Nbote:


Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.

No BDC operator will sell dollar to you without goggling black market rates. Is that how to determine demand and supply? And they always check the highest rate. If your transaction don't involve lots of money, they wouldn't give you attention and they all do the same thing. It doesn't matter the rate at which they got the dollar.

Now imagine the site they are checking is pegging inflated rates which is almost usually the case. I have experienced this first hand many times. CBN need to mop up USD and monitor banks. These banks are the ones enabling these terrible behaviour from the BDC operators.


For the past 6 years, I don't know any Nigerian bank that will ever agree to having USD for sale. Even when I wanted to withdraw from my own account, the teller and my account officer told me they didn't have dollars for withdrawal. I later managed to withdraw from the same branch after making complaint to the branch manager.


We shouldn't be ignorant of how deep the rot really is

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

Cry me rivers baby. Your government is simply irresponsible and incapable. Stop crying trying to heap the blame on others.

PureFace1:


Keep living in denial lol

You can not satisfy the demand of the customers coming to your shop but you are mad that the only dealer in the area that is able to satisfy the demand is selling at whatever price he like, of course as customers keep coming to his shop he would keep raising price because he is the only dealer that have what they need in sufficient amount. It is still basic economy.


Your own idea now is too kill the dealer so that the customers can come back to your place and tolerate the bullshits you offer them and suffer without even getting what they need or force the dealer to sell at your own price when you are not the one that open shop for him.


You think people will buy at the rate pump up by spoofing if they can easily get it a cheaper rate elsewhere lol?

Now if they kill binance out of business, do they, the govt have the dollars to sell to Nigerians. They will only make the situation worse

That means cbn is a weak institution

It's crucial to balance regulation and innovation, ensuring that measures to combat manipulation do not stifle the growth of the digital economy or hinder the legitimate use of digital currencies. What our country Nigeria could employ to tackle these challenges:

-. Strengthen Regulatory Frameworks
Enhance Oversight of P2P Platforms: Implement stricter regulations and oversight for peer-to-peer (P2P) exchange platforms operating within Nigeria. This could involve requiring platforms like Binance to register with Nigerian financial authorities and comply with local financial regulations and anti-money laundering (AML) standards.

Set Clear Guidelines for Merchants: Establish clear guidelines and requirements for merchants operating on these platforms, including verification processes, transaction limits, and anti-market manipulation policies.

-. Monitor and Enforce Compliance
Collaborate with Platforms: Work closely with P2P platforms to monitor transactions and identify suspicious activities. Platforms should be required to report large transactions and suspicious patterns that may indicate market manipulation.

hbjbj

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

In as much as there are a lot of Nigerians trading on Binance, the volume of trade is very low.

It is not the few millions being traded or "manipulated" on Binance that is crashing our Naira.

Other countries trade on Binance too. Do you hear such complaints from them.

Nigeria's problem remains clueless, greedy and selfish leadership. It's been on for so long. Unfortunately, the bubble just burst.

I like your analysis Sir, but I'm sorry, you're wrong this time.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

Personally I think we consume a lot of foreign products more than locally made products. We also imports goods and services more than we export them to other countries. Lack of amenities such as constant power supply, good access roads, unavailability of raw materials, government unfriendly policies, high taxes and high cost of fuel has made many business to fold up in Nigeria. Then we depend so much on crudeoil subsidies and crude oil price at international market. Insecurity including banditory and kidnapping has it made difficult for farmers to cultivate food and cash crops which could be export and generate income and revenue. Some people value the dollar more than naira and still pay their employees in dollar right here in Nigeria. Those in Government no dey try for us the masses.
All these have contributed to the plummeting of the naira

Check current P2P exchange rate here https://mediatalkafrica.com/binance-p2p-daily-exchange-rate/

This must be a kid undergoing or recently graduated from secondary school. Spare me the time.

