Feldie:
can't you read? Go to Binance right now, try to sell Bitcoin of 3m to the top sellers with highest rates and see if they will pay you. They will wait till the timer runs out but as long as other traders see the high rates on the app, everyone else will adjust their prices upwards and Binance will update the price to match the price that has been speculated. Nigerians will go to Twitter to trend the new price of Dollars and banks will adjust. A few criminals are ruining your life and you can't see it

You said only fraudsters deal there so what are you doing there and why should I go there? If you and the OP is there then you are both fraudsters.

The questions I asked you you failed to answer. Is it only Naira that's being traded on Binance? Why aren't they doing the same to other currencies from other countries?

You can't answer that and no Economist can answer that because hyperinflation happening in Nigeria wasn't caused by P2P, it's by having clueless people running the economy.

Feldie:
people buying and selling on p2p don't use it for what you would go to the bank to do. You can't pay for international airline or school fees with binance p2p. People there are mostly full blown fraudsters changing their crypto to Naira

So why blame them for Nigeria's economy? Is it only naira that's been traded there??

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.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

You are blaming the P2P forgetting the real thieve are your bank MDs who CBN release $$$ to but you would never find the Dollars available to buy from them. Why would anyone want to buy $$ from P2P if banks are willing to sell?

The CBN sell $$ to the banks at N1500 the banks instead of selling to the public at N1550 they prefer to reserve it for politicians or BDCs at a much more higher rate like N1600. Politicians will take this money away and cause shortage while the rest that was sold to BDC will be resold at 1700.

Stop blaming P2P. If they Govt want to solve the problem then they should start with reshuffling things within. What you see is a Govt failing Govt or a clueless one.

chopnaira:

I first saw this video in 2021. Obidient and Biafria/Igbos handles on social media are the ones recycling the old news.

1st picture: Biafria (IPOB) page today.

2nd screenshot: a Facebook post from 2021.

As much as I hate fake news from IPOB Social media, I think this is what brought APC into power, they used propaganda on Social Media.

They had team of propagandists which I think you were one of those BMC urchins that received 30K monthly to get Nigeria where she is today, you only changed your username. Make una face the monsters you created.

Nbote:
We allowed patriotism to becloud our judgement. We've been playing poorly all tournament despite playing mediocre teams. Imagine a defensive set up against teams like Equatorial Guinea, Guinea Bissau and even Angola. Just thump the ball up to Osimhen and hope he wins the duel

You don't understand football. You play to the best strength of your team. Nigeria was a defensive minded team who relied on counter attack so our stay of play may not be attractive but it's productive. We saw that in Mourihno Inter's team.

pxolll:
I had a one night stand with this girl, we did a couple rounds and days later, I tried inviting her over, she came but won’t let me smash. Some days ago, I invited her and she left instantly. I still want to taste the coochie again, any ideas what I can do.

Want to make this a friend with benefits thing too, but don’t have ideas

You are not speaking the language she understands. The only thing women see beneficial in "friends with benefit" is money.

You don't go defensive on these Fulani terrorists. Get enough ruthless men, arm them and let them go offensive in the bushes but no , you guys want to be diplomatic as sophisticated people.

seunmsg:
No one is interested in whatever you have to say or whatever lessons you learnt. You are a very irresponsible father who can’t even guide your own son to the right path. The father of a gay will never rule Nigeria.

Go and learn how to raise children who will continue your name and not men who give it to fellow men from behind in a very immoral, irresponsible, horrible and disgusting manner.

What he said is what you just confirmed but you aren't aware because you didn't read. The manipulation techniques paid actors like you use would no longer work in few years to come so make as much money as you wish now.

Like he rightly said, no tribe, religion or ethnicity in Nigeria is buying fuel cheaper, whether a man gives it to you or a woman, you'd buy fuel at the same amount. Be assured that the scales are falling off the eyes of those who fall for your manipulations....... Enjoy the ride for now.

Inspirer1:

He is truly an enemy of the Nation, very wicked fellow trying hard to make life difficult for Nigerians.

