matify83:
The government is clutching at straws .

Our economic minders clearly need help in navigating the financial bobby traps set against it in the FX market.

It's only by deploying a superior strategy that they can untangle the naira from the web of entanglements weighing it down.

Brute force won't cut it.
Clamping down on BDCs may generate a negative blowback.

Simple supply will decouple street rates from this binance nonsense and leave them playing fantasy dollar.

The resources open to any state vastly outnumber that of any trading platform. Where is silk road today? Government too can play on binance. Let's see what happens in a few weeks.

Cryptocurrency came into existence in 2009.

Naira has been falling since the 70s

Can someone tell me how Crypto is the problem?

The government is clueless

PARADIZEPRIEST:
They use cryto to laundre looted money,drug money and all sorts of illicits deals. CRYTO IS BAD FOR AGRICAN ECONOMY because THEIR GOVT ARE NT SOFISTICATED TO CHECK CRYTO CRIMES. ban it now.

Before crypto, what was being used to Launder money? Money!

Why hasn't money been banned?

Niger, Benin Republic and other neighbours go ban am from there space? We go dey do am business way.. naira go drop till 5000..

Another fire brigade approach, Looks like this is what was shared on Apc whatsapp group today.

fergie001:


Bayo Onanuga is Special Adviser on Information and Strategy to President Bola Tinubu

I lost respect for onanuga, I know no say na so him stupid. Does that mean all this tinuba political hench men na wash. There brain don old too.

fergie001:


Bayo Onanuga is Special Adviser on Information and Strategy to President Bola Tinubu

Sometimes i wonder how these people reason??🙄

Crypto that the whole world is enjoying, even some African countries dey use boom their currencies!!!!

Naim NIGERIA stupid adviser wan make dem ban⚠️

Chai Nigeria has been crippled by BAD leaders💔💔💔

When elders say, this child is not good, then it is not good...

Confused people

if Nigerians are not completely foolish, at this point will be time for everybody to stop accepting the terrorist spooring European controlled government of Nigerian naira as legal tender.

If you keep accepting naira as legal tender, you and your loved ones will still be there suffering at 1 billion naira to 1 dollar.

What the oyinbo that run Nigeria like zoo are doing to Nigerians is called a black comedy, the type of wickedness that turns the victim into a clown. A clown that is still accepting toilet paper as currency and trying to live a normal life in a country where the army police etc are all terrorists working for Europe.

MrCamron:
Crypto is not betting/gambling !!
For a layman,you may relate crypto to buying of shares as an investment,be it for long term or for a short term.

Also,no goverment in the world can ban crypto ! And the reason for that is because it is decentralized!!

The only thing or part of what government could do is to make policies to tailor and restrict the centralized exchange websites/company's. For example,the USA government restricted binance in the way it does business with her citizens,and that's why binance had to create a version of binance known as www.binance.us just to sooth the financial policies of the USA financial Authority. I think that's the most the Nigeria Government can do.

You saying a government will take down crypto is basically you saying a government will shut down the internet !!

And truly,if internet cease to exist,then crypto will also cease to exist,because crypto is built on the backbone of the internet,just like emails and the rest.

No one should panic to withdrawal his/her funds from any of the exchanges,just look out for announcements and update from them.

Like me,I have non-custodial wallets which I use, I use coinomi especially because they have relative good fees. But I can't do without custodian wallets/exchanges like binance because I trade (futures trading) derivatives market especially,though i trade Spot markets too. But the former is more lucrative and more risky,you just need to understand and apply risk management strategies at all time and also put your greed on check 24/7.

Just as in cash money,there are many use cases for crypto too,cash money is used by the same oil and gas gurus for fraud,the same goes to politicians and the likes,hence crypto is not left out. Or have we ever heard that crypto was transported via bullion van to any politician house? Or Abacha use crypto nii?
Emefiele nko?

I'm an early bitcoin adopter since 2013,that's when I created my first wallet with blockchain.info, I think they are now blockchain.com. Then,most of the P2P trades happended ONLY on bitcointalk forum,which is the first ever website created for the propagation of bitcoin.

In 2016,I made a profit of more than 300 million naira with an investment of 5 million naira on some shit coins via cryptopia.co.nz , a website that was latter hacked that same year. I still had some coins there when the hack occurred.


Everyday,I spent more than 15 hours analysing trade pairs on futures trading.

For those of us who still think crypto is majorly scam or for scamming or for yahoo yahoo to client thing,please you are wrong. You need to have an open mind as regards crypto.

Also,try to read stories and Google about young crypto billionaires. Also please read about how CZ the founder of binance sold his house and used the money realised to invest on crypto.Now the rest is history !!

Blessings !

Lovely writeup

PARADIZEPRIEST:
They use cryto to laundre looted money,drug money and all sorts of illicits deals. CRYTO IS BAD FOR AGRICAN ECONOMY because THEIR GOVT ARE NT SOFISTICATED TO CHECK CRYTO CRIMES. ban it now.

You're a big fool⚠️

Were they not laundering money before crypto

Wetin abacha use take pack all our money go Switzerland? Nah crypto abi🙄

Crypto is only bad in Nigeria? What of other African lesser economy Crypto is good for them too? Abi??

Well you don't have sense so no need wasting my time on you!!!!

Didi2d:


Lovely writeup

My appreciation !

MrCamron:



My appreciation !

Smiles....


Just about replying you, I saw another topic saying the Nigerian government has ban binance and the rest

Tntsi:
Even if you ban dollar, what is destined to fail will fail. The mandate is a cursed mandate that desecrated the land. Even if angels are appointed to head cbn and other institutions, they will crash.

