In a surprising turn of events, the naira appreciated significantly against the dollar in the parallel market on Friday, May 17, 2024. The exchange rate closed at N1,470/$1, marking a substantial 4.89% improvement from the N1,555.02/$1 recorded just a day earlier.

This appreciation ends a week-long losing streak for the naira, although it remains uncertain if this trend will continue. The volatile nature of...

https://ratecaptain.com/naira-appreciates-against-dollar-hits-n1470-1-in-parallel-market/

Small breeze

More crackdown abeg. The speculators must be pushed far away from Nigeria.

Are we trading naira to Ecurrency that the speculators want to be using ecurrency fluctuating rates to be exchanging Naira

Government should instruct all banks to start paying foreign transfers like Western Union, Money Gram, Ria with naira equivalent to the dollar rate. That alone is pushing unnecessary pressure on Naira as more foreign transfers which demanded dollars to pay, more pressure on Naira

helinues:
Small breeze

A colossal failure will make naira 3k by then this small ogi when you dey see thief you no go see am again

Good.
This time around,it will continue to appreciate,appreciate,appreciate and appreciate...no more depreciation.
I am super excited.
The Omniscient reigns.

helinues:
Small breeze

More crackdown abeg. The speculators must be pushed far away from Nigeria.

Are we trading naira to Ecurrency that the speculators want to be using ecurrency fluctuating rates to be exchanging Naira

Government should instruct all banks to start paying foreign transfers like Western Union, Money Gram, Ria with naira equivalent to the dollar rate. That alone is pushing unnecessary pressure on Naira as more foreign transfers which demanded dollars to pay, more pressure on Naira

Crypto exchanges like bybit, bitget and the likes are behind the recent slump in Naira. You'd be shocked to see that NigerIans from across the geopolitical divide are engaging in serious speculative activities on these centralized exchanges.

One would recall that the Naira made tremendous gains when the p2p mechanism was deleted from Binance which used to be the major exchange for p2p speculation in Nigeria.

However, with the ouster of Binance, speculators have moved to some other exchanges like Bybit and Bitget with transactions running into billions of Naira daily, which are neither taxed nor regulated.

The way forward is to ban all peer to peer transactions on these exchanges and criminalize naira speculation with the USDT on crypto exchanges.



If the Almighty US, UK with stable and strong currencies could restrict these exchanges from operating in their countries, I cannot see what is stopping Nigeria from doing so.


One of the dangers of allowing the p2p operations on these exchanges is they could access billions of USDT which is not regulated, exchange it for the naira and use it to mop up the dollars in our local black markets, thereby further driving down the value of Naira.

Government as a matter of urgency must act fast by banning the exchange of Naira with the USDT on crypto exchanges.

It could however make exceptions for the trading of some crypto with use cases like Eth, BTC, Sol, among a few others but strictly with the naira in exchanges registered in the country. Their prices would also be quoted in naira and not the USDT in these exchanges. That way, you can use your N5000 and buy BTC and sell to the exchange or other traders in Naira as you may wish.

But the current model where speculators just flock these exchanges, buy USDT with the Naira and set the prices as they wish should no longer be allowed.

CapitalLens:



Crypto exchanges like bybit, bitget and the likes are behind the recent slump in Naira. You'd be shocked to see that NigerIans from across the geopolitical divide are engaging in serious speculative activities on these centralized exchanges.

One would recall that the Naira made tremendous gains when the p2p mechanism was deleted from Finance which used to be the major exchange.

However, with the ouster of Finance, speculators have moved to some other exchanges like Bybit and Bitget with transactions running into billions of Naira daily, which are neither taxed nor regulated.

The way forward is to ban all peer to peer transactions on these exchanges and criminalize naira speculation with the USDA on crypto exchanges.

If the Almighty US, UK with stable and strong currencies could restrict these exchanges from operating in their countries, I cannot see what is stopping Nigeria from doing so.


One one of the dangers in allowing the p2p operations on these exchanges is they could print billions of USDT which is not regulated, exchange it for the naira and use it to mop up the dollars at black market, thereby further driving down the value of Naira.

Government as a matter of urgency must act fast by banning the exchange of naira with the USDT on crypto exchanges.

It could however make exceptions for the trading of some crypto with use cases like Eth, BTC, Sol, among a few others but strictly with the naira in exchanges registered in the country. Their prices would be quoted in naira and not the USDT in these exchanges.

When I first registered on Binance, I did the normal verification but when I made an attempt to buy cryptocurrency through bank, if you see the ridiculous rate they are charging, I just backed down.

Is Naira and any ecurrency listed in any major stock market? Why should Naira to dollar rate be based on ecurrency rate?

Those ridiculous rates put so much pressure on Naira.

helinues:
Small breeze

More crackdown abeg. The speculators must be pushed far away from Nigeria.

Are we trading naira to Ecurrency that the speculators want to be using ecurrency fluctuating rates to be exchanging Naira

Government should instruct all banks to start paying foreign transfers like Western Union, Money Gram, Ria with naira equivalent to the dollar rate. That alone is pushing unnecessary pressure on Naira as more foreign transfers which demanded dollars to pay, more pressure on Naira

Which breeze?

This is weekend. Economics illiterate

Lizzysamuel:


Which breeze?

This is weekend. Economics illiterate

You guys can make your comments without insulting others, I believe right?

Try and be doing that.

Back to your comments, would you have come up with weekend excuses had the price gone up?

Also, I remember when local bitcoins and paxful was still active, it was accepted almost globally which one can buy with local currency online, there wasn't any pressure on any countries they operated.

How come it's when the likes of Binance came, the countries which they have been operating are fuming?

If the government is really serious about restricting the account of crypto speculators in the country, all that it needs to do is visit these exchanges, initiate a trade and see the account details for themselves.

It shouldn't allow the interest of a few to continue to destroy the value of the Naira to the detriment of the general populace.

Get out
STOP disturbing us with this nonsense
For now, naira is useless to dollars

helinues:


When I first registered on Binance, I did the normal verification but when I made an attempt to buy cryptocurrency through bank, if you see the ridiculous rate they are charging, I just backed down.

Is Naira and any ecurrency listed in any major stock market? Why should Naira to dollar rate be based on ecurrency rate?

Those ridiculous rates put so much pressure on Naira.

. Small nyash dey shake ooo

Crypto biz is not for the jobless and brainless mofos