omoluka:
They have a point, the rate i am seeing on binance is rediculously high! Not even aboki rate is this high!! 907.... 908.....909 to a dollar like wtf

It's actually #950...#960 to a dollar. Binance is actually the one with a worse rate at #905.

dennisworld1:
make it illegal like those selling hard drugs. Let the general public be aware. Only banks should be mandated to sell or buy the dollars.

Lol..they already made it illegal about 2 to 3 years ago. It's not working.

kevoh:

Lol..they already made it illegal about 2 to 3 years ago. It's not working.

that's the problem. Arrest should be made if they are serious. All dollar transactions should only go through d banks.

Binance can not be ban..
when buhari ban Twitter, we still used it with VPN.
same VPN will help us to continue trading on binance..

emdis:
Yahoo boys go cry blood

That's not true.
Binance is just one of the online they can ban.
They're other exchange sites one can exchange.
This country is just a shithole.
What the hell is wrong with this People for God's sake.😠😠😠😠😠😠

Now you see the reason why that pathological thief , Malami, banned cryptocurrencies then ?

WildChild00:
Banning Binance would not stop the naira from rising, the govt should encourage local production, boost our balance of payments.

Shut up, at least it will curtail fraud.
I want to place a curse on all scammers (using WildChild00 as a point of contact to other scammers ) especially here on nairaland, it shall never be well with them, they shall die a miserable death, vultures shall feed on their dead bodies, misery shall forever locate them. Woe betide all scammers.
WildChild00

The real naira killer is pointing accusing fingers.

Pot calling kettle black

rtdCivilservant:

Shut up, at least it will curtail fraud.
I want to place a curse on all scammers (using WildChild00 as a point of contact to other scammers ) especially here on nairaland, it shall never be well with them, they shall die a miserable death, vultures shall feed on their dead bodies, misery shall forever locate them. Woe betide all scammers.
WildChild00

How does Binance lead to fraud?

Just like saying banks cause fraud

omoluka:

Which other digital platform rate is as high as binance p2p? The authorities need to clamp down on binance 💯

Bro, show us which ones are cheaper than Binance. We're waiting o.

omoluka:
They have a point, the rate i am seeing on binance is rediculously high! Not even aboki rate is this high!! 907.... 908.....909 to a dollar like wtf

Have you seen the black market rate

dennisworld1:
that's the problem. Arrest should be made if they are serious. All dollar transactions should only go through d banks.

But that is where people are missing the point.

At what point in a finance transaction do you actually handle dollar?

Not once will you ever ask for dollar on Binance. That is the thing most people are failing to see.

It is only the black market, the same people calling for Binance ban that require physical dollar.

EVerybody knows that we are in this mess today majorly because of the activities of Bureau De Change

Na dem cause the arbitrage wey dey kill us.

And because USDT is generally accepted and trusted as the equivalent of dollar, it is in circulation there.

The truth is that a Nigerian cannot feasibly spend USDT. It is merely a vehicle for value. Outside of the blockchain, it is almost useless. So it has not direct impact on the economy.

Go and monitor the price of USDT. It is usually one of the last places to reflect a change in Naira. Black market prices would have gone up a full 24 hours before USDT

nedekid:

This binance, how does it work? Eg, How did it help you get dollars? What happens if you change your money to crypto and binance suddenly closes shop, how do you get your money back.
Finally, at what rate do you get the dollar in this crypto binance.
Pardon my asking. I know absolutely nothing about this.

Nigerians can buy USD on Binance in the form of a stablecoin (USDT). A stablecoin is just a cryptocurrency with the same value as USD. Binance does not issue USDT. It's just a platform where you can buy it via (peer to peer) P2P.

dennisworld1:
make it illegal like those selling hard drugs. Let the general public be aware. Only banks should be mandated to sell or buy the dollars.

It has been illegal since time being na. Just that the general public have no choice than patronize them. Getting dollar in the bank is not easy. Plus banks prefer to sell to them directly.

Infact the black market rate is the reason why Nigerians in diaspora prefer to send their money back home.

If black market is abolished, the amount of usd entering our economy would reduce drastically. Even the govt knows this. Black market has it's own advantage.

BannedUser:


Nigerians can buy USD on Binance in the form of a stablecoin (USDT). A stablecoin is just a cryptocurrency with the same value as USD. Binance does not issue USDT. It's just a platform where you can buy it via (peer to peer) P2P.

Ok. Great. So if I go on biance and get usdt, if I want eg
1.cash
2. To pay a suppier
How does it happen?
Thanks for the info.

nedekid:

Ok. Great. So if I go on biance and get usdt, if I want eg
1.cash
2. To pay a suppier
How does it happen?
Thanks for the info.

