swiz123:



When the FG borrowed 3 billion to defend naira, it reflected quickly on Binance chart as naira quickly fell to 890.

Forget p2p traders, they just follow the chart.

Maybe it reflected because Binance was keeping track. It is 3 billion we are talking about...it would have reflected on any genuine chart.

Bullish99:
We are in the internet age where information travel super fast! U all saying exchanges P2p platforms aren't the cause of the current Naira situation are mistaking.

BDC guys depend solely on Abo ki fx website back then to give rates to customers, when that was banned, they switched to majorly Binance P2p for rate check thereby creating groups that create continuous heavy buy and selling transactions on exchanges P2p platforms to make it look real (info from a old time pal that's into BDC services)

The attached picture is the usdt/NGN chart on Binance.
Rates as started declining everywhere immediately the correction started happening on Binance.
All the large buying orders aren't pushing up prices again.
If BDC guys and everyone trading currencies continue setting their prices based on info found on some P2p platforms, then tell me how Binance can't/isn't affecting Naira.

Let's take for example Binance manipulate the USDT/NGN chart on their platform and set Naira to N920 to a dollar and stays like that for about 24-36hrs, u would see how rate will become uniform nationwide.

@ the bolded....abokifx was banned and the government claimed they are the reason why the dollar was rising ......less than a week..the naira got weaker for more than 20% despite the ban...and later the CBN changed mouth again and start claiming it is some politicians bla bla bla......you people will leave the major root of the problem and be finding what is not lost....

Going by your logic.. since you claim the abokis offline do make use of abokifx that time to determine the dollar rate...when the abokifx was banned..why did the dollar still go up again even at the next day ?? Smh...

Go and check your currency chart history...right from year 2000 , naira keeps getting weaker every year , even before binance came into existence..naira gets weaker every year.. from 150naira per dollar to 200 naira per dollar to 250naira per dollar to 300naira per dollar to 400naira per dollar to 500naira per dollar etc ...the only difference was that the rate at which the naira got weaker under APC government was faster and very huge...Imagine from 200naira to 1000naira plus under APC government...it happened too fast...

Of course a country with very low production rate and a country with majorly imports and inadequate exports will experience weakness in its currency......and that is why naira keeps getting weak for a very long time now....but its just that APC government made it even worse...they want to Kuku kill and bury the economy....

When there were rumours that Federal government want to lift ban on some imported items and many people were jubilating , the price of dollar fell for more than 30% during that few days when the news came out....that time you people did not claim binance p2p was what made the price to come down ooooo and not government....but when the dollar rises. You people will blame binance p2p...when it is good , it is the government ..when it is bad , it is the binance p2p ba ?? It is the hypocrisy for me...


If there is a law that makes "misinformation" a criminal offence...some of you should be really arrested....see the way you are confidently misinforming people telling them that BDCs make use of binance rate...which BDC told you that nonsense that he or she makes use of binance rate?? Smh...its obvious you are not in the currency trading system in nigeria..if not you would have become aware of the major ways that rate are determined by the BDCs and not this your binance theory .....some of you just overrate binance....where was binance when dollar went from 200 to 600naira several years ago ?? Or it was still binance when buhari entered power ??

And going by the logic by you people that some individuals are manipulating price of binance and that is what is making the dollar rate to be at its present state...then it means the same individual can decide to make 1 dollar to become 100000naira per one if they want to...or they do not like plenty money anymore ?? It means these individuals can even shut down the naira and stop its existence since it is their decision that now control the currency of the country ..yeye

Eaglepixel:


This is the stuff. The BDC are on binance. All these faggs saying it is not binance p2p don't have info.
Until you and I can buy directly just forget it.

bro, does it mean those individuals have more bags and liquidity than Nigeria as a country?

You know what it means to manipulate a countries currency? If a few individuals can can manipulate a currency as big as a countries currency.. then that country doesn't need to exist?

