| Re: How Binance P2P Contributes To The Plummeting Naira Value by PureFace1(m): 8:42pm On Feb 21 |
Feldie:
Dollar is rising at the official rate because CBN has vowed to eliminate multiple exchange rates. If CBN keeps their rate at 800 and banks are selling at 1500 that will mark the return of black market rate which is how Buhari and friends ruined the country because some cabal were buying from CBN at 450 and selling at 750 cheating the public of 300 and becoming wealthy and powerful in the process. CBN has decided to make sure black market people don't make a single profit this time around hoping to remove the incentives for speculations and round tripping. So if you wake up tomorrow and USDT is now 4000 Naira, Nigerians will go to Twitter to trend it that Dollar is now worth 4k, banks will adjust their prices to 4k and CBN will also start selling to banks at 4k. It's a game of cat and mouse. If you decide to start buying USDT at 20k tomorrow morning and Nigerians agree to the price, CBN will start selling at 20k. That's the meaning of "willing buyer, willing seller" that the country is currently running The question you should be asking yourself is why is Nigeria the only one having the problem. Whether you like it or not there will always be black market, what CBN should focus on is making sure the difference is not so much by making sure there is enough liquidity and people are able to easily source dollar from the official market. There's not really enough liquidity, if there's enough liquidity even Binance and other black market traders wouldn't be able to profit. Let CBN distribute at least 10 billion dollars to bank at the rate of 1000 naira per dollar and see if the price of dollar wouldn't crash at every market. Even if people get the dollar at official rate to sell at black market it is going to be a futile endeavor as long as CBN keep supplying 10 billion dollars to banks at the rate of 1000 naira per monthly basis. The black market can only take so much and it won't take long before sellers trying to profit in the black market overwhelm the black market and when there are more sellers in the black market than buyers everything will just crash and keep crashing lol. All these is very simple stuff as long as the CBN can't pump enough dollar liquidity in the market, every thing else will be a goose chase. The best solution CBN should be seeking now is how to first overwhelm the Black market with too much dollars that they can buy. Let people source from bank and try to profit in the black market and when there is just so many sellers trying to profit in the black market, they will quickly outnumber the buyers and when there are many sellers more than willing buyers ? the price will crash, it's basic economy stuff but require CBN to be ready to pump a lot of dollars liquidity in the official market. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Tenshades(m): 8:46pm On Feb 21 |
Feldie:
you just don't know what you're talking about. Tell me, what can you use for right now? USD is not the same thing as USDT. You can book flights, pay school fees, import goods with USD, you can't do any of those with USDT You don't need to stress yourself at educating stubborn people who have refused to learn. 3 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Chummynoni(m): 9:34pm On Feb 21 |
Feldie:
Dollar is rising at the official rate because CBN has vowed to eliminate multiple exchange rates. If CBN keeps their rate at 800 and banks are selling at 1500 that will mark the return of black market rate which is how Buhari and friends ruined the country because some cabal were buying from CBN at 450 and selling at 750 cheating the public of 300 and becoming wealthy and powerful in the process. CBN has decided to make sure black market people don't make a single profit this time around hoping to remove the incentives for speculations and round tripping. So if you wake up tomorrow and USDT is now 4000 Naira, Nigerians will go to Twitter to trend it that Dollar is now worth 4k, banks will adjust their prices to 4k and CBN will also start selling to banks at 4k. It's a game of cat and mouse. If you decide to start buying USDT at 20k tomorrow morning and Nigerians agree to the price, CBN will start selling at 20k. That's the meaning of "willing buyer, willing seller" that the country is currently running what the government is doing is chasing after the wind. All things being equal, if the Official rate and parallel rate converge, and the demand for $ exceed the supply of $, what do you think would happen? People will definitely source for $ anyhow anyhow. This is simple economics, as long as FG is not generating enough FX to atleast be at par with the demand for it, there will always be speculative trading. It is simple logic. Government cant win this war except FG embark on means to earn forex, as long as there is pressure in demand for $, the price will keep increasing, this is just forces of DD and SS at play. 4 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Feldie: 9:39pm On Feb 21 |
Chummynoni:
what the government is doing is chasing after the wind. All things being equal, if the Official rate and parallel rate converge, and the demand for $ exceed the supply of $, what do you think would happen? People will definitely source for $ anyhow anyhow. This is simple economics, as long as FG is not generating enough FX to atleast be at par with the demand for it, there will always be speculative trading. It is simple logic. Government cant win this war except FG embark on means to earn forex, as long as pressure is demand for $, the price will keep increasing, this is jusf forces of DD and SS at play. nothing has happened between January and today that warrant dollar rising from 1k to 1800. The dollar rate is being manipulated by people who want to frustrate cbn until they accept multiple exchange rates. Still this doesn't excuse CBN's incompetence. 8 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Chummynoni(m): 9:53pm On Feb 21 |