Stvpid AI copycat spammer.

hothead:
It's crucial to balance regulation and innovation, ensuring that measures to combat manipulation do not stifle the growth of the digital economy or hinder the legitimate use of digital currencies. What our country Nigeria could employ to tackle these challenges:

-. Strengthen Regulatory Frameworks
Enhance Oversight of P2P Platforms: Implement stricter regulations and oversight for peer-to-peer (P2P) exchange platforms operating within Nigeria. This could involve requiring platforms like Binance to register with Nigerian financial authorities and comply with local financial regulations and anti-money laundering (AML) standards.

Set Clear Guidelines for Merchants: Establish clear guidelines and requirements for merchants operating on these platforms, including verification processes, transaction limits, and anti-market manipulation policies.

-. Monitor and Enforce Compliance
Collaborate with Platforms: Work closely with P2P platforms to monitor transactions and identify suspicious activities. Platforms should be required to report large transactions and suspicious patterns that may indicate market manipulation.

lexy2014:


so are you saying that all the cash dollars in Nigeria that comes from the CBN are in the hands of these crypto guys?

imagine using the word "ALL"

show me where i said so?

why not say "SOME"

Nbote:


Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.

Maybe you need to re-read the statement to fully understand what the poster is trying to explain. Not only BDC contributes to the free fall in naira but also Binance and other cryptocurrency platforms. In fact many BDC operators also trade on these crypto platform to maximize their earning. In order to save the country from increase inflation, all these trading platform will need to be fully regulated. Especially the BDC operators. Here in Europe, there are also money exchange company but they are targeted at specific locations such as airports, metro train stations, shopping malls where tourist and foreigners can easily exchange their currencies to local one and spend. It is only in Nigeria individuals will secure license, erect a building and start exchanging hard currencies for money launderers

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

I will keep reiterating, instead of all these brain gymnastics over a currency that is not ours, why can't we diversify from the dollar

At this point only drastic and unconventional measures can arrest the FX mess, govt are just tew predictable following economics textbooks & IMF it will never work cos the problem is man made

Reckless and unnecessary borrowings and spending by the previous government has made Nigerian economy to nosedive,the interest rates on the loans taken are increasing causing depletion in Nigerian external reserves because alot is being used in servicing external debt.

This war between those who want to stabilize the naira and those who want to destroy the naira and profit from doing so is getting interesting. It should be produced into a Hollywood or nollywood movie.

motymop:


USDT is illegal in Nigeria, it has no regulatory backing, that is why you cant use it to buy and sell goods, that is also why there is no public exchange for it.

International sellers do not take USDT as a mean of payment because of regulatory issues

can you pay for oil in usdt
can you buy clothes with usdt
can you buy machineries in usdt
can you pay for school and medical fees in usdt

NO you cant, you can only buy some software or crypto related goods with usdt.

Guy it's amusing the way you just spew nonsense like you know what you're saying. Na waa o.

We just solved Nigeria’s problem in less than an hour
From what I have read so far
1. Dollar can easily be manipulated on binance or P2P platforms minimally
2. Banks are the reasons behind the fall in naira as a result of not supplying those really in need and selling to the BDC because of more profits
3 CBN is not playing it’s role by monitoring the flow of dollars supplied to the Banks
4 CBN bad monetary policies
5 Politicians hoarding dollar at the detriment of Nigerians ruining the Nigerian economy
We are our own problem

ShoeGetSize:

99.9% of money laundering in Nigeria happens through the manual looting and diversion of government resources and funds by politicians. This has been going on since 1960, long before the creator of Binance was even born.

The demographic which will be hurt the most by a proscription of Binance are the intelligent and tech savvy young people who make an honest and respectable living on the platform.

Meanwhile the rotten and degenerate old men in politics will continue to pilfer billions of dollars and euros and nothing will happen to them.

That is the issue, it is this demographic that will surfer.

Seems PBAT is working with imperialists to remove bread 🍞 from the mouth of youth to achieve their evil agenda of unemployment, poverty, hunger, starvation and depopulation.

He should stop lying to Nigerians whenever he preaches the gospel of renewed hope on TV. He should come out plainly to tell them the evil agenda.

AbokiFX also should be banned.

YourKarma:


Guy it's amusing the way you just spew nonsense like you know what you're saying. Na waa o.

