 NGN = 1.52 USD at the time of the naira’s introduction.
By the late 1970s, 1 NGN = 0.65 USD (strong naira).
1980-1990 (Structural Adjustment and Decline):
Early 1980s: Oil prices began to fall, weakening Nigeria's economy.
1981: 1 USD = 0.61 NGN (the naira was still strong).
1985: 1 USD = 3.30 NGN.
Mid-Late 1980s: Due to economic reforms (including a Structural Adjustment Program), the naira was devalued.
1986-1990: 1 USD = 5-9 NGN.
1990-2000:
Throughout the 1990s, the naira continued to depreciate sharply.
1994: 1 USD = 22 NGN.
1998: 1 USD = 85 NGN.
By the end of the 1990s, the rate hovered around 85-100 NGN per USD.
2000-2010:
The early 2000s witnessed more economic instability and inflation.
2000: 1 USD = 100 NGN.
2008: 1 USD = 130 NGN.
2010: 1 USD = 150 NGN.
2010-2020:
The naira depreciated rapidly during the 2010s due to oil price crashes and economic instability.
2014: 1 USD = 164 NGN.
2016: Following a currency devaluation by the Central Bank of Nigeria (CBN), 1 USD = 315 NGN.
By 2020, 1 USD = 360-380 NGN (official rate), while black market rates were around 450 NGN.
2020-2024:
The naira weakened further due to the impact of the COVID-19 pandemic, inflation, and declining foreign reserves.
2021: 1 USD = 400-500 NGN.
2023: Official rates were around 1 USD = 750 NGN, with black market rates crossing 900 NGN.
2024: The exchange rate has reached around 1 USD = 1200-1600 NGN in official markets, while parallel (black) market rates ranges from 1500-1950 NGN at some point.
Summary of Key Exchange Rate Milestones:
1940-1960: 1 British Pound = $4.03 (Nigerian Pound followed).
These changes reflect Nigeria's transition from a colonial economy, oil dependency, and the effects of inflation and economic mismanagement.
With the above, have it in mind that $1 to ₦2000 is eminent and doubling it from ₦2,000 to ₦4,000-₦5,000 is just a matter of 2 decades or a new disaster or another bad leader assuming office.
So, with this, you can easily predict the future. Be a GLE-BOSS for your sake and the sake of your children, grandchildren and generations ahead. That is the only way to protect your money.
Even the Dollar is not safe if you're judging its price against gold or BTC. Now, let's talk about gold and BTC too.
The historical relationship between gold and the U.S. dollar has evolved significantly over time due to changes in monetary policies, global economics, and the shift away from the gold standard. Here’s an overview of the Gold vs. U.S. Dollar exchange from the 1940s to 2024:
1940-1971 (Bretton Woods Era):
1940s: The Bretton Woods Agreement was signed in 1944, establishing the U.S. dollar as the world's reserve currency, with its value tied to gold. Under this system:
1 ounce of gold = $35 USD.
1950s-1960s: Throughout the 1950s and 1960s, the price of gold remained fixed at $35 per ounce, while global currencies were pegged to the U.S. dollar.
Gold Standard: The U.S. held large gold reserves to back the dollar, and other countries could convert their U.S. dollar holdings into gold at this fixed price.
1971-1976 (End of Gold Standard):
1971: President Richard Nixon ended the direct convertibility of the U.S. dollar to gold, effectively abandoning the gold standard. This decision, known as the "Nixon Shock," allowed the dollar to float freely in the global markets, and gold prices were no longer fixed.
1971: The price of gold rose from $35 to around $42 per ounce.
1973: By this year, the Bretton Woods system had fully collapsed, and gold prices became market-driven.
1973: Gold prices reached approximately $65 per ounce.
1976: The official price of gold was completely decoupled from the dollar.
By 1976, gold traded at $140 per ounce.
1980s (High Inflation and Price Surge):
During the late 1970s and early 1980s, the U.S. faced high inflation and geopolitical uncertainty, leading to a surge in gold prices.
1980: Gold prices reached an all-time high of approximately $850 per ounce due to the Iran crisis, inflation fears, and a weakening dollar.
However, as inflation was brought under control and the U.S. Federal Reserve raised interest rates, gold prices declined throughout the mid-1980s.
1985: Gold prices settled at around $300-$400 per ounce.
1990s (Stability and Decline):
During the 1990s, gold prices remained relatively stable as global inflation was low, and the dollar strengthened due to robust economic growth in the U.S.
1995-1999: Gold prices ranged between $250-$300 per ounce.
2000-2010 (Bull Market in Gold):
In the early 2000s, gold began to rise again, fueled by global economic uncertainty, rising inflation concerns, and a weakening U.S. dollar.
2001: Gold was trading at around $270 per ounce.
2008 Financial Crisis: During the 2008 global financial crisis, gold prices surged as investors sought safe-haven assets.
2008: Gold prices reached approximately $800-$900 per ounce.
2010: Gold hit a new all-time high as global economic uncertainty persisted post-recession.
2010: Gold traded at $1,400 per ounce.
2011-2020 (Record Highs and Fluctuations):
2011: Due to the European debt crisis, U.S. credit rating downgrade, and inflation fears, gold reached a historic high of $1,900 per ounce.
2013-2015: Gold prices retreated as the U.S. economy recovered and the Federal Reserve indicated a return to higher interest rates.
2015: Gold fell back to around $1,050 per ounce.
2016-2020: Gold prices rebounded again due to geopolitical tensions, trade wars, and the COVID-19 pandemic.
2020: Amid the pandemic, gold reached a new all-time high of $2,070 per ounce in August 2020 as global uncertainty pushed investors toward gold.
2021-2024 (Post-Pandemic and Inflation Concerns):
After peaking in 2020, gold prices saw some fluctuations but remained elevated due to inflation concerns, Federal Reserve monetary policy changes, and global uncertainty.
2021-2022: Gold prices ranged between $1,700 and $2,000 per ounce.
2023-2024: With continued inflation pressures, a strong dollar, and global geopolitical issues, gold continues to trade near its high levels, fluctuating around $1,800-$2,000 per ounce.
Summary of Key Gold Price Milestones (per ounce):
1940s-1971: $35 (fixed under the gold standard).
1971: $42 (end of the gold standard).
1980: $850 (inflation and geopolitical tensions).
2000: $270 (low during economic stability).
2011: $1,900 (European debt crisis).
2020: $2,070 (pandemic-driven uncertainty).
2023-2024: $1,800-$2,720 (inflation and geopolitical tensions).
This timeline shows the historical shifts in the value of gold versus the U.S. dollar, moving from fixed rates under the gold standard to the modern, market-driven price fluctuations.
The history of Bitcoin (BTC) vs the U.S. Dollar (USD) showcases the evolution of the world’s first cryptocurrency, its massive price fluctuations, and its rise from an obscure digital asset to a global financial phenomenon. Here’s a breakdown of Bitcoin’s price trajectory relative to the dollar from its inception to 2024:
2009-2011 (Inception and Early Growth):
2009: Bitcoin was created by the pseudonymous Satoshi Nakamoto. In its early days, Bitcoin had no market price since it was primarily mined by enthusiasts.
The first recorded Bitcoin transaction occurred in 2010 when a programmer, Laszlo Hanyecz, paid 10,000 BTC for two pizzas, now referred to as "Bitcoin Pizza Day."
Price in 2010: At this time, Bitcoin was worth $0.0008 USD per BTC.
2011: Bitcoin crossed the $1 mark for the first time in February.
By June 2011, Bitcoin reached $31 USD, but a sharp correction followed, bringing the price back down to $2-4 USD by the end of the year.
2012-2013 (First Significant Rally):
2012: Bitcoin saw steady but modest growth as more people became interested in cryptocurrency.
By the end of 2012, Bitcoin was trading around $13 USD.
2013: This year marked Bitcoin's first major bull run. The price spiked due to increasing adoption, media attention, and the launch of exchanges like Mt. Gox.
By April 2013, Bitcoin surged to $260 USD, but it quickly dropped to $50-60 USD after a crash.
Later that year, in November, Bitcoin had its first real parabolic rise, reaching an all-time high of $1,200 USD before crashing again due to regulatory concerns and the collapse of Mt. Gox.
2014-2016 (Mt. Gox Crash and Bear Market):
2014: The year started with Bitcoin around $800-1,000 USD, but after the Mt. Gox exchange was hacked, Bitcoin's price dropped sharply.
For most of 2014, Bitcoin traded between $300-500 USD.
2015: Bitcoin slowly recovered as the crypto space stabilized after the Mt. Gox fallout. However, it remained in a prolonged bear market.
Bitcoin ranged between $200-400 USD for most of the year.
2016: Bitcoin saw steady growth, driven by increasing adoption and interest from institutional investors. The halving event (when mining rewards were reduced) also helped push prices higher.
By the end of 2016, Bitcoin was trading around $900 USD.
2017 (First Major Bull Run and Explosion to $20,000):
2017: This was the year Bitcoin truly went mainstream. A wave of retail and institutional investment, along with the launch of initial coin offerings (ICOs) on Ethereum, fueled a massive bull run.
By mid-2017, Bitcoin had reached $2,500-3,000 USD.
In December 2017, Bitcoin hit an all-time high of around $19,800 USD, before crashing as the bubble burst. By the end of 2017, it had fallen back to $13,000 USD.
