With constant devaluation of our beloved Naira, USDT now sells at about 610 per NGN in P2P Crypto market. Apart from the investment opportunity presented by the recent deep. I’ve also been thinking of another way of trading


What if I:
1. Open a domiciliary account in Nigeria
2. Fund it with $1,000 at Bank rate (say 550), total = #550,000
3. Send it to my brother in US.
4. He now buys 1,000 USDT
5. Sends me the USDT on Binance
6. I now sell the USDT in P2P @ #610 making #610,000
7. Profit = #610,000 - #550,000 = #60,000


Is it possible to achieve the above, if not, what do you think will hinder it.
Experience Crypto gurus come and say your mind.

That's good observation. Wish u success

How do you plan to get FX at bank rate? The plan seems easy but getting FX at bank rate is almost impossible except...

Did you consider the tax you will in transferring the money outside?

Petlowalex:
How do you plan to get FX at bank rate? The plan seems easy but getting FX at bank rate is almost impossible except...

Part of why I created this thread.
Those with enough experience with dom accounts. How do you fund your $ account and at what rate?

Quiny32323:
Did you consider the tax you will in transferring the money outside?

I presume it shouldn’t be big enough to consume the profit. Otherwise the aim is defeated!