"This Crash Is Just Temporary": Forex Trader Predicts Future Naira/Dollar Rate with His Chart

• A crypto trader has faulted the federal government of Nigeria for its clamp down 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
• Speaking with Legit.ng, a CEO and expert trader, Ajuwon Aanuoluwapo, weighed in on the crypto trader's prediction

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.

In a TikTok video, the forex trader 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, would 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 could get as bad as N3,000/$1.

The government should control FX

Reacting to @ahmed_crypto1's prediction, an expert trader, Ajuwon Aanuoluwapo, said there is no saying how effective the federal government's move would be.

He added that the federal government should actually have total control of the FX. He said to Legit.ng:

"Whenever there's a government policy, there's always a retracement, but the dump doesn't happen for long. Also, the naira has been depreciating against the dollar for years.

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"Normally, the government should have total control of FX but everybody got involved more with platforms like Binance.

"We don't know how effective the latest govt measure would be. No light, there's nothing, what exactly would make the naira strong? The temporary spikes/drops on naira/dollar are connected with people panic-selling whenever any measures came out in the past."

Watch the video below:

People react to @ahmed_crypto1's naira-dollar 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."

MUSTY-BTC said:

"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."

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Agency predicts future naira/dollar exchange rate

Meanwhile, Legit.ng previously reported that an agency had predicted the future exchange rate.

The agency gave this prediction in its monthly newsletter for January titled, "2024: A year of reckoning, turning points and balancing acts".

Data from FMDQ showed that on Friday, February 23, the naira depreciated against the US dollar at NAFEM by about 6%, or N94.19, to close at N1,665.50/$1, compared to the N1,571.31/$1 rate the previous day.

Source: Legit.ng