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Binance Drops Naira From P2P Portal - Business (3) - Nairaland

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Re: Binance Drops Naira From P2P Portal by Celestialsword: 6:45pm On Feb 28
Feldie:
Hehe what is balablu doing? People who made binance the arbiter of exchange rate will suffer heart attack.
That is where the major problem is,The Aboki in the streets are all relying on binnance

8 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by lrman(m): 6:45pm On Feb 28
HazardAwka:
I sold mine on bybit, 750 usdt for chicken change embarassed

Do bybit have P2P on their platform ??

1 Like

Re: Binance Drops Naira From P2P Portal by HazardAwka(m): 6:47pm On Feb 28
lrman:


Do bybit have P2P on their platform ??
yes and it's still working

1 Like

Re: Binance Drops Naira From P2P Portal by lrman(m): 6:48pm On Feb 28
HazardAwka:
yes and it's still working

Alright bro

1 Like

Re: Binance Drops Naira From P2P Portal by ask4bk(m): 6:48pm On Feb 28
9jatriot:
Hope the lamba king is learning how to be a purposeful leader. It is not by shouting "if you add the number of cows in China and divide it by the number of goats in Japan, then you will have consumption to production"

Even as a husband and a father, you get to make very difficult decisions that people in the home may not understand or agree with at that time but when the rewards show up, they may even be the ones that enjoy the rewards the most.

That is leadership. You identify the threats and start dealing with them. You can accuse the CBN of trial and error or whatever but what you cannot accuse them of is sitting back and letting things deteriorate.


However, those with financial knowledge agree that CBN is taking a series of decisions that compliment each other, it iis only when you look at them in isolation that it looks like it they do not know what they are doing.

CBN says 26B passed through Binance in the last one year and somehow did not enter the banking system, the CBN cannot seat back and accept defeat. I am proud of them
The other developed countries that have their currency in Binance area they fooools?
The clueless gouvernent asked for a floating naira. What floats better than p2p rates? He's seeing how his I'll decision is bringing down the country and instead of blaming himself, he's attacking institutions that have nothing to do with rate determination.

FCFA is 650 to 1usd.... FCFA that was 3 times less than naira is more 2.5 times more than naira in a space of 9 months.
He's a failure and needs to admit it

23 Likes 3 Shares

Re: Binance Drops Naira From P2P Portal by abiolamitodun(m): 6:49pm On Feb 28
VPN in the mud

8 Likes

Re: Binance Drops Naira From P2P Portal by Freebills12: 6:51pm On Feb 28
[color=#000099][/color]
Feldie:
Binance is not a legit source of income. Any profit you make from crypto trading is tantamount to printing money as you didn't bring anything of value to the society. Govt cannot ban it though. Politicians earn money without doing anything of value so why can't the average citizen?

Is bureau de change legit? What is different btw both of them

2 Likes

Re: Binance Drops Naira From P2P Portal by SaLongs1(m): 6:51pm On Feb 28
tefishy:
1usd = 1 naira in few days with this outcome

cheesy
No matter what anyone can say, it is rather absurd that a few speculators should prosper at the expense of the overall interest. All these platforms must either be firmly regulated or put on hold all together.

15 Likes

Re: Binance Drops Naira From P2P Portal by Honestfrend: 6:53pm On Feb 28
[left][/left]
Re: Binance Drops Naira From P2P Portal by dkidd: 6:54pm On Feb 28
U can still buy with ur card and sell via spot wallet still credited to ur card

1 Like

Re: Binance Drops Naira From P2P Portal by Calylove: 6:54pm On Feb 28
If a country's currency is not available for trading on a platform like Binance, it can have several effects, though the impact is more relevant to the foreign exchange (forex) market. Here are some potential effects:

Limited Exposure: Traders and investors on Binance won't have exposure to that particular currency. This might limit their ability to diversify their portfolios, as they won't be able to trade or invest in that specific currency pair.

Reduced Liquidity: The absence of a particular currency on a major trading platform may result in reduced liquidity for that currency in the broader forex market. Liquidity is important for efficient trading, and less liquidity can lead to wider spreads and potentially more volatile price movements.

Market Perception: The availability of a currency on major trading platforms can influence its perception in the market. If a currency is not listed on significant exchanges, it might be perceived as less widely traded or less significant in the global market.

Limited Trading Opportunities: Traders won't be able to take advantage of potential trading opportunities involving that specific currency. This limitation might impact their ability to capitalize on market trends, news, or economic events related to that currency.

Impact on Economic Activity: In the broader sense, the absence of a country's currency on major trading platforms may have an impact on its economic activity. A lack of exposure in the global forex market can affect a country's ability to attract foreign investment and engage in international trade.

It's important to note that the availability of currencies on a specific trading platform is influenced by various factors, including market demand, regulatory considerations, and the platform's business decisions. The effects mentioned above are contingent on the specific circumstances surrounding the absence of a country's currency on a particular trading platform.

