lexy2014:


how is crypto responsible for the economic problems Nigeria is experiencing right now?

The government doesn't need yours or my permission to ban crypto.

If they consider it part of the sources fueling undue speculation, they have the power to ban it.

The more you make dollars/usdt scarce the biggest chance the rate will high.

Banning crypto deal is not the solution. You can't be import based and expect your currency to be stronger.

keymatt:
Make them bane the internet join finish with all the VPNs.
White power govt

don’t mind the economy destroyer. Onanuga, Cardoso will soon ban the internet too. Yeye people. By tomorrow, the dollar rate will hit 2k and it will keep increasing.

DeLaRue:


The government doesn't need yours or my permission to ban crypto.

If they consider it part of the sources fueling undue speculation, they have the power to ban it.

off point.

how is crypto responsible for the economic problems Nigeria is experiencing right now?

.

TruthsFM:



still it won’t stop naira to decreased. Cardoso is just confused here. In Emefiele time, he never banned Binance and other crypto wallets. It’s in Cardoso time that Binance website is been banned. I will used VPN to open it and check the dollar rate on my verified Binance account. Dey play Cardoso

Very confused govt they are chasing rats while the house keeps burning. How will banning of crypto exchanges in nigeria stop the free fall of the naira in this tech age where there's always alternatives?

DeLaRue:


There is no fundamental right to trade crypto.

Many countries have banned crypto.

Nigeria can ban it if it wants. Of course banning will not stop it, but it will push the activities underground with the likely result that only the most passionate traders will continue trading it.

If people know they face 15 year jail term for illegal trading, many will stop trading. Only the extremists will continue trading.

The Nigerian government has more levers it can pull. If extreme levers are needed, it can apply them and there's nothing speculators can do. They can cry to the UN, AU, FIFA, Girls Scout or any body they like.

You be idiot with dusty brain.

Lekan239:
try on VPN and open binance let's see wat will happen

it opens and nothing happened. People dey viewed Binance steadily

NOwazobia:
I don't understand your point, they should not trade crypto?

You should understand me better

I mean p2p, dollars to naira

You are the one that is confused.

youngrichnigga:
So no be aboki and BDC again, this government is just totally confused, everything tried and implemented continues to fail because it's not the rightful owner of the seat

DeLaRue:


The government doesn't need yours or my permission to ban crypto.

If they consider it part of the sources fueling undue speculation, they have the power to ban it.

At the end, banning crypto really does not address the problem.

Which is we Nigeria is not earning enough dollars to buffer the naira

( No, I am not a fan of crypto)

References1:


https://www.premiumtimesng.com/business/670511-forex-crisis-nigerian-govt-blocks-binance-octafx-coinbase-others.html?fbclid=IwAR0KcvS7CTaFAcMsoeNnhW2YRLqNMrGdugb_c3Wf5_1bHB6yyLgeYXdrq6g

Previous Thread:
https://www.nairaland.com/8007407/forex-crisis-fg-plans-clampdown

They accused Aboki FX of being the one behind Naira manipulation back then, they banned him, but it got even worse. Now it’s the turn of Binance and others.

God bless Nigeria!

Mrexcell:




Very confused govt they are chasing rats while the house keeps burning. How will banning of crypto exchanges in nigeria stop the free fall of the naira in this tech age where there's always alternatives?

they quickly forgot that we are in technology age. Naira will continue to fall and the economy will continue to be in the shambles. Cardoso is one of the Tinubu man that destroyed Nigeria economy with his harsh economy policies. Instead of them to study Nigeria economy well, they are just failing woefully on that.

StOla:


Block them all.

Na those wey chop Nigeria money both by stealing and by working good jobs, dey still carry our Naira dey buy dollars.

honest question, do you think anyone able to sell and buy on Binance can’t set up a VPN?

😂 Trust wallet should be blocked as well even VPN.

Tinububu on your mandate we stand gidigba!

Now, we don ready to chop the agbado and cassava, even yam and bread with enough flogging.... 😂 😂

eteebanky1:
This is commendable

I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

Nice one from the government

hmmm, so what advantage will this benefit you? This would further put more tension on the dollar, expect the dollar to go down even more faster

Elliotwaveforec:

You guys don't read news or what? The government is aiming for a single exchange rates; government doesn't want parallel market again, simple.

If so, why hasn’t they banned BDCs?

PotatoSalad:

Go and play with your stuffed toys.
One step forward, two steps back.
Now USD will be scarce to get, driving up the rate. And believe me, VPN dey.
I use Starlink and I don't even have to use VPN to access binance.

While you play with your toys, open cartoon network.

If they do that, it'll be the final nail on the coffin.
People put money in banks because of trust.
Domiciliary accounts remain domiciliary accounts. If you wake up one day and all the money you have there is now in naira, I wouldn't even want to imagine the consequences. It'll be bloody

That probably explains why they'll leave that as one of the last options.

But, make no mistake, it can happen.

There aren't many countries in the world that allow its citizens to open a foreign currency accounts in their country.

