Binance has announced that it will delist NGN from It's platform on 2024-03-07.

How will this affect Naira/Dollar movement?

The govt went after Abokifx last 2 years for being responsible for the naira free fall. How did that move affect the naira

Outrageous

Crypto is being used to move funds with less scrutiny. You can't know better than the CBN when it comes to tracking their own money.
Money leaves a trail

Only in Nigeria once people see something good they rush in .. and they proceed to spoil it by cheating the system..

Eg dubai..

E.g binance

So how do the innocent ones who work hard in the freelance market to earn REAL usdt now change it to naira?

more opportunity for small small anonymous start-up , more multi million dollars is about to be made in a low key way ooooo.

This will give raise to advance idea to beat the system.

Ok

Nigerians that I know will see good things with favorable deals for everyone and try to key in, that is not the problem here...

When they key in then dey will be looking for a loopholes to rip the system,
When the system is ripped to their own advantages then dey term themselves ogboon, streetwise, badoo and all, they don't want to know if its at the detriment of others(govt, individual or private bodies)

But when the system try to release itself from their shackles and tins start bouncing to the opposite they will start blaming government, labelling them and calling them names, now they will be finding numerous excuse just to justify their action...


Very anyhow people...shior


To even tink further, their so called saner climes are not even allowing the binance on their soils, u want ur country to emulate the saner climes but still don't want it to do like the saner climes....awon ode

I hope this does not affect bag owners.

I don tell you, check SHG.
I'm trading as I'm typing.

Good.
Lazy Nigerian youths should go and get a proper work

Lol People have started selling off , let's see how it goes

Not a bad attempt to save naira,now let's tackle inflation!

I feel very very very sad about this news. I don't understand why the Government is forcing binance to delist the naira from the exchange.
It's a very very very bad idea,I have repeatedly said it on Nairaland that Government should regulate the activities of binance,but I totally disagree with removing the naira on the platform.
Although some people may disagree but sincerely the naira has been a bit stable in the last 2 weeks since Government forced binance to stop allowing the naira to trade on the exchange.
I was very critical of the modus operandi of binance and how it kept speculating on the value of the naira,If not for Government intervention,I'm sure the Naira would have been more than 2000 naira on the exchange.
Now to how it will affect Nigerians,the CBN governor himself said 26 billion dollars was traded through binance last year,that's a very huge and staggering figure,I dare say it's just a little less than the annual budget of Nigeria,in essence binance is almost becoming a country in its own.
The money traded on binance is almost equal to our foreign reserve,no industry in Nigeria can compete for dollar demand like that traded in Binance.
Government must understand the crypto market with players like binance are helping Nigerians in meeting up some of its dollar need,and stopping the use of the naira on binance will lead to the downward spiral of the naira.
Let us assume the 26 billion dollar traded on binance is true,I believe half must be demand from genuine people who want to maybe send or receive money.
Government must understand this demand for crypto can't be wished away,if these people decide to source for their usd in the forex market,the CBN will never be able to meet up with the supply,and I'm sure even Mr Cardoso knows this.
Nigeria doesn't have any Dollars right now to be used in meeting demand from crypto buyers.
I advise Mr Cardoso to have a rethink,this is a policy somersault from his office,early this year he liberalised the use of crypto trading in Nigeria,now he's reversing the policy.
I appeal to the Minister of Digital Economy,the NSA, Minister of Finance and the Minister of Youth Affairs have a round table on how to regulate the use of Crypto exchanges in Nigeria.
This policy will Affect mostly young Nigerians,pls don't make it harder on them.
God bless Nigeria

All the yahoo boys in my status will rest small. 🤣🤣

Olodo government

So to float FX they ban the trading venue not under government control

Tell me how price discovery occurs

You print NGN 30 Trillion out of think air and act surprised when people point out that naira should be trading at NGN7000 per USD on a money supply/ trade weighted basis

How can a porfolio investor trust to bring capital to such a country who insists on monopolizing FX supply

You can see the likes of Nestle, Dangote, BUA, MTN declaring massive FX losses

The next step is the massive retrenchments that usually follow such cost of finance losses, the Human resources are always used to pay for finance losses

when will this zoo government ever learn

With a big thief as President i'm not surprised

I am moving up my price target on NGN to 7000 in the next 18 months

Check my post i called USD/NGN at 2000 back when it was at 460

Ok.

Hope it will return dollar to 200 naira

Uselèss government, like Nigeria is the only country using binance

What is our benefit from binance and crypto?

Apparently, Nigerians are overestimating themselves. We think that without us these foreign companies cannot run. This is a similar drama that played out between Buhari and Twitter.

The most SENSELESS argument made by a Nigerian is that Nigerians use more expensive things than these foreigners. I don't know who is telling us this nonsense!

ok

Nigerians, always using ambitious greed to spoil things.

I hope everyone can now rest, mbok

Oya ...carry go..

Make the government see road...

Maybe after Binance...dem fit touch light indigenous banks

And people will start chasing the scarce dollars on other exchanges.
Consequently shooting up the price again .
Bro Tinubu , why are you this dull?

.

Blacklion3:
Crypto is being used to move funds with less scrutiny. You can't know better than the CBN when it comes to tracking their own money.o
Money leaves a trail

Keep us informed

Peter Obi will soon react onthis. We are waiting patiently

Already found a away to by-pass that...


Don't ask me how please...

W0t0w0toman:
Good.
Lazy Nigerian youths should go and get a proper work

Outdated mofo spotted

Hmmm, hope the dollar will go back to #700

Nigeria's problem is not economics or politics or colonialism. Nigeria's problem is morality. The heart of the Nigerian is evil and the only thing worse than that is he doesn't even know it. Evil is his default state

Smiles, Anything ti help the Naira grow is welcomed.