No go fix your refinaries and work on expots to gain forex.. dey dia dey blame common man

seankafor:
bro, does it mean those individuals have more bags and liquidity than Nigeria as a country?

You know what it means to manipulate a countries currency? If a few individuals can can manipulate a currency as big as a countries currency.. then that country doesn't need to exist?

No go fix your refinaries and work on expots to gain forex.. dey dia dey blame common man

It means those people can in the next 24 hours decide to make a dollar to become just 10naira if they want to....or they can make a dollar to become 1million naira per one if they want to since they are the one who now decides the dollar rate...

doyin01:


It means those people can in the next 24 hours decide to make a dollar to become just 10naira if they want to....or they can make a dollar to become 1million naira per one if they want to since they are the one who now decides the dollar rate...

The level of ignorance is baffling. P2P is an open market, all currencies of the world are currently been traded there. BDC can deal with Rubies, Euro or the yen if they want to on Binance, go there and find out.

Naira is not the only thing being traded there. Why are all other currencies not crashing? Why are they not spiraling downward?

Ether, BNB and even Sol can be traded on P2P, Naira capitalization is far greater than the last two but why are they not spiraling downward like the Naira? This goes back to demand and supply forces. It simple!

People are getting out of the Naira and no one is coming in. If there is any one coming in at all they are far less to those dumping it. If this scenario should be happening to bittcoinn, it will also head downward until it find a new base.

You think demand and supply on chart decides prices huh....leave elementary economics and come to the real world where we look for weaknesses and glitches in a system to take advantage. Nigeria is plagued by a plethora of problems and some set of entities have become too fat having benefited from years of exploiting the system so much that they can bring down the system.
America defends the dollar by printing trillions of dollars whenever there is a problem but poor Nigeria can only go borrow 3 billion dollars to defend Naira. The Naira is at the mercy of any whale that can put it in a sizable amount of dollars to keep shorting it because there is just nothing to defend it

Eaglepixel:
Over $1mil in naira transaction is done daily on Binance. The 9ja whales manipulating the Naira price daily...

How much is spent on sport betting daily?
How much oil is bunkered daily?

Again make una sit down ask unaself, how much money is in this world. It is hard to become a millionaire in dollars if you don't get a picture of it.

Think about this, the money embezzled by Abacha since some of of us were in primary school is being refunded in millions of dollars till now.

Do you know how much money is transacted each year when parents try to convert Naira to international student school fees?

Before binance, it was monopolized. Aboki could bring you any amount, I mean any amount to your house. How did they get it?

These monies mean nothing, these have been there since when we were kids, but there were no charts, now, we have blockchain, the world is becoming smaller you can see the records with a flick of your finger.

myonekobosay:
You think demand and supply on chart decides prices huh....leave elementary economics and come to the real world where we look for weaknesses and glitches in a system to take advantage. Nigeria is plagued by a plethora of problems and some set of entities have become too fat having benefited from years of exploiting the system so much that they can bring down the system.
America defends the dollar by printing trillions of dollars whenever there is a problem but poor Nigeria can only go borrow 3 billion dollars to defend Naira. The Naira is at the mercy of any whale that can put it in a sizable amount of dollars to keep shorting it because there is just nothing to defend it

It all goes back to demand and supply. It difficult to short something everyone want, doing that will be a fool’s game. You feel safer shorting shitcoinns than when you are shorting bittcoinn. The Demand for the Naira is just not there and then there is this insatiable demand for the dollar.

Printing money does not solve any problem. It even creates more problems, it effects shows in the long run.

Now, the number of japa keeps increasing....that's 2021. that's pounds o, not dollars...that's roughly 2 billion dollars...for UK alone....now calculate US, and Canada especially. Not to talk of small small countries...

WE have not talk of importers...manufacters, importing refined oil (mad people).

Now, ask yourself, Nigeria excess account is in $33.23bn, and schools alone are consuming it in $billions.

