The Naira usually is linked closely to movements in the commodity sector. Internationally known as a oil economy, Nigerias currency has essentially gained a huge chunk of its value from oil exports which have unfortunately fallen in value over the past year. Prices of the Naira have followed suit falling from levels of 305 to an excess of 371 per USD with rates considerably higher in black markets amid forex restrictions imposed by the government. While many other oil based economies have currently diversified out into tourism and hospitatlity industries, Nigerias heavy dependence on oil has lead to the demise of the Naira. The central bank of Nigeria has also played a large part in the devaluation of the Naira as controversial policies are enforced many are either driven away from the Naira or face resistance when looking for alternatives such as USD.
Its not all doom and gloom when it comes to protecting your assets. Currently there are plenty of alternatives other than the Naira available. Gold and silver are the traditional forms but that’s for another article as the current ideal medium has become Bitcoin. With its versatility and instant transactions it is not only ideal for saving, but its remittance properties are also pivotal. Bitcoin has held a strong and stable price for around a year, now never falling below levels of $300. Sitting at levels of $750 at the moment its no surprise Bitcoin is used to protect assets compared to bitcoin. You can easily exchange your money for bitcoin through the NairaEX exchange in a matter of hours. All you need is a Nigerian bank account to send your money from. The rest is a simple guided process by NairaEX.com !