Feldie:
nothing has happened between January and today that warrant dollar rising from 1k to 1800. The dollar rate is being manipulated by people who want to frustrate cbn until they accept multiple exchange rates. Still this doesn't excuse CBN's incompetence. i agree to the fact that there is some sort of manipulation but note that for every cause, there is an effect. And i am glad you point to CBN' incompetence. I pray Nigeria doesnt go on its kneels soon because the free-fall of naira is causing panic thereby increasing the demand for $, and i believe you know what would happen when this happens? More scarcity of $ thereby shooting the EXR up. One of the only remedies to this is for all the politicians to bring out their stashed $.Who are they decieving? They print more naira and exchange it for $. We have been experiencing Negative BOT for years. My brother, the problems are much that i cant list them all. This crackdown on Crypto is not even part of it. FG knows what to do if they want to, they are only looking for excuses. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by eteebanky1: 9:54pm On Feb 21 |
9:52pm
I'm beginning to believe this your theory
Rate now in #1500/$ on binance, two hours after the government banned them
E no go better for y'all using naira/$ p2p on binance 8 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Feldie: 10:02pm On Feb 21 |
Chummynoni:
i agree to the fact that there is some sort of manipulation but note that for every cause, there is an effect. And i am glad you point to CBN' incompetence. I pray Nigeria doesnt go on its kneels soon because the free-fall of naira is causing panic thereby increasing the demand for $, and i believe you know what would happen when this happens? More scarcity of $ thereby shooting the EXR up. One of the only remedies to this is for all the politicians to bring out their stashed $.Who are they decieving? They print more naira and exchange it for $. We have been experiencing Negative BOT for years. My brother, the problems are much that i cant list them all. This crackdown on Crypto is not even part of it. FG knows what to do if they want to, they are only looking for excuses. If I write my wishes for all Nigerian politicians, Nairaland will likely ban me. 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Chummynoni(m): 10:13pm On Feb 21 |
Feldie:
If I write my wishes for all Nigerian politicians, DSS will likely come after me. we just need to brace up, but the question is for how long? LOL, i fear for what would happen if our endurance level gets to the saturation point. I dont want to imagine it. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by OnionBandit(f): 10:18pm On Feb 21 |
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. God bless you for this. I was trying to make people understand this Today, but it seems you have even put it better ... Finally, there is an agenda against the country..Seun and his mods keep deleting posts of people trying to defend government policies on certain issues and even banning the people posting them. This is very bad! If na ban, make dem ban me forever. It shall never be well with them. Our voices will be heard on other forums and Nigeria will win eventually. What will you gain from promoting hate against your own country? What exactly is the plan? Remember, Every one of us will harvest what we plant. 5 Likes 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by SPF247(m): 10:18pm On Feb 21 |
eteebanky1:
9:52pm
I'm beginning to believe this your theory
Rate now in #1500/$ on binance, two hours after the government banned them
E no go better for y'all using naira/$ p2p on binance Btc also dropped…..🤔 |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by OnionBandit(f): 10:25pm On Feb 21 |
Nbote:
Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like. You have made sense and he has made sense too. The manipulation happens both on Binance and our banking system 5 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by OnionBandit(f): 10:28pm On Feb 21 |
PureFace1:
You are spreading misinformation
Selling is all always cheaper than buying when it come to P2P in all platforms.
The minimum trade amount for both buy and sell is 4000 naira in Binance.
Everything still follow the law of supply and demand, If there are nobody buying usdt in the price listed for it on Binance the price would drop.
But the problem is demand for usdt is very high which mean it is not really manipulation but the true value of usdt, even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.
CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.
obviously, you don't understand his post. 4 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Af0nja: 11:39pm On Feb 21 |
Nbote:
Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like. That is not how binance rate works. Can you people stop acting as if this is the first time naira is plummeting  I remember buying coca cola for 25 naira in the early 90s. Was it binance traders that caused it to increase to what it is now? Blame games |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Kk4(m): 12:42am On Feb 22 |
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. Solid analysis 👌 2 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Iolo(m): 12:56am On Feb 22 |
Solid analysis OP.
My counter argument to your theory is that this ban could infact put more demand on the naira from people who have legitimate transactions. Forget the yahoo boys and fraudsters. I bet there are freelancers who earn in USD or Crypto. And also citizens who have small transactions that don’t warrant a bank or BDC interaction.