Not to talk of other necessities and frivolities needed in the country.

Common sense should tell you that defending the naira with $5.78 billion of our money is a way to being broke, and not sustainable...then the proper shege will start. That's 2023 alone...no much earnings in dollars for the country...and down down our reserve goes until we cannot import toilet paper.

So, allowing the naira to fall also is a way to discourage people and reduce stress on the naira. You will think twice before buying that greenback with naira, but Nigerians are resilient anyway.

So, I have uploaded and argued with facts...do the logic....do the math....Binance dey small in the scheme of things, not infinitesimal, but not as overhyped as some are doing here.

ask luna, ftx and thosands of other projects shorted some to death others may never recover. All it takes is have enough in the war chestthen look for a weakness or glitch and short. people have made billions from that

narite:

It all goes back to demand and supply. It difficult to short something everyone want, doing that will be a fool’s game. You feel safer shorting shitcoinns than when you are shorting bittcoinn. The Demand for the Naira is just not there and then there is this insatiable demand for the dollar.

Printing money does not solve any problem. It even creates more problems, it effects shows in the long run.

myonekobosay:
ask luna, ftx and thosands of other projects shorted some to death others may never recover. All it takes is have enough in the war chestthen look for a weakness or glitch and short. people have made billions from that

Yes! You and others like you shorted it because it was heading downwards and something must have triggered the downward spiral. You guys jump on the waves, you follow the trend and it why you all made money from it. The project did not plunge to ground because you shorted it, it plunged to ground due to some fundamentals reason, some of you guys saw this fundamentals flaws and ride the waves.

The Naira did not become an overnight failure because people were shorting it, it was as a result of years of wrong political decisions, some have visualize this situation before hand and have gotten out and there are those just seeing things now and are getting out and there are those who are making money from this woes but in the end it all as to do with fundamentals.

If the fundamentals become better, The Naira will rise again. If you short it, you are on the wrong side and you will lose. So, it not about short or long but what is the fundamentals saying.

oga it goes beyond fundamentals. Why do you think whales and market makers target the order blocks and make price plunge below or rise above a strong order block to clear liquidity? The system is not fool proof have enough money and you will control the markets

narite:

Yes! You and others like you shorted it because it was heading downwards and something must have triggered the downward spiral. You guys jump on the waves, you follow the trend and it why you all made money from it. The project did not plunge to ground because you shorted it, it plunged to ground due to some fundamentals reason, some of you guys saw this fundamentals flaws and ride the waves.

The Naira did not become an overnight failure because people were shorting it, it was as a result of years of wrong political decisions, some have visualize this situation before hand and have gotten out and there are those just seeing things now and are getting out and there are those who are making money from this woes but in the end it all as to do with fundamentals.

If the fundamentals become better, The Naira will rise again. If you short it, you are on the wrong side and you will lose. So, it not about short or long but what is the fundamentals saying.

twosquare:


Now, the number of japa keeps increasing....that's 2021. that's pounds o, not dollars...that's roughly 2 billion dollars...for UK alone....now calculate US, and Canada especially. Not to talk of small small countries...

WE have not talk of importers...manufacters, importing refined oil (mad people).

Now, ask yourself, Nigeria excess account is in $33.23bn, and schools alone are consuming it in $billions.

Not to talk of other necessities and frivolities needed in the country.

Common sense should tell you that defending the naira with $5.78 billion of our money is a way to being broke, and not sustainable...then the proper shege will start. That's 2023 alone...no much earnings in dollars for the country...and down down our reserve goes until we cannot import toilet paper.

So, allowing the naira to fall also is a way to discourage people and reduce stress on the naira. You will think twice before buying that greenback with naira, but Nigerians are resilient anyway.

So, I have uploaded and argued with facts...do the logic....do the math....Binance dey small in the scheme of things, not infinitesimal, but not as overhyped as some are doing here.

