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Nairaland Forum / Nairaland / General / Business / Naira: Concerns Over Fresh Threat From Crypto Traders (27713 Views)
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Naira: Concerns Over Fresh Threat From Crypto Traders by Islie: 10:14am On Apr 21 |
Speculators count losses as naira rises against dollar Naira will continue to appreciate against dollar – Shettima The Naira appears to be up against a fresh threat from two crypto exchange platforms, just six weeks after the clamp down on Binance operations in Nigeria. The national currency had slumped badly in the forex market in the weeks preceding the clamp down on Binance, exchanging for as much as N1,950 in mid-February. https://thenationonlineng.net/naira-concerns-over-fresh-threat-from-crypto-traders/ 2 Likes 2 Shares
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Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Hashabiah: 10:18am On Apr 21 |
...and yet Nigeria's foreign reserves has depleted . Which goes to show that the Nigerian government is secretly keeping the naira afloat with dollars. Soon and soon the floodgates will pour open and the naira will depreciate further . 71 Likes 5 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by PressMyButton: 10:45am On Apr 21 |
Hashabiah:Repeat the same trash over and over again to make it sound true despite the fact that you have been enlightened over and over again. Bunch of slowpokes. 158 Likes 16 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by KingKO22: 10:52am On Apr 21 |
Hashabiah:Enemy of progress, we know your motive an intention is to see Nigeria to born down bcs Pandora Obituary lost election 98 Likes 11 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Newlymarried: 10:54am On Apr 21 |
They should count there loss They have fully frustrated the naira. 5 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Saturnalia(m): 11:25am On Apr 21 |
From what I just read in this write-up, the Crypto Exchange Platforms “BYBIT” and “BITGET” are the cause of the latest depreciation of the Naira. The solution is very simple. I expect the FG & the CBN to immediately launch massive offensive against them and begin clamping down on them like they did to Binance. The FG must understand that there a lot of enemies & saboteurs within and outside the Country, fighting and working assiduously against the interest of Country; some are still bitter for losing a credible election while others are just outright sadists that are averse to prosperity & blessings. It is known locally and internationally that CRYPTO EXCHANGE PLATFORMS are shady & disreputable schemes that are servicing the interests of Yahoo Boys, Kidnappers, Drug Peddlers, Armed Robbers & corrupt Government officials. This is the reason CRYPTO EXCHANGE PLATFORMS are being haunted & shut down in almost every Country overseas. The FG must not allow the comments and opinions of the “unscrupulous elements” in the social media (who are actually the perpetrators & enablers of these schemes) to deter it from taking the necessary actions and doing what is needed to be done to save-guard the integrity of the Naira. Drastic times call for drastic measures. I repeat, do not be dissuaded by their “Reverse Psychology”. I can already see some of them on this thread saying the Government is chasing shadows. In fact, if I were the President, I would do what General Sani Abacha and Olusegun Obasanjo would have done. These cockroaches do not care whether the Country burn or collapse. They are the ones speculating & manipulating our currency with their CRYPTO SCHEMES and at the same time cursing the Government for not doing anything to curb the depreciation of the Naira. They have even sworn that the NAIRA must trade for 5000 against the DOLLAR before December. It doesn’t take a rocket science to identify those that are defending these “Economy Wrecking CRYPTO EXCHANGE PLATFORMS” as their enablers and perpetrators. Google the list of Countries where CRYPTOCURRENCY is restricted or banned, and you will understand the monstrosity of what we’re dealing with. I do not like Tinubu and did not vote for anybody BUT I AM A PATRIOT AND WANT NIGERIA TO WORK. Haters are free to masturbate on my mentions. It doesn’t add or remove anything from me. 76 Likes 6 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by tollyboy5(m): 11:26am On Apr 21 |
Hashabiah:Stop repeating same rubbish Everytime. Yes we use the foreign reserve. Yes it's depleting so what else? 28 Likes 3 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by tollyboy5(m): 11:29am On Apr 21 |
For those saying Nigeria need to buy naira to help our foreign reserve. Has dangote not been producing diesel continuously for some while now? Nigeria by now should have officially stop sourcing for dollar to import diesel there should be enough liquidity in the market but speculators are bent on finding loopholes. Like I said on another thread.
13 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by DesChyko: 12:14pm On Apr 21 |
And we're back to the speculators table. Another day, another blame game. It is expected that the cosmetic approach cannot be sustained, so you can keep the bullshit for the birds. From consumption to production remains the watchword if any 'real' progress is to be recorded in the value of the naira. I understand you may not like the taste of that mantra due to the source, but it is what it is. 31 Likes 4 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by jmoore(m): 12:20pm On Apr 21 |
Another propaganda of chasing shadows. Crypto companies were never responsible for naira depreciation at any point. Tinubu/Cardoso trial and error economics were responsible for it. When they realized that Nigeria was going down with their voodoo policies, they retraced their steps. 53 Likes 4 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Brendaniel: 12:30pm On Apr 21 |
tollyboy5: Have you seen any politician complaining about dollar? Or have you seen any politician fighting against all what the CBN has been doing? 3 Likes 1 Share |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by seborrhic: 12:47pm On Apr 21 |
Saturnalia:Infact that is the part that is baffling. I for one believe without a doubt that Obi would have made a better president and was actually even rigged out.Atiku too was a preferable option than Babablublu,but for anyone to support the speculation that Crypto guys were doing and to be rejoicing over the then drastic and quickening devaluation of the ₦,is beyond comprehension,should not and cannot be encouraged unless u live abroad or are a crypto currency speculator. Therefore,any measure(s) taken by this goverment,no matter how hated Tinