Tanksen's avatar
Tanksen tanksen@einundzwanzig.space 2 years ago
Few days ago, it was decided to let the Nigerian #Naira freely flow. No Central Bank intervention anymore. "Same rules" for all market participants. Value lost in the last days is now close to 80%.!!! Many people used to "trade" before for parallel market rates, which used to be around 700NGN for 1 EUR, while the "official" rate was kept at around 520NGN for 1 EUR. Even for those being forced to use parallel market rates, which is typically "the small men", the devaluation is huge! image

Replies (3)

L's avatar
L lifeloveliberty@iris.to 2 years ago
It'll get better after a while if other markets are also set free. But it will worsen first untill all markets realize they are free to curate themselves and settle organicly and sure it will show the worst just before it calms down.
1 replies ↓
JamPower's avatar
JamPower jampower@nostrcheck.me 2 years ago
Intriguing move! May it inspire others. The loss incurred stems from the fiat scam, I presume. Time will tell if it turns positive in the long run. Excited to witness its unfolding.
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