I agree.
Before now, at least half of this was spent on such travels yearly, we have not mentioned UAE and the likes... only banks and Aboki could make the change at the time. Who made all that profit and what did it do to Naira?

In my opinion, we are now able to see the destruction of our country in realtime, this is thanks to Binance. Nothing we are seeing is new.

At least we know the direction of the war and what we are up against. Now, the question is what do we do to come out of this? both as an individual and people. Fighting Binance is not the solution.

After a while, our leaders would have to embezzle some more as the Naira will no longer be enough. I pray that the majority of us would have our wealth in USD by then.

Soon stealing our money would pay less than fixing the country. It's coming.

tabi is backed by binance. complete the easy task and position for rewards in tabi token. thank me later.Dont forget 1$=N1200


https://tabi.lol?code=213751337372677

0x3e3f18816acC8FA91e1Bb873a7FdC969e31DAf3B

myonekobosay:
oga it goes beyond fundamentals. Why do you think whales and market makers target the order blocks and make price plunge below or rise above a strong order block to clear liquidity? The system is not fool proof have enough money and you will control the markets

All you will control is speculation (short term trading) but you will never influence the direction of the currency in the longer term.

Your billions can influence what the price will be 10 minutes from now but 10 years from now it is the fundamentals that will influence what the price will be. If the fundamentals are bad and getting worse for the underlying asset, it will eventually reflect in its price. This is true for a commodity, crypptto, stocks, currency, real estate whatever out there.

yes short term for strong currencies and projects but for weak ones like the Naira, they will keep shorting it till eternity.

narite:

All you will control is speculation (short term trading) but you will never influence the direction of the currency in the longer term.

Your billions can influence what the price will be 10 minutes from now but 10 years from now it is the fundamentals that will influence what the price will be. If the fundamentals are bad and getting worse for the underlying asset, it will eventually reflect in its price. This is true for a commodity, crypptto, stocks, currency, real estate whatever out there.

My Bitcoin Entry price: $9000
5000NGN to $1 before the end of Tinubu first tenure.
Vote him for second term 10000NGN to $1.


What a way to become filthy rich.
Una go get sense Las las

great weekend every1

myonekobosay:
yes short term for strong currencies and projects but for weak ones like the Naira, they will keep shorting it till eternity.

Bro Abeg leave dat guy n give me d update make I follow u dey short d naira dey cashout follow una

MN07:
My Bitcoin Entry price: $9000
5000NGN to $1 before the end of Tinubu first tenure.
Vote him for second term 10000NGN to $1.


What a way to become filthy rich.
Una go get sense Las las

Sol gonna do wonders next bull run. I wish I had bought it more instead of those mumu stagnant Co.ins in my wallet

Tego40:
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Something must tell you there's no customer here.

All this people making noise ..I say it binance ... p2p and co are the problem of this dollar stuffs.. let efcc raid this local bureau de change and see how dollar will comes down..

Nice write up i have seen so far. But blamming the downfall or a country currency on binance and p2p, is nothing but foolishness. Now fuel price is pumping, you can't even buy food at the market, now will you blame binance or the government. Our president said he remove subsidy to save money but yet he still borrowing.

Now look at the educational sector, it wrecked, that why thousands of students are travelling out to study, i will use myself as an example.
When are we going to open our eyes and see the real cause of our problem, my pastors David Ibiyeomie, will always say and i quote "we don't need politians, but visionary leaders".

clems88:
Sol gonna do wonders next bull run. I wish I had bought it more instead of those mumu stagnant Co.ins in my wallet

lol sol dropped too,give others time thy will rise too na time

Anybody blaming Binance P2P for naira is an agent of CBN
They are useless brainless and witchcraft oriented

Wey that guy where say btc no fit pump again. Wetin be him him name sef?

Deflover promax. Oniranu Omo

cmoney22222:
Wey that guy where say btc no fit pump again. Wetin be him him name sef?

😂 lol

SINisSIN:
Deflover promax. Oniranu Omo

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