To convert USDT to physical cash is possible but not a easy and straightforward process. I usually fund a virtual Visa card or MasterCard with USDT to enable me buy stuffs on AliExpress, Amazon, etc. There are P2P exchangers that can help fund your dom account with USD by paying USDT. It is also possible to convert USDT to PYUSD (a new USD stablecoin issued by Paypal) and pay US based paypal user.

https://www.huobi.com/support/en-us/detail/44945804382445

Since the advent of Binance in Naija
Boys no dey patronise Aboki FX again

Aboki dun begin para

lMAO. Its no longer AbokiFX?

Don't worry, the cane used to flog the first wife, is waiting in the rafters for the second.

nedekid:

This binance, how does it work? Eg, How did it help you get dollars? What happens if you change your money to crypto and binance suddenly closes shop, how do you get your money back.
Finally, at what rate do you get the dollar in this crypto binance.
Pardon my asking. I know absolutely nothing about this.

I believe it's international recognized and has presence. It's a legit organization. Also, some banks like Revolt allows you to store crypto just like you store cash in zenith. So instead of keep in Binance you can use banks.

I got USDT then put a trade to buy GBP or CAD at a price of my choice. Then sell back to USD. Infact, with Binance, you are burea d change. You can buy when low, sell when high... on your own!

That's why them wan stop am so that they will be the physical Binance you get.

BannedUser:


To convert USDT to physical cash is possible but not a easy and straightforward process. I usually fund a virtual Visa card or MasterCard with USDT to enable me buy stuffs on AliExpress, Amazon, etc. There are P2P exchangers that can help fund your dom account with USD by paying USDT. It is also possible to convert USDT to PYUSD (a new USD stablecoin issued by Paypal) and pay US based paypal user.

https://www.huobi.com/support/en-us/detail/44945804382445

Thanks bro, quite educative.

Codes151:
I believe it's international recognized and has presence. It's a legit organization. Also, some banks like Revolt allows you to store crypto just like you store cash in zenith. So instead of keep in Binance you can use banks.

I got USDT then put a trade to buy GBP or CAD at a price of my choice. Then sell back to USD. Infact, with Binance, you are burea d change. You can buy when low, sell when high... on your own!

That's why them wan stop am so that they will be the physical Binance you get.

Na wah. Things are happening. Guess one needs to get updated.
Thanks.

How many can you ban what about luno and other crypto exchanges that trades crypto for naira?

CodeTemplar:
So everyone can go to them for dollar until demand pushes price to N2000/$ right. Useless people.
It is like rice farmers coming out to tell FG to ban corn so demand for rice and its price can remain high.

What if FG bans cash transactions above $5k. So that even if people have to buy from BDC they'll have it sent to their dollar accounts from the BDC accounts. Atleast the usd will be available for the banks to defend the naira when it needs to

litaninja:
lMAO. Its no longer AbokiFX?

Don't worry, the cane used to flog the first wife, is waiting in the rafters for the second.

How many wives you wan flog? Luno, Kucoin, Remitano, Whitebit, gate.io, etc. still dey. Na you go tire. The problem is not Binance and others... The problem is FG not releasing dollars to banks and even BDCs themselves. All the dollars we're getting from the sale of crude oil is with the FG but it's not easily accessible for purchase.

ogododo:
When dem ban Aboki FX, wetin happened.

YOU DEY MINE THE IGNORANT MUMU.

SIMPLY ECONOMICS, IF YOU WANT YOUR CURRENCY TO BE STRONG THEN YOUR EXPORT MUST BE ABOVE YOUR IMPORT.

crismark:

It has been illegal since time being na. Just that the general public have no choice than patronize them. Getting dollar in the bank is not easy. Plus banks prefer to sell to them directly.

Infact the black market rate is the reason why Nigerians in diaspora prefer to send their money back home.

If black market is abolished, the amount of usd entering our economy would reduce drastically. Even the govt knows this. Black market has it's own advantage.

they will still send through the bank home.

Not minute bro, mega trades occurs on binance. However, banning binance will cause more harms than good.
Binance safe alot of guys from perenial suffering

grandstar:
How true is this? What percentage of the forex market is controlled by Binance? I am sure it is minute.

However, it is obviously affecting the BDC's. The Yahoo boys who prefer anonymity when doing business get a lot of their cash through crypto or gift cards today, denying BDC's of this segment of customers.

dennisworld1:
they will still send through the bank home.

They won't cos bank rate won't be as high as black market

Error401:
Not minute bro, mega trades occurs on binance. However, banning binance will cause more harms than good.
Binance safe alot of guys from perenial suffering

Suffering

I tell you! Binance is life to alot of my friends
Its an easy access to USD

grandstar:


Suffering

udemzyudex:


Almost?

Lol.. dollar is #903

Same day bro .. now #920

THURAFTERNOON:


Same day bro .. now #920

It is now #930 as of today.