A UK citizen cannot open a dollar account at Natwest, Barclays or any other bank in the UK. Only foreign nationals with particular investment or employment status can do so. Can an American citizen open a Euro, Pounds or Mexican peso account on US soil. I doubt it, though I stand to he corrected.

Think about it. Domiciliary account for all and sundry makes no economic sense for a country.

tuoyoojo:
The fg knows what to do but rather they refuse to go after those who are the cause of the problem

Who are the people mopping up the forex . are they not politicians

How do u improve the economy

Go from consumption to production.

Invest in agriculture, improve secuity, ensure local production for exportation, improve power reduce the luxurious live styles of government, let the masses see ur sincerity that you are not paying lip services to their plight and see how things would change

Above all kill corruption. Use a few top rated people as examples and see how the country would fall in line but alas he that comes to equity must come with clean hands

Buhari did all these knee jerk response during his time. Where did it lead us to


The govt keep doing the same things and expecting different responses. Kole werk

Very simple, they should go after of some Bank CEO in Nigeria. They are the criminal. They are the ones mopping up the forex.

How will it work, with VPN guys go still do business, all this ban ban is bullshit no policy them have lost touch no ideas not to rigg election is to know what to do, them are running out of time because the people go soon enter street,, people will die but I pray Tinubu get people who can help him do well not all this him tribalism system, good hands can assist him do well trust me

StOla:
Good!

A country that does not know economic security will learn the hard way like Nigeria is doing now.

Nigeria needs to reach out and learn from countries that have mastered the art of economic control and economic security.

In Nigeria anything goes.

Some even think it is their fundamental right to save up dollars inside Nigeria.

Left to me anyone who is not getting foreign remittances into their domiciliary account, should have any dollars they have stacked up till now, converted at a rate of $1 = N1.

If you have stacked up $20,000 within Nigeria, my government will convert it to N20,000 for you.

It is obvious you have more than enough to be contributing to the economic terrorism that is going on within the country, so we will help you with a conversion tax that will make you love your own Naira.

Na now the government begin wake up that you do not show mercy to wicked Nigerians.

Seems you enjoy writing crap
So if you are Tinubu and you have $10m, you'll change it to N10m just to punish some Nigerians abi

PotatoSalad:

Go and play with your stuffed toys.
One step forward, two steps back.
Now USD will be scarce to get, driving up the rate. And believe me, VPN dey.
I use Starlink and I don't even have to use VPN to access binance.

While you play with your toys, open cartoon network.



If they do that, it'll be the final nail on the coffin.
People put money in banks because of trust.
Domiciliary accounts remain domiciliary accounts. If you wake up one day and all the money you have there is now in naira, I wouldn't even want to imagine the consequences. It'll be bloody

Nothing will happen

I repeat, nothing will happen

The only thing that will happen is nothing

Felimax:
Makes it all the more interesting!

We are in Nigeria but we can choose to be anywhere, do you get?

them carry 13th century old person, Make em come rule for 21st century. Make em come ban vpn na.

StOla:


Both broke boys and the politicians will meet the same fate as economic saboteurs.

I remember when you were commenting negative things during gej administration now you are forming Patriot.

VPN to the rescue

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.

DeLaRue:



That probably explains why they'll leave that as one of the last options.

But, make no mistake, it can happen.

There aren't many countries in the world that allows its citizens to open a foreign currency accounts in their country.

A UK citizen cannot open a dollar account at Natwest, Barclays or any other bank in the UK. Only foreign nationals with particular investment or employment status can do so.

Think about it. Domiciliary account for all and sundry makes no economic sense for a country.[b][/b]

That is self sustainable. Remember that.
We are not. And domiciliary accounts are required for a lot of things in this country

TruthsFM:



still it won’t stop naira to decreased. Cardoso is just confused here. In Emefiele time, he never banned Binance and other crypto wallets. It’s in Cardoso time that Binance website is been banned. I will used VPN to open it and check the dollar rate on my verified Binance account. Dey play Cardoso

Bro u still have to be worried because they can instruct binance to stop accepting Nigerian citizens. That's the biggest worry right now.

USDT rate on Binance is now 1,613 from 1,863 less than 40 mins ago.

StOla:


Many like you actually do not want a solution.

You just yap day and night hungry for more economic downfall.

You are a big phoooool!

but when it is time for party primaries they will forget the Naira and share dollars at will to buy votes. During the APC presidential primaries the Naira depreciated by over 25% in that very week of the primaries. You were busy cheering on the dollar jamboree and did not know it will lead to economic downfall then.

PDPdestroyer:
They shouldn't stop at that, they must compel binance to delist the NGN/USDT pair. That will be the final nail

You get fresh oil for head.

E dey mind, that pair go soon liquidate.

olax02:
Very simple, they should go after of some Bank CEO in Nigeria. They are the criminal. They are the ones mopping up the forex.

Indeed, the real culprits are some BDCs working these bank CEO. If FG ban BDCs, they won’t have avenues to hoard nor roundtrip the dollar again. FG won’t do it because they are all in bed together.