2018-2019 (Bear Market and Recovery):
2018: Bitcoin entered a bear market after its meteoric rise in 2017. Throughout the year, the price steadily dropped, reaching lows of around $3,200 USD by December.
The price fluctuations were fueled by concerns over regulation, exchange hacks, and general market instability.
2019: Bitcoin began to recover after the 2018 crash, driven by renewed interest in blockchain technology and digital assets.
Mid-2019 saw Bitcoin rise to around $13,000 USD, but by the end of the year, it had dropped back to $7,000 USD.
2020 (COVID-19 Pandemic and Bitcoin’s Rise to $30,000):
2020: The COVID-19 pandemic significantly impacted global markets, but it also fueled Bitcoin's rise as investors turned to it as a hedge against inflation and economic uncertainty.
In March 2020, Bitcoin briefly dropped to $4,000 USD during the market crash, but it quickly recovered.
By the end of 2020, Bitcoin had surged to new all-time highs, trading around $29,000 USD.
2021 (Bitcoin's Boom to $69,000):
2021: Bitcoin experienced an explosive bull market driven by institutional investment, mainstream adoption, and increasing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs).
In April 2021, Bitcoin hit a new all-time high of $64,000 USD.
After a correction, Bitcoin rallied again and reached its all-time high of $69,000 USD in November 2021.
2022 (Bear Market and Market Corrections):
2022: After its highs in 2021, Bitcoin entered another bear market due to rising inflation, interest rate hikes by the Federal Reserve, and general risk aversion in global markets.
By mid-2022, Bitcoin fell to around $20,000 USD.
In November 2022, the collapse of the FTX exchange and a general decline in the crypto market pushed Bitcoin to around $16,000 USD, marking the bottom of that year.
2023-2024 (Post-Crash Recovery and New Developments):
2023: Bitcoin began to recover slowly as the global economy stabilized and more institutional investors entered the space. Concerns over inflation, regulatory developments, and the halving event expected in 2024 drove positive sentiment.
By mid-2023, Bitcoin was trading in the range of $27,000 to $35,000 USD.
2024: Bitcoin’s price continues to experience volatility as the next halving event approaches and global market conditions remain uncertain. As of early 2024, Bitcoin trades around $30,000 to $40,000 USD, though this could change significantly in response to macroeconomic trends and crypto adoption.
Summary of Key Bitcoin Price Milestones:
2010: $0.0008 (first recorded price).
2011: $31 (first significant rally).
2013: $1,200 (first parabolic rise).
2017: $19,800 (end of the first major bull run).
2018: $3,200 (end of 2018 bear market).
2020: $29,000 (pandemic-driven bull run).
2021: $69,000 (all-time high).
2022: $16,000 (post-FTX crash).
2024: $30,000-$74,000 (current).
Bitcoin’s price trajectory has been marked by extreme volatility, influenced by technological developments, investor sentiment, global events, and regulatory shifts.
Mr man we did not come her to do an academic research on fiscal policy!
I love how u handled this ,so mature . Kudos . How do I trade gold from Nigeria or invest in gold .I see a lot of people talking about this gold and it seems like one hv to put eyes on it .
iLegendd: You're right. I wanted to post it in 3 parts, Naira, Gold, and BTC, but I didn't know when a spirit convinced me to post all at once. Next time, I'll try to post in parts.
You got it wrong with this comment oga Ilegendd. I'm my own moniker, I don't know anyone here. I'm sure is the mercy name that brought this comment. I don't think it is a crime to have same name.
iLegendd: A time will come when most of you will turn scammers on this thread. You seem not to be here for the knowledge, but the fun and likes. You even have multiple accounts with Mercy+whatever, MercyLike, MercySpeak, etc. The moment your MercySpeak logged in, you liked your comment posted by your MercyLike account to make it look like majority are with you.
You people should take it easy with manipulation. I know you want to be loved and seen as powerful, but at least, don't discourage people from reading.
I asked AI some questions, it gave me answers and I researched on it, corrected some things and felt it's worthy to be shared.
All you could do it to make side comments and still login with your alternates to like your comment. Okay o, continue.
People like you are the reason I reduced my contribution here.
Enyinne: I love how u handled this ,so mature . Kudos . How do I trade gold from Nigeria or invest in gold .I see a lot of people talking about this gold and it seems like one hv to put eyes on it .
I'm still more on BTC though, but I experimented with some brokers back then that allowed Nigerians. Here are some stocks apps I messed with then. Most have been uninstalled. People outside Nigeria have better options.
iLegendd, I have read your exposition on the naira/dollar thing, which is on point. It may go higher than expected, surpassing the #2000 mark in the next decade.