There’s the convenience factor that Binance brings and in the absence of that more people will flood the BDCs and maybe banks for their transactions which will drive prices further up.
FG should instead work with Binance to put trading limits and ensure actors serving ads are genuine. For example, you shouldn’t set an ad for a buy or sell amount higher than your account balance. And they can reduce how high up you can set your buy price so it’s less arbitrary. |
|
| Re: How Binance P2P Contributes To The Plummeting Naira Value by PDPdestroyer(m): 5:04am On Feb 22 |
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. As per your last sentence, the nairaland mod that banned you is probably one of those profiting from the ongoing racket. God will bless you beyond measure for exposing these agents of darkness and economic saboteurs 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by DesChyko: 6:09am On Feb 22 |
|
| Re: How Binance P2P Contributes To The Plummeting Naira Value by LordBillionz: 8:20am On Feb 22 |
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're right. This is one of the things contributing to the sabotage of the economy. There are more underground stories. It ain't the making of the government alone but I will always blame the government because they failed to keep things in check. 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by sexuential: 8:38am On Feb 22 |
1x2x3:
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 if Govt failing or being clueless. The simple solution is for Nigeria to unban crypto so that people can buy at bank rate via their cards and reduce the so called influence of P2P. Also, the government should allow our refineries to work so that we can have refined crude and as well export. Nigeria is a high consuming nation by importing all it's needs on a national level and very few individuals exporting on an individual level. Identify the source of the problem and act accordingly than play blame games. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Moneyboyz: 8:40am On Feb 22 |
Nigha you lie, from you hullshit you wrote I can conclude that you've never used P2P before.
I've always sold my crypto at the current price and people are buying. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Anyitech: 8:40am On Feb 22 |
Binance P2P has nothing to do with naira free fall. See 1 dollar at 2200 very soon. 2 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by tnerro1(m): 8:41am On Feb 22 |
PureFace1:
As long as there are people willing to buy at the price it is listed, It is not manipulation the demand is just too high that people are willing to buy at that price, if people are not buying at the price listed the price would be forced to drop.
Do you think people are stupid?
If people can easily walk into any banks in Nigeria or online and secure Dollar at the official rate for their business transactions you think they would be patronizing Binance and other black market dealers ? but the dollar is just too scarce that it is not really available, if you call that manipulation then you are stupid.
What you guys want to do is kill other alternatives sources of getting dollar, with CBN and banks having absolute monopoly and tolerating whatever is dish out but usd is not a Nigeria currency and CBN can't have the absolute monopoly over it. True, if you go to banks to buy dollars, they will ask u to wait while they call someone from zone 4 to attend to you |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Difrent: 8:43am On Feb 22 |
PureFace1:
even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.
Stop spreading misinformation CBN never at any time banned crypto They only said cryo deals shouldn't be conducted through the banking system and it was because of this same reason of speculation. BAT government lifting that sanction emboldened the P2p merchants which lead to the present prices which is not backed by any economic indices .... Just pure speculation is what's making naira price go up. Most P2P merchants are speculators and are hoping naira value will depreciate so they can make insane profits .... Just the way they are waiting for Bitcoin to hit 100k soon. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Inspirer1: 8:45am On Feb 22 |
Farrason:
Pls tell him to stfkup if he has nothing reasonable to say. So na P2P weh just start yesterday cause the naira to fall since 1960. When your FG was devaluing the naira consecutively in different dispensation just to woo investors, you lost your voice abi. Will American do same to woo russian investors or German investors... Anu mpama!!
This last one came in and removed subsidy without checking the board for cause and effects... Government is not Chess baby.
Every decision comes with a consequence, you decide the side it falls on if you make an ignorant one or wise one.
