"This Crash Is Just Temporary": Forex Trader Predicts Future Dollar Rate With His Chart

"This Crash Is Just Temporary": Forex Trader Predicts Future Dollar Rate With His Chart

  • A crypto trader has faulted the federal government of Nigeria for its clampdown on the cryptocurrency exchange platform Binance
  • The forex trader described the recent appreciation of the naira as temporary, adding that the government has still not fixed the economy
  • Using his chart, the young man predicted that the naira would still return to its previous N1,900/$1 rate or even worse

Amid the clamp down on Binance by the Nigerian government, a forex and crypto trader, @ahmed_crypto1, believes the country's leadership is barking up the wrong tree.

@ahmed_crypto1 stated that Binance is not responsible for Nigeria's worrying inflation and economic woes.

Crypto trader predicts naira will exchange N2,500 to a dollar in the near future
He says the naira will crash further. The image on the right is for illustration purpose and is not related to the story. Photo Credit: Bloomberg, TikTok/@ahmed_crypto1
Source: UGC

In a TikTok video, @ahmed_crypto1 displayed his chart as he analysed the naira/dollar exchange rate over the years and maintained that the dollar has always had the upper hand since he was born.

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He added that the government's fight with Binance, which has led to an appreciation of the naira, will only yield temporary results.

He said the naira's value would only get stronger if the government focused on fixing the economy.

@ahmed_crypto1 predicted that the naira would still depreciate to N2,500 to a dollar and can get as bad as N3,000/$1.

Watch the video below:

People react to @ahmed_crypto1's prediction

Michael juice said:

"Omo bro u supposed to be a pastor."

Shamsiyah said:

"Abeg make person teach me na."

Cyb3r.Zvyyern said:

"I have been trying to log in my Binance app but it’s not working."

Dolapo Rising said:

"Who else no understand anything but still dey make money."

Oyede Gbenga said:

"Forex will make u understand things the way others can't, fundamentals must obey technical."

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"Ok sir but crash means going up not down."

Godstime4545 said:

"I just saw a video of XM dat talks about d crash of d market. dis guy need to work in CBN I swear. much ❤️❤️to him."

Bank of Ghana bans money bouquets

YEN.com.gh reported that the Bank of Ghana has warned against using cedi banknotes for gift bouquets and hampers with immediate effect.

The central bank's Dominic Owusu explained on March 30, 2023, that when cedi notes are folded in bouquets and hampers, they deface, compelling the central bank to spend huge funds to replace them.

He said using cedi notes for bouquets and hampers flouts existing policy on Ghana's legal tender.

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Source: Legit.ng

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