As a matter of fact, the mods should delete threads like this with immediate effect, someone up there was even saying its economic war.

If tribal biased threads and posts can be deleted, and account banned, I see no reason why this thread and threads like this can't be deleted and the account banned.

Cc
Seun
Nlfpmod
Mynd44

All those mods you mentioned must have acquired dollars , stop the joke.

Rolings:


God bless you and many others like you.

Don't be deceived. Those who come online to cry about naira value already have more than the rest of us.

They are just like the japarians ... They already have more than most of us.....so don't let their shouts get to you..... People that could raise 7 10 15 millions to japa are not poor no matter how they pretend online

One funny thing is .....theres a lot of dollars in this country..... But they are not in the banking sector... Many citizens have dollars at home..... so it's hard to control what's in people's hands.
This is an unpatriotic act.... But people will be quick to tell you government cannot tell them how to spend their money ....but can't they?

I need sincere answers from you.

1. Do you think those you voted are patriotic and have the best interest of Nigeria in mind?

2. Would those in Power prefer naira over dollar?

3. Would they prefer Innoson Car over imported Car?

These 3 questions would give you a clue who the real unpatriotic people are.

falcon01:
you made a valid point and I'm totally agreed with you, but I lost lot of money(value) as a result of saving in naira without even doing anything it just impossible to save my earnings in naira. Before you tell me about investing in asset,
1. I can't invest in asset because I'm a person who needs my money the exact time I need it but with asset you need to sell,
2. I can't invest in assets where I stay
3. I just want my money visible in number so I can use them when ever I like.

But since I saved in dollars, I gladly convert it at the current rate and use it, the money has more value and can buy more than it could buy when i originaly saved.

But I really want to help the little way I can to help boost the economy of this country, what would you suggest or recommend.

Stop explaining bro. Let those who have ears hear and let those who are patriotic keep saving in Naira. At the end we will see who's wiser.

A country where the leaders prefer keeping their money in hard currency. The only reason anyone would be against what you said is because they don't have naira to change to Dollar.

Exousiang01:
And you dont know that changing the Naira to Dollar is actually what would make the dollar to hit N1700
You are very smart.....

Such an enemy of his own nation
For you let's just completely destroy the economy.

It's unfortunate the kind of unpatriotic citizens Nigeria has.

Me in my little will continue to do my part, even if it seems insignificant, I patronize as many "made in Nigeria" products as possible, from cloths to shoes to groceries.
I only buy foreign when I don't have a choice, e.g. my cologne

And I believe of every Nigerian can follow this we would out in no time.

OP you are an enemy of the nation

This isn't a banter, you just have to be smart. If you changed your N7Million last year when a dollar was N700, you would have $10,000.

For those who changed theirs, they will have N14million today at the rate of $1 to N1400. Those who didn't would still have 7M.

He has given you a wise economic advise. This isn't time for patriotism but logical thinking.

The real enemies of Nigeria are those you voted, they have zero belief in Nigeria that's why they aren't interested in anything made in Nigeria, they prefer to holiday overseas, their wards rather school overseas than here, they rather send money overseas than bring in money.......... Oh, they also save in dollars.

Thinking dollar is rising because people are buying it shows you don't know much about economics. Your naira is down and will keep sinking because we have absolutely no goods to back the currency. We produce nothing, almost zero export and close to 100% import.

Good one, highly commendable. A city like Lagos shouldn't have markets that look like an eyesore

NinjaMetahuman:
China is the leader in manufacturing lithium battery but not producer of raw lithium.

Apart from that, lithium battery is still struggling to fight oil and still getting battered. D

Now imagine lithium people and oil companies fighting same enemy.

I bet you, if it's true that there is technology like this battery that can last 50 years, it will never come to fruition in the next 3 decades at least. If it will even happen at all.

You would have said same about AI if it was just a rumor. Listen, technology has gone farther than you think and as long as there is competition out there, nothing stops these countries from competing. The only thing you could say is that the power of such battery can be reduced to a few years and phones won't have charging ports. This way, Phones may have 5-7 years expiry date.