However, there is an outlier you didn't fully factor in, albeit you only scrap it, which is the possibility of a dollar crash. If this happens, the Naira may be appreciated in a way that would make it higher than the dollar. That is the only saving grace that can keep it from its trajectory.
So, if the US Federal Reserve decides to rug-pull the dollar or the economic situation beyond their control does this for them, then the dollar will end up like a shitcoin...pushing the clamour for CBDC.
iLegendd: I'm still more on BTC though, but I experimented with some brokers back then that allowed Nigerians. Here are some stocks apps I messed with then. Most have been uninstalled. People outside Nigeria have better options.
twosquare: iLegendd, I have read your exposition on the naira/dollar thing, which is on point. It may go higher than expected, surpassing the #2000 mark in the next decade.
However, there is an outlier you didn't fully factor in, albeit you only scrap it, which is the possibility of a dollar crash. If this happens, the Naira may be appreciated in a way that would make it higher than the dollar. That is the only saving grace that can keep it from its trajectory.
So, if the US Federal Reserve decides to rug-pull the dollar or the economic situation beyond their control does this for them, then the dollar will end up like a shitcoin...pushing the clamour for CBDC.
Hmmm. I get it. But a video I watched some days ago made me feel arrogant America won't let anything ruin their currency to the level of Naira being better.
The best export America has is Dollar and Hollywood. For technology, they don't really export it that much—it's between them and their allies and it's mostly for committing crimes. So, I know they'll even go to war just to protect their interest.
There is no way in this life I'll short a coin that has pumped 50-60% in a day and decides to stagnate. In my stay in crypto, every time I did it, I regretted.
So, the minimum for my first short is 130% and some other criteria must be in place. $Ape is currently trying to do it, but I won't fall for it—instead, I'll be on a long position (which I am) than a short.
Mr man we did not come her to do an academic research on fiscal policy!
Some of u people here are just kids! I wonder if some of u are more than 18 years or probably just students. These kind of research & historical posts are the reassurance some of us need to hold on that coin we might be losing faith in that may end up benefiting us in the long run. There are some people that will read this post & hold on to that coin they were planning to sell. Imagine the guy that sold 10k btcee for 2 pizzas constantly saw reassuring posts like this, u think he will make such decision? A post detailing how different assets have performed so far is what u term as a joke in a financial thread?
Ooh, I see now why some people aren’t getting updates. Information is all about keeping up with updates. No one will sit you down and spoon-feed you. You need to read, research, and gather information to stay informed.
I engage in several side hustles, and to be honest, I got about 80% of them from Nairaland. For example, I learned how to register CAC and TIN from Nairaland (I’ve done over 50 registrations so far). I also learned how to create Facebook ads, and I've sold over 30 items on Facebook. Drop shipping, crypto trading, currency exchange, I picked all of these up from Nairaland as well. No one taught me one-on-one. I sell information also...lol
I always learn a lot from ilegendd and make sure to screenshot all his posts, saving them on Dropbox so I don’t lose them. Even if I don’t need them now, I know I’ll need them later.
Making money online isn’t that hard; it’s finding the right information that leads to money that’s the challenge. So, if you come across someone who selflessly shares valuable information, make sure to appreciate them. Most people would rather give you the fish than teach you how to fish.
It seems some people know how to use this Nairaland pass others.I can't remember how many times I have typed business to do, I didn't see anything serious.
Omobola121: Ooh, I see now why some people aren’t getting updates. Information is all about keeping up with updates. No one will sit you down and spoon-feed you. You need to read, research, and gather information to stay informed.
I engage in several side hustles, and to be honest, I got about 80% of them from Nairaland. For example, I learned how to register CAC and TIN from Nairaland (I’ve done over 50 registrations so far). I also learned how to create Facebook ads, and I've sold over 30 items on Facebook. Drop shipping, crypto trading, currency exchange, I picked all of these up from Nairaland as well. No one taught me one-on-one. I sell information also...lol
I always learn a lot from ilegendd and make sure to screenshot all his posts, saving them on Dropbox so I don’t lose them. Even if I don’t need them now, I know I’ll need them later.
Making money online isn’t that hard; it’s finding the right information that leads to money that’s the challenge. So, if you come across someone who selflessly shares valuable information, make sure to appreciate them. Most people would rather give you the fish than teach you how to fish.
Nairaland is just like Google. You need to be specific with your search. You can't just type "business to do" what kind of business? What kind of thing in particular are you looking for? That's what you will type on the search bar.
Or just go to Google type "Nairaland:" then the name of the business you want information on. Google will pop up every posts relating to that business. Now your job is to go to through them one after the other.
SINisSIN: It seems some people know how to use this Nairaland pass others.I can't remember how many times I have typed business to do, I didn't see anything serious.