Counter him with a sensible explanation instead of spewing thrash yourself.
Tell me which reputable shops online accept usdt.
The China sites that most nigeria imports from don't accept it.
Alibaba accepts usdt ??

agbolahan1991:
We just solved Nigeria’s problem in less than an hour
From what I have read so far
1. Dollar can easily be manipulated on binance or P2P platforms minimally
2. Banks are the reasons behind the fall in naira as a result of not supplying those really in need and selling to the BDC because of more profits
3 CBN is not playing it’s role by monitoring the flow of dollars supplied to the Banks
4 CBN bad monetary policies
5 Politicians hoarding dollar at the detriment of Nigerians ruining the Nigerian economy
We are our own problem

it will interest you to note that some super power currency symbol is missing in binance! So why will Naira still be there?

vacanci:


imagine using the word "ALL"

show me where i said so?

why not say "SOME"

are you saying that all the cash dollars in Nigeria that comes from the CBN are in the hands of these crypto guys?

simple yes or no

the "some" you are talking about, what percentage is it in the entire dollars in circulation?

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.

not true, this is highly false

So what would you now say about Bybit? Because right now the dollar rate over there is higher than binance (1730 as against 1710)

Nbote:


Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.

And to add to your comment.

If CBN wasn't corrupt. What would stop them from making announcements to debunk the hike in the dollar price as he claims. Rather than filling up the gaps because of the margins in the price.

CBN literally benefits more from the hikes. The CBN buys dollars from world bank directly at a relatively cheaper amount but keeps selling at a higher rate.

The point ills, CBN control the BDC and they make lots of money from them.

PureFace1:


You are spreading misinformation

Selling is all always cheaper than buying when it come to P2P in all platforms.

The minimum trade amount for both buy and sell is 4000 naira in Binance.

Everything still follow the law of supply and demand, If there are nobody buying usdt in the price listed for it on Binance the price would drop.

But the problem is demand for usdt is very high which mean it is not really manipulation but the true value of usdt, even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.

CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.

If you have a Car that is gulping "Fuel" at an alarming rate, ... will you be intensifying your effort to meet up the engine demand or you will try replace the engine or sell off the car

As far as Dollar is concern, people have tasted the forbidden fruit, speculator eyes are open to easy and fast money nothing can remove that mindset except govt attack "Dollar" directly with policies that we limit the need

bnanny:

Bro before you blame the masses and Binance. Check Atiku dollar in this picture. So much dollars in the hands of our politicians but you can only blame Binance and masses.
Update. Looking at the photos you can tell that Nigeria politicians are the main problems. They created problem and then pay you guys to blame masses and private investments.

Binance are doing the greatest damage. They need to be cracked down. Let's put sentiments aside

Wack pipo in government....

Better learn to trade crypto so you take advantage of the bull market in both crypto and dollar market

Nbote:


Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.

Point of correction Sir. Banks no longwr sell USD to BDCs. They stopped since 2020 after a CBN pronouncement.

It is you and I and all other players in the system that do.

I give you a typical example. When you apply for PTA /BTA, the expectation is that the unutilized portion will be returned back to the bank like we had in the days of travellers cheques. But alas it will end up in the parallel market.

Infact some people just collect and it ends up straight in the parallel market.

Same applies to the subsidised USD that govt allocates for pilgrimage and it's only in Nigeria that we see govt subsidising USD for people to go for pilgrimage, an activity with no economic value or benefit to the country.

We also have exporters that under report their export proceeds and route the difference to the parallel market.

There are also the retail sellers and do you even know that at some point manufacturers that were being allocated dollars for importation of equipment and raw materials by the CBN through the banks sometimes just take the dollars and sell in the parallel market because its actually more profitable for them.

The parallel market infrastructure is a complex Web of operations spanning Ghana-Dubai-Nigeria-china -uk-USA-India etc and way more organised than we think.
It goes deeper the the operators you see littering the streets. At the backend there is a complex web and hierarchy of transactions

At some point they were flying in dollars from Dubai and Ghana to sell in Nigeria.

Everything isn't about banks alone and banks aren't even allowed to hold more than 20% of their assets in USD.

Y'all want to fight the corrupt manipulative system? Then stop been greedy.

God bless Nigeria