5 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by lrman(m): 6:56pm On Feb 28
dkidd:
U can still buy with ur card and sell via spot wallet still credited to ur card

Please explain better..how can I sell usdt on binance and get paid to my Nigeria bank account without using P2P?? Thanks

1 Like

Re: Binance Drops Naira From P2P Portal by 9jatriot(m): 6:56pm On Feb 28
Binance was designed to be an exchange. That means, if I need a particular currency TO DO SOMETHING, I look for someone who needs my currency and has the currency I need. Nigerians on the other hand, even if they do not need the currency just go and make the money unproductive.

But Nigerians turned it into a tool to sabotage the Nation, although I admit for a lot of people, that was not the intent, but it has had the attendant effect of sabotaging the nation to the turn of 26B USD that CBN cannot trace, no responsible government if made aware of it will seat back and look on.

Note, this is just one of the things that they have done among many others.
ask4bk:

The other developed countries that have their currency in Binance area they fooools?
The clueless gouvernent asked for a floating naira. What floats better than p2p rates? He's seeing how his I'll decision is bringing down the country and instead of blaming himself, he's attacking institutions that have nothing to do with rate determination.

FCFA is 650 to 1usd.... FCFA that was 3 times less than naira is more 2.5 times more than naira in a space of 9 months.
He's a failure and needs to admit it

6 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by Emeka71(m): 6:57pm On Feb 28
VeryWickedMan:
OP Naira is still there. Search well.
It's just been rebranded to Shege (SHG).
Bad market.
Re: Binance Drops Naira From P2P Portal by dkidd: 6:59pm On Feb 28
HazardAwka:
I sold mine on bybit, 750 usdt for chicken change embarassed

See wetin u miss

1 Like 1 Share

Re: Binance Drops Naira From P2P Portal by 4getluv: 7:01pm On Feb 28
ask4bk:

The other developed countries that have their currency in Binance area they fooools?
The clueless gouvernent asked for a floating naira. What floats better than p2p rates? He's seeing how his I'll decision is bringing down the country and instead of blaming himself, he's attacking institutions that have nothing to do with rate determination.

FCFA is 650 to 1usd.... FCFA that was 3 times less than naira is more 2.5 times more than naira in a space of 9 months.
He's a failure and needs to admit it
Go chop electronic currency nah.... economy is going down nd u are here advocating for rubbish

15 Likes

Re: Binance Drops Naira From P2P Portal by Feldie: 7:03pm On Feb 28
Freebills12:
[color=#000099][/color]

Is bureau de change legit? What is different btw both of them
at this point, everything is illegal in this country. Market women have become full blown criminals as well.

8 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by abiolamitodun(m): 7:04pm On Feb 28
Calylove:
If a country's currency is not available for trading on a platform like Binance, it can have several effects, though the impact is more relevant to the foreign exchange (forex) market. Here are some potential effects:

Limited Exposure: Traders and investors on Binance won't have exposure to that particular currency. This might limit their ability to diversify their portfolios, as they won't be able to trade or invest in that specific currency pair.

Reduced Liquidity: The absence of a particular currency on a major trading platform may result in reduced liquidity for that currency in the broader forex market. Liquidity is important for efficient trading, and less liquidity can lead to wider spreads and potentially more volatile price movements.

Market Perception: The availability of a currency on major trading platforms can influence its perception in the market. If a currency is not listed on significant exchanges, it might be perceived as less widely traded or less significant in the global market.

Limited Trading Opportunities: Traders won't be able to take advantage of potential trading opportunities involving that specific currency. This limitation might impact their ability to capitalize on market trends, news, or economic events related to that currency.

Impact on Economic Activity: In the broader sense, the absence of a country's currency on major trading platforms may have an impact on its economic activity. A lack of exposure in the global forex market can affect a country's ability to attract foreign investment and engage in international trade.

It's important to note that the availability of currencies on a specific trading platform is influenced by various factors, including market demand, regulatory considerations, and the platform's business decisions. The effects mentioned above are contingent on the specific circumstances surrounding the absence of a country's currency on a particular trading platform.
In one word...investors will have to look within the economy for their needs
Am I right?
Re: Binance Drops Naira From P2P Portal by Johnn87: 7:04pm On Feb 28
Helpfromabove1:
Hope all this gra gra will not just work for awhile and later naira will fall to 2,500 to a dollars because I’m Nigeria prices don come down , it’s continuous go up
It will certainly hit 2500 under this Tinubulation.
When your country becomes a strong producing nation with more exports than imports, then we can come back to this conversation.
Everyday imf loans so so borrow borrow. At this pace, if we continue going like this,
If not this December , then certainly before December of 4years time when Tinubus first tenure is over, it must hit 2500 sure banker.

