Ibime:


Quote of the day

Hedging against inflation or diversifying portfolio is not illegal or unpatriotic. Holding dollar, yuan or cedis is no different to holding gold, land or Yam seedlings.

Ibime:
These USDT dumps are most likely caused by CBN

I don't know who will bring money into the market and sell it at a N200 reverse premium except CBN

The beauty of what they are doing is it only takes less than $500k volume in a 4 hour timeframe to drop the spot market on Binance by N100 or N200. Check the 4 hourly volume on NGN spot on Binance, it's only $300k to $500k. This is a very cheap method of dragging Naira up compared to more traditional exchanges and I & E window where it costs tens to hundreds of millions to drag dollar down like Sanusi and Emefiele used to do

The psychological significance of Binance is it spreads fear in the P2P market and Aboki dragging Aboki and P2P down by N100 per dollar. Dollar will partly recover N70 from that N100, but knocking N30 from the dollar exchange rate using only a couple of million dollars on Binance is a genius move. And next week they will repeat the cycle like they did last week. Naira will continue to gyrate like this - big dumps followed by climb upward, then another big dump just before it gets to the previous level.

In the medium to long term, the immediate climb upward after the dumps shows the true consensus on the state of the Naira but if Cardoso continues these big dumps with just few million dollars every week, he will eventually shake out speculators and let real demand dictate the value of Naira. Kudos to Cardoso if my theory is right.

Ibime:
These USDT dumps are most likely caused by CBN

I don't know who will bring money into the market and sell it at a N200 reverse premium except CBN

The beauty of what they are doing is it only takes less than $500k volume in a 4 hour timeframe to drop the spot market on Binance by N100 or N200. Check the 4 hourly volume on NGN spot on Binance, it's only $300k to $500k. This is a very cheap method of dragging Naira up compared to more traditional exchanges and I & E window where it costs tens to hundreds of millions to drag dollar down like Sanusi and Emefiele used to do

The psychological significance of Binance is it spreads fear in the P2P market and Aboki dragging Aboki and P2P down by N100 per dollar. Dollar will partly recover N70 from that N100, but knocking N30 from the dollar exchange rate using only a couple of million dollars on Binance is a genius move. And next week they will repeat the cycle like they did last week. Naira will continue to gyrate like this - big dumps followed by climb upward, then another big dump just before it gets to the previous level.

In the medium to long term, the immediate climb upward after the dumps shows the true consensus on the state of the Naira but if Cardoso continues these big dumps with just few million dollars every week, he will eventually shake out speculators and let real demand dictate the value of Naira. Kudos to Cardoso if my theory is right.

Incognito9:

👍🤝

Ibime:
These USDT dumps are most likely caused by CBN

I don't know who will bring money into the market and sell it at a N200 reverse premium except CBN

The beauty of what they are doing is it only takes less than $500k volume in a 4 hour timeframe to drop the spot market on Binance by N100 or N200. Check the 4 hourly volume on NGN spot on Binance, it's only $300k to $500k. This is a very cheap method of dragging Naira up compared to more traditional exchanges and I & E window where it costs tens to hundreds of millions to drag dollar down like Sanusi and Emefiele used to do

The psychological significance of Binance is it spreads fear in the P2P market and Aboki dragging Aboki and P2P down by N100 per dollar. Dollar will partly recover N70 from that N100, but knocking N30 from the dollar exchange rate using only a couple of million dollars on Binance is a genius move. And next week they will repeat the cycle like they did last week. Naira will continue to gyrate like this - big dumps followed by climb upward, then another big dump just before it gets to the previous level.

In the medium to long term, the immediate climb upward after the dumps shows the true consensus on the state of the Naira but if Cardoso continues these big dumps with just few million dollars every week, he will eventually shake out speculators and let real demand dictate the value of Naira. Kudos to Cardoso if my theory is right.

seankafor:
he must've collaborated with cz to do this..

LordAdam16:


Why not?

Long term, the naira will always depreciate. It has been depreciating since inception.
So why should a Nigerian, regardless of political affiliation, avoid converting their savings when cheap FX is available?

You make hay when the sun shines.
And right now it's a hot summer afternoon for the naira.

Your argument is illogical and you're conflating issues.
The rapid decline of the naira's value is primarily down to the economic policies of the dual APC administrations.
It is perfectly fine to criticize the rate of decline.

In fact, this is the entire reason for the criticism.
So they can drag down the rate and anyone can buy the $ for whatever reason.
If you want to hedge. Do that. If you want to buy for japa. Do that. If you want to buy to preserve your wealth through the inevitable devaluation. Do that.
And yes, if the rate rapidly crashes from 800 back to 1600, Tinubu and his appointees will be raked over the coals. Part of his mandate is to ensure currency stability. When he fails at that, criticism is justified.
It should not matter what Nigerians want to use the dollars for. We earned the naira fair and square.
If Tinubu and co are doing their jobs correctly, even if I want to buy $10m, I should be able to do so without any material effect on the rate.

I don't know why fellas in your camp are fond of gaslighting Nigerians.
We can't criticize. We can't buy dollars.
If it were up to you, only those with Ronu cards will be able to buy the dollars now that it is cheap.
Then when the rate goes back up, you'll start telling the rest of us to endure the hardship.

-Lord

liveLongNprospa:
Look I've always known women cheat.
But married women dey cheat pieces!! 🤣🤣🤣🤣

https://twitter.com/Wizarab10/status/1720586397084430543?t=nAMEaOcnvaTQufyD1qb4eA&s=19

liveLongNprospa:


Who be that person wey talk say them go do dna?

liveLongNprospa:


Who be that person wey talk say them go do dna?

OasisX:


.......Itsrm, SIM don return back inside Phone. LOL!




PDP IS DEAD.......Date of burial to be announced soon.

https://twitter.com/SimFubaraKSC/status/1720694703287394375?t=zv82BHC-iv-uX_W1VovUVQ&s=19

Itsrm:


This story sounds like fiction sha or truth spiced with lies

Not saying it doesn't happen though.

GloriousGbola:


the story is obviously bullshit

they fked in the living room and somehow did not leave sweat and sex juice over the chairs?

from the fictional story, they have enough wealth to have house helps, and yet they are again, casually fking in the living room in the afternoon?

i would actually be afraid if i were the guy in this fiction because that story has hotwife arrangement written all over it. the kind where the husband has cameras from where he watched the action.

you cannot fk in the living room and bedroom without leaving a mess unless you prepared for it beforehand.

Itsrm:


Na till 2031 election. Thats if they can get their house in order by that time.

Itsrm:


Na till 2031 election. Thats if they can get their house in order by that time.

OasisX:




.....she sent her husband an errand to get chilled zobo and gala. LOL!

GloriousGbola:


i must have read too fast and missed that part of the story

GloriousGbola:


i must have read too fast and missed that part of the story

GloriousGbola:


PDP had eight years as an opposition and they failed to get their act together

the moment they let atiku and saraki back into the fold in 2019 i wrote them off.

their sole function is to be atikus vehicle until he dies. unless someone else can out maneuver him in the primaries.

OasisX:




.....actually chilled zobo and gala ain't mentioned, but wifey indeed sent husband to get drinks for the august guest.

Azzziiiiinnn, turn husband to errand boy and some foòls still believe the tale?! LOL!

Itsrm:


Word on the street has it that Atiku is the one majorly funding the party since Wike backed out.

He has the PDP 2027 ticket on lockdown. Wike is also already saying they will support BAT again in 2027.