Suddenly banning crypto is the solution to the irreversible fall in the naira and not their rash impulsive economic policies. Very daft set of people in government. My brother abeg leave them make them dey play. A cursed government is an irredeemable government.

The law of demand and supply will always take its course.
The fundamental question is this: Who is expected to be the primary source of foreign currency transactions to the public?
It is the banks.

The Central Bank sends dollars in bulk to the commercial banks. However, the foreign currency transactions are not provided directly by the banks. A bank customer has to purchase foreign currency from outside the bank, before he can make a deposit for an international transaction.

As for cryptocurrency platforms, the federal government previously made a decision to float the naira. They have got their wish.

StOla:
The posts here underscores what Onanuga is saying about those lamenting about the Naira.

Many lament but are actually the cheerleaders of this fall.

Is there really a point at which you can do a reset and stand up to your government? Or you must support them no matter what, even if hunger wire your people finish?

First it was AbokiFx, now it’s crypto, next it will be students, then perhaps social media, then it’s importers, then travelers… until your country becomes like North Korea

All these while your criminal politicians are the real cause of the problem, secretly buying up all dollars in the system with corrupt money in preparation for 2027

leocollins:
When I said it that this p2p guys were the ones that cause the high in dollars in Nigeriayou guys thoughts I was joking,you see the outcome.

Can you explain to me how? it is on record from Efcc that 3 governors in 2022 wanted to pay Dec 2022 salary with cash. Do you know the amount of cash that they has for them to contemplate such. It was also on record that Nigeria printed over 20 trillion Naira which the present president once gave a speech about printing money as an economic tool. Until the free money in the hands of the politicians are duly accounted for, we will continue to experience volatility in our FX market.

WHATS HAPPENING IS BC THE WILL OF THE PEOPLE WAS NOT ALLOWED TO BE


THE PEOPLE FEEL CHEATED AND THEIR WILL WAS OPENLY SUBVERTED


WE ALL NEED NOW IS TO PRAY FOR THE CURRENT GOVERNMENT, FOR GOD TO FORGIVE AND LEAD THEM ALRIGHT

Who are these fools in power??

Shame on you if you voted for this regime

spiSeyi:
When it was banned guys dey trade even the AGF Malami traded , the ban will do more harm to Nigeria economy if PMB had not bann the crypto trading Nigeria wouldn't be in this mess because their would be more FX liquidity in the Nigerian crypto market which will indirectly allow inflow of FX into the nation. The root cause of this FX crisis is high debt profile of Nigeria, educational tourism abroad and not diversifying the economy, Nigeria has a lot of potential in earning in tech, education l, health, agriculture and tourism.
For the short term gl.
1 PBAT should suspend the activities of BDC
2 Start trading with our major market (China) in their local currency RMB, and lets all our buyers from abroad trade with us in Naira.
3 Stop medical tourism and unnecessary travel by government officials.
4 Suspend all food exportation for at least 6 months
5 Invite foreign investors by giving tax incentives
6 Reduce VAT and increase import duties to discourage importation and encourage local production
In the Long run
1 fix electricity by given loans to individual or businesses to install solar powers
2 Invest heavily in agriculture, education, health and build tech hubs in major places like Aba, Ikeja , Kano and Ibadan.
3 Join BRICS
4 Full privatization of refineries

You spoke out my mind.
They keep looking outward for solutions,until they begin to look from inward,there will never be progress in this country called Nigeria.

Is this a solution?

I see like FG banning Nairaland because people are using in ways they don't like.

They banned aboki Fx months ago
Free floating the naira is what destroyed your naira
Government listening to external bodies controlled by the West is what totally sunk the naira
Keep banning and the scarce dollar price will rise
Scarcity brings about value
Why don’t they hire economics experts

MrCamron:



You spoke out my mind.
They keep looking outward for solutions,until they begin to look from inward,there will never be progress in this country called Nigeria.

More wisdom bro, the FG is breeding the environment that gives room to speculators. Swapping currency with our trading partners is enough to stabilize the FX, and fixing our electricity will encourage more production and reduce our unemployment rate

Allthelight:
How can the government ban crytocurrency ?

That is like banning air

How dem wan take know when people dey exchange crypto?

Binance and co are not dictating the value of the Naira.

The incompetence of the CBN is

Tinubu is officially the dullest president Nigeria has ever had.

I am sure he knows his support base is dwindling by the second. The only fools supporting him now are the sycophants benefiting directly from his administration.

No matter what you will do, if you ban crypto in Nigeria then you will be removed from office before your official time is up.

Boys are keeping calm because they still have enough things to distract them from your government's looting and mismanagement. I pray you quickly take away their distraction so they can focus on you and your overfed family.

The same people that shared dollars during election.quote author=fergie001 post=128577314]

Bayo Onanuga is Special Adviser on Information and Strategy to President Bola Tinubu[/quote]

.

People actually voted these dull brains to lead them?

Tufiakwa!

PARADIZEPRIEST:
They use cryto to laundre looted money,drug money and all sorts of illicits deals. CRYTO IS BAD FOR AGRICAN ECONOMY because THEIR GOVT ARE NT SOFISTICATED TO CHECK CRYTO CRIMES. ban it now.

Your papa go knack hand for chest now say him born pikin but him no know say na complete mugu him born. Shey na crypto Abacha and him gang take loot naija money go Switzerland, UK, USA and they rest country for obodoibo?

No dey talk for public again. The smell for your brain dey your mouth comout