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

If naira gets stronger, it would also help reduce imported inflation.

Yes. Literarily.
When speculation was rife before the ban. There were periods when you could not see USDT to buy for NGN.
There is still a high demand for USD and there are no local substitutes for some necessary demands. Tinubu is kind of walking the knife's edge, there needs to be a drastic cut in government social services spending and their expenditure. The legislature needs a similar cut as well. The problem is that if you ask an average Nigerian, they'd be adamant that the government does not do anything for them in the first place.
Petrol should be 1600NGN per litre, electricity should be priced by the discos independently. However, those cuts are steep and would increase social unrest. I wish him the best

SenecaTheYonger:


I don’t understand. Like people in the market did not want to accept Naira anymore ?

The best decision for the country. Kudos to the government for forcing Binance to take this decision.

Faiththatworks:
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

Very spot on, but I still believe that whatever is going on in Binance is nothing compared to the damage corruption, total reliance on the dollar and oil theft is causing to the naira.

True, a chunk of the trades in Binance might be from these illegal means from the youths and it's all because we're yet to address the root cause which is that THE YOUTHS HAVE BEEN NEGLECTED.

Even if they ban crypto, the youths can immediately venture into another thing maybe NFTs or sum even more destabilising for the naira than Binance but even these old heads in govt don't understand how to take the good out of the bad, turn things around.

The govt keeps banning and removing subsidy on the things that don't really affect them acting like they're finally ready to work, finally ready to cut costs on govt, finally ready to give jail time for thieves in govt, finally ready to increase minimum wage but they never do!

The more they press down on the necks and then neglect youths, the more the youths become rebels of the system.

Johnjustice:
Very good. If we can feed ourselves alone, we will increase value of naira. Nigeria needs to develop its own home economy, this is it's real value, when millions of Nigerians starts and operates manufacturing plants, our wealth stays here. We don't need international investors so much, let's first maximize our potentials, with our potentials and market, na dem suppose dey rush us.

I wonder where an olodo like you got this phone.. Nigerians are too dull

fnep2smooth:
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.

You made absolutely no sense. Put the crack pipe down.

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

It's a very bad attempt actually. It's not even an attempt on anything, it's just like how Nigerian govt use EFCC to pursue youths saying they're giving the country bad names while the same govt steal billions from the treasury and buy jets, houses in Paris and Amsterdam and eventually makes it to BBC but na unknown youths with Lexus dey give us bad name 😂😂

The original causes of inflation/devaluation of the naira are the fiscal policies from past administrations, oil theft, corruption, unconducive business environment which led to businesses leaving, lack of electricity for SMB, total reliance on the dollar, the growing gap in industry and tech between USA and Nigeria. The past administrations have just been hanging on my a thread then Tinubu through floating naira finally released the last strap to reveal the true position of Nigeria.

PopQueenAgency:


You made absolutely no sense. Put the crack pipe down.

What do you know.?

SenecaTheYonger:


USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Some Nigerians are very greedy and bad people..

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hovering about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

Your ignorance is amazing.
USDT is pegged to USD. So if USD rises, it rises. Same if it falls. USDT doesnt need to be scarce

blowjohn:


Na my kidney I wan sell now.


I be Yahoo Yahoo boy.
Government don catch me.

No wonder.

If you need a way to bypass it, ask me how

israelmao:
Emilokan government keeps arresting the people in the system instead of arresting the system.

You don sum up what I've been all over here trying to explain 😂😂. Someone said he noticed naira stabilised since Naija govt held on to Binance. I said it's because the youths have not engaged again with the naira. Once they find another way, it'll go back to its steady devaluation.

The youths play a huge role in what the value of a country becomes. If the political elders dedicate their administration to helping the youths become the best version of themselves by firstly reducing the pressure of surviving by subsidising almost everything, secondly reducing the cost of govt(we need all the money we can get + it's just like father sacrificing for the children), lastly increasing minimum wage reasonably and then investing in the economy, firstly AGRICULTURE, construction, healthcare, tech etc
If the naira no gbera in 5 years, come arrest me.

But if you take their livelihood, put pressure on them and don't help them engage with the economy, other countries with platform for youths will engage them for their own economy and compete against the naira, that's one thing that devalues the naira. Even forget Binance, when one quality Nigerian doctor japa to work in Canada, he strengthens their healthcare (2 doctors to 1 patient) and do you know what it'll cost even the Nigerian politicians to travel for treatment in Canada, visa, tax, hosp bills, etc he's also strengthening Canada's economy. He too should be banned like Binance lol

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

What's SHG pls if you don't mind.