Anyways, continue the blaming, someone said basket mouth, today na Binance P2P, tomorrow they will blame Burna, Wizzy, Tiwa and everyone who gets paid in dollars. They should be paid in Naira instead. Its like whenever someone says something about anything being the cause for the chaos, government will just jump at it to bring it down in an effort to stabilize the naira, but the outcome of such moves either brings just short time temporary relief or no relief at all. You have made points, government really need to calm down and look at these challenges, they know that corruption in all sectors is the main issue, but they'll leave the main issue 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Holuwaxheun(m): 8:46am On Feb 22 |
Nbote:
Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like. Thank you for this wonderful reponse. I remember telling someone the same yesterday when he was hellbent that Binance is contributing to the free fall of Naira. They all have failed to remember that, Binance is only an electronical representation of the FX reality in Nigeria. If the FX rate is fine, there is no way it will be manipulated on Binance, instead, you will only have a reflection of the fine rate on Binance as well. Nigeria currency is not the only one listed on trading platforms. The question then is this, why are the currency of other countries not experiencing free fall? Our Govt are good at blame game instead of addressing the core root problem. This same govt was seen sharing dollars during the primaries. The govt see nothing wrong in physical dollar transaction in their country (Eco hotel does transactions in USD, Likewise some places in PH). They have dollarized the economy and made their own currency useless. They need to stop physical spending of dollars in all sectors. Doing this this will help reduce desire to buy and hodl dollar. Hence, dollar will only be sourced by those who really need it for importation or study, as the case may be. Govt need to stop BDC operations as well. Though it a conspiracy theory, but its not a lie that our politicians are using BDC as their trading platforms. A policy needs to be passed that will crunch the operations of these govt officials, and everyone will be forced to save their USD since you cannot spend physical dollar anymore. Govt also need to cut excessive spending. They need to cut down govt cost. Instead, you see them buying SUVs worth millions of Naira. Its in Nigeria that government borrow to service Finance cost (interest rate). Govt need to reduce the local interest rate so as to encourage foreign investor, and address the insecurity issues Govt needs to encourage commercialization of Agriculture. Like I will always say, Our Govt know what to do, but they will pick the option of blame game and never address the root cause of the problem |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by EmekaMD(m): 8:49am On Feb 22 |
This explanation may make sense if you decide to accept thr fact that other countries trade binance p2p too and their exchange rate does not degrade this much. Take Philippines for example where I traded p2p for many years and made lots of money.
Their exchange rate is not being determined by p2p.
So look further and find out why naira is depreciating and do not heap the blame on p2p.
I give you a scenerio. The first time I move to Philippines in 2013 naira to Philippines pesos was 3:1.
By the time i left Philippines in 2022. it was 15:1.
I'm sure it's be worse now.
Now p2p are heavily traded in these countries with little or no regulations yet naira is on quicksand sinking every 1 minute.
You elect idiots who have no business being in government. That's simple |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by lexy2014: 8:50am On Feb 22 |
motymop:
anything online can be manipulated.
USDT isnt legally approved in Nigeria and many jurisdictions do not recognize usdt or any stable coin because, it is not real dollar
Binance is a market maker so they provide liquidity that also means that can manipulate price to attract people to their p2p platform.
pls who is in charge of forex in charge of forex in Nigeria? how come that all of a sudden crypto platforms are now that are responsible for the exorbitant rate of the dollar? |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by vacanci: 8:51am On Feb 22 |
PureFace1:
You are spreading misinformation
Selling is all always cheaper than buying when it come to P2P in all platforms.
The minimum trade amount for both buy and sell is 4000 naira in Binance.
Everything still follow the law of supply and demand, If there are nobody buying usdt in the price listed for it on Binance the price would drop.
But the problem is demand for usdt is very high which mean it is not really manipulation but the true value of usdt, even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.
CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.
the manipulators are are both side of the transaction. They publish the rate for sell, and they use their coordinated members to do the buy with little tranches and hence push the price up and suddenly they come up with the huge offer to offload at a higher amount to make huge gain. na their way 1 Like 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Therepentant: 8:52am On Feb 22 |
PureFace1:
Most of you guys are just ignorant it is better to leave you to keep wallowing in your ignorance.
Bro I have been looking through your comments and I can see you are just arguing foolishly and blindly, you should be in primary School. Do Alibaba and Aliexpress accept usdt ?? You be mugu bro 3 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by lexy2014: 8:52am On Feb 22 |
Difrent:
Stop spreading misinformation
CBN never at any time banned crypto
They only said cryo deals shouldn't be conducted through the banking system and it was because of this same reason of speculation.
BAT government lifting that sanction emboldened the P2p merchants which lead to the present prices which is not backed by any economic indices .... Just pure speculation is what's making naira price go up.
Most P2P merchants are speculators and are hoping naira value will depreciate so they can make insane profits .... Just the way they are waiting for Bitcoin to hit 100k soon.
how are P2P merchants responsible for the present prices? how is this "pure speculation is what's making naira price go up"? |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by lexy2014: 8:53am On Feb 22 |
vacanci:
the manipulators are are both side of the transaction. They publish the rate for sell, and they use their coordinated members to do the buy with little tranches and hence push the price up and suddenly they come up with the huge offer to offload at a higher amount to make huge gain.
na their way so are you saying that all the cash dollars in Nigeria that comes from the CBN are in the hands of these crypto guys? |