5 Likes 3 Shares

Re: Binance Drops Naira From P2P Portal by Curious346: 7:05pm On Feb 28
Thinktwicemybro:
Rubber of rice is still #7000
nobody eats rice again
Re: Binance Drops Naira From P2P Portal by spartachico(m): 7:06pm On Feb 28
Nigeria govt br fvcking up local man gaining since 1970,anywhere they see a local man try to gain,the next move is to block it,shege banza

2 Likes

Re: Binance Drops Naira From P2P Portal by millionboi2: 7:08pm On Feb 28
9jatriot:
Hope the lamba king is learning how to be a purposeful leader. It is not by shouting "if you add the number of cows in China and divide it by the number of goats in Japan, then you will have consumption to production"

Even as a husband and a father, you get to make very difficult decisions that people in the home may not understand or agree with at that time but when the rewards show up, they may even be the ones that enjoy the rewards the most.

That is leadership. You identify the threats and start dealing with them. You can accuse the CBN of trial and error or whatever but what you cannot accuse them of is sitting back and letting things deteriorate.


However, those with financial knowledge agree that CBN is taking a series of decisions that compliment each other, it iis only when you look at them in isolation that it looks like it they do not know what they are doing.

CBN says 26B passed through Binance in the last one year and somehow did not enter the banking system, the CBN cannot seat back and accept defeat. I am proud of them
shame on u,if after all this dollar still remains above #1k.

6 Likes

Re: Binance Drops Naira From P2P Portal by abiolamitodun(m): 7:09pm On Feb 28
Johnn87:

It will certainly hit 2500 under this Tinubulation.
When your country becomes a strong producing nation with more exports than imports, then we can come back to this conversation.
Everyday imf loans so so borrow borrow. At this pace, if we continue going like this,
If not this December , then certainly before December of 4years time when Tinubus first tenure is over, it must hit 2500 sure banker.
It won't be like that...
If Nigeria should become stronger in export than import...if we have good government... we'll prioritize naira to be mode of trading....
That's it
Re: Binance Drops Naira From P2P Portal by Elliotwaveforec: 7:11pm On Feb 28
I tell Una say Bazooka dey come, Una no hear, say nothing can shake Binance.

See Una life? Una yeye USDT don hang Una; Una want fight government abi?

USDT and USD Na the same?

7 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by AncientAlien(m): 7:11pm On Feb 28
paragon40:
Cardoso you do this one grin
anytime Cardoso made the headlines, nah this guy bellow always ring in my head. Man have gattuso our monetary policy.

3 Likes

Re: Binance Drops Naira From P2P Portal by Cruzmaster: 7:11pm On Feb 28
paragon40:
Cardoso you do this one grin

We no dey shake. We are using other app to buy and sell our coins 😎

4 Likes

Re: Binance Drops Naira From P2P Portal by Johnn87: 7:15pm On Feb 28
abiolamitodun:

It won't be like that...
If Nigeria should become stronger in export than import ...if we have good government... we'll prioritize naira to be mode of trading....
That's it
At highlighted/bolded Na Dream . Let them keep importing toothpick with net greater imports than exports, let them not be strong producing nation let them keep importing importing and taking imf loans ,.....
this dollar πŸ’° go hit 3000naira before the next 10years, sure banker. It's only begun

4 Likes 2 Shares

Re: Binance Drops Naira From P2P Portal by Elliotwaveforec: 7:21pm On Feb 28
Cruzmaster:


We no dey shake. We are using other app to buy and sell our coins 😎
We go still block am! Bybit, Kucoin, etc. We go dey expose all the exxhanges

11 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by abiolamitodun(m): 7:25pm On Feb 28
Johnn87:

At highlighted/bolded Na Dream . Let them keep importing toothpick with net greater imports than exports, let them not be strong producing nation let them keep importing importing and taking imf loans ,.....
this dollar πŸ’° go hit 3000naira before the next 10years, sure banker. It's only begun
What u don't know is that Nigeria is gradually switching to a producing country...
More reason why food stuff price is inflated is because the rate at which food is been exported out of Nigeria has increased alot...the remnants is what we are trying to get at high rate...by the time Nigeria starts exporting crude oil fully...it's over...it's left to the government to prioritize trading in naira...
And u know what that means?

5 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by Lifestone(m): 7:28pm On Feb 28
ask4bk:

The other developed countries that have their currency in Binance area they fooools?
The clueless gouvernent asked for a floating naira. What floats better than p2p rates? He's seeing how his I'll decision is bringing down the country and instead of blaming himself, he's attacking institutions that have nothing to do with rate determination.

FCFA is 650 to 1usd.... FCFA that was 3 times less than naira is more 2.5 times more than naira in a space of 9 months.
He's a failure and needs to admit it
Oga calm down. This is a piece of decision that was long overdue but because of weak leadership, we couldn't tackle it. Go and trade Crypto in China and see what will happen.
That platform was bidding higher rates to make more profits and that floats into the economy. It's unregulated and therefore contraven the investment and financial laws in Nigeria.

6 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by 9jatriot(m): 7:28pm On Feb 28
That is the difference between the 2 of us, where you are wishing that things go bad, I am rooting for things getting better. Afterall, na only this country be my home country


millionboi2:
shame on u,if after all this dollar still remains above #1k.

8 Likes 1 Share

Re: Binance Drops Naira From P2P Portal by Oluwademilade: 7:29pm On Feb 28
P2P is working on other exchanges

6 Likes 1 Share

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