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

How will this affect Naira/Dollar movement?

Buhari's cabinet used all our money to buy bit coin!

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hovering about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

See this one, dollar is still around 1,580. They play. Shey Binance no Dey during Buhari regime?

Is it that we don't know what to do as a country or we're just turning a blind eye?
The issue of currency speculation can easily be solved by enabling our cards to make international payments and pegging it at a certain amount like N1200-1300
But no they won't do it because most of the revenue from oil is used to pay debt and the rest is stolen and yet we defend them because they're our tribesmen.
It's so sad that our education as a people has not riddled us of tribalism and honestly I feel the education is a waste.
Defending who wants to finish you...

ttmax09:
What's SHG pls if you don't mind.

Shegerege.

Naira will still fall. If it doesn't now, it will do in a year or two. So no shaking

Naira is still depreciating with all the measures.

There are invisible hands manipulating the affairs of this nation

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

What is SHG

Offpoint1:
Already found a away to by-pass that...


Don't ask me how please...

God will block it in Jesus name. If you want to keep quiet, shut your mouth yourself.

Faiththatworks:
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

This was how Zimbabwe ended up where they are, it cost more to print thier money than the value of the note.

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

You're the lazy Nigerian youth,do you think it's easy to raise money for crypto startup?

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

Why that didn’t work at all was because Aboki BDC were (and are still) picking their rate from Binance which CBN didn’t know until now.

Of CBN is able to delist NGN/USDT on Binance, it should still go after Abokifx again and other ni aria currency speculation sites.
CBN should tell all IP service providers and telcos to block those sites up to the level of not being accessible via any VPN.
Only authorized trading sites should be left to function.

blingxx:


I wonder where an olodo like you got this phone.. Nigerians are too dull

Mr Einstein, please list the benefits of binance being in Nigeria on our economy...if you can't list 3 benefits of binance to our economy, I will know you are just one of the manipulated kids around, being used by these political actors, mere pawns in the game, who just run with whatever they hear on the space, no discretion , no discernment, no knowledge.

Little boy, the most important thing for you, is to seek for your interests, as part of the 'people' of the polity amd nation, otherwise you are a puppet or at best political thug, goon or online ranter. Look out for your interests, your interest is in a high value naira, not binance... binance was part of our forex problem. This type of currency speculation of hoarding USD, is peculiar to Nigeria and very bad for our economy.

Little boy, study and be approved, stop abusing your fathers online otherwise you will suffer consequences of unruly behavior.

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

and where is the work

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.
Money leaves a trail

It is very easy to scrutinise crypto transactions, it is just that the way the government is going about it is very silly, They are using that has an excuse to decieve Nigerians, Every centralized crypto exchange has a compliance unit, they could have approached Binance to provide the information about the transactions instead of portraying Binance as a culprit. This is the reason why Binance does not give a damn, they know the kind of leaders we have. Crooks in power.

VanuatuWycombe:


Why that didn’t work at all was because Aboki BDC were (and are still) picking their rate from Binance which CBN didn’t know until now.

Of CBN is able to delist NGN/USDT on Binance, it should still go after Abokifx again and other ni aria currency speculation sites.
CBN should tell all IP service providers and telcos to block those sites up to the level of not being accessible via any VPN.
Only authorized trading sites should be left to function.

You make me laugh, the statement you made shows how naive and foolish you are, you are not IT- inclined, the telcos and IP service providers dont have that capabilty, Even China and Iran that uses DPI to monitor internet VPN traffic have not being able to block their citizens from using VPN to access restricted services. You just go for a strong and privacy oriented VPN.

Pls who else can’t access their Binance acct for wdr. Ofcos we need to get into the app bfo wdr can be possible now. Pls assist. I tried web too but impossible

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hovering about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

You are just dumb like the government i swear.

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.
Money leaves a trail

I can argue that i know far better than your useless president.

spinna:
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?

It is easy there are still a lot of exchangers who will exchange your USDT for naira. they are many. this government is a joke.

LAW2577:
another scammer, Cameroonian wan scam Nigerian. dey play

I don't eat someone's sweat.