Tha problem is that they gained in Niara but when converted to Dollar, it will likely be a loss since the exchange rate doubled since 2023.

Here is the break down.

In Dec 2022, if you earned N741, 000 and convert it to $ at the rate of N741 to $1, you earned $1000

In Dec 2023, if you earned N1M, you've actually made 260K more compared to the previous year (this is about 30% growth in naira).

Now let's convert it to Dollar.

In Dec 2023, $1 = N1230

1Million naira will give you
Approximately $830.

In the real sense, the foreign company gained in naira but lost hugely IN dollar.

This explains why this news is a propaganda and why Unilever shut down production of some of their products.

They were originally called BH terrorist until hey were rebranded to Bandits.

Bigkoko:
Ministers dey ball and share monies meant for even the poor.... Gbaja dey verify register with 3Bilion NGN..wait fess, na Book of Life register? And children wey no get hope dey make am look like Igbo vs Yoruba....

From 2014 Buhari own start, through 2019, and now 2023..... Hahahaha 🤣🤣🤣🤣 them go dey alright some day!

It's very funny. Look at the last Election the way the Elites quickly changed the narrative and the hungry ones made it Yoruba VS Igbos.

Elections are done and dusted, the elites remain united in stealing the nation's resources while those they are stealing their resources are busy fighting each other.

Brenbentondiaz:


We would have easily decided to go our separate ways if not for ASICKiwe who canvassed for the succession clause to be expunged from the constitution. You know, the classic way you guys love shooting yourselves in the foot (just like 1966 coup) and be the ones to suffer and wail over it later.

Like I said, keep repeating "you guys" when every average citizen is suffering irrespective of tribe. The elites who are benefiting don't fight themselves but you that barely have food to eat prefers to fight your likes.

Is the Nigeria of today worth it?

We would have been far better as separate countries. Till date, the only people benefitting are politicians from all tribes while average citizens from all tribes are suffering.

Did you guys notice how they have refused to tarnish the image of their country by not mentioning names or their nationality?

Gadafii:
Only in Nigeria

This people construct and repair roads and bridges in mother countries do they sacrifice animals as well

A certain country build a high way thru the way, no sacrifice was made to “appease” the spirits of the water

Not true, I've seen some foreigners doing that at construction sites.

Achoghim:
Make I no talk before I chop royal curse but the lolo no too fine

You don't know what a beautiful woman looks like. Na your type fit marry appearance over personality.

Appearance = short term
Personality = long-term

post=127858537:
Enemies will still wail.
Nothing good ever make them happy in life.
They abound in all tribe all over the nation.
Frustrated things born with hatred in their hearts for their nation.
As long as you keep praying for the downfall of this nation, wherever you are.
You will never eat the goods of the land.
As long as God lives.

No be curse,
Na FACT.

Nice one Mr President.
Bless up sir 🙏

You've supported all the bad Govt we've ever had. I won't be surprised if you are a politician or a direct beneficiary of loots.

marvelck:
In Uyo, Akwa ibom State, there is so much honey (sexy beautiful girls), but no money for most people for flex with....

The place is blessed with beautiful girls, fun places, fine weather and with lots of exciting sight and sound. But majority of the people there are self employed. You barely see or feel the presence of govt there. The people there are left to cater for themselves, while the state govt eat all the money allocated to the state without doing any meaningful projects for the people

I put it to you, you don't live in Uyo because it seems you don't know the reality on ground. The beautiful girls from Uyo don't live in Uyo or even Akwa Ibom. They move to happening states.

gammarays:
Are these Uyo girls or random internet pictures?

The joke is on the OP. He hasn't been to Uyo to understand that's not the reality on ground. The beautiful young girls have all relocated to happening cities like PH, Owerri, Asaba, Lagos and so on.

huptin:


How do I use the Samsung Dex...I also use S23 Ultra and like the op I am trying to maximize the features of the phone

Download the Dex software on your PC then plug your phone on the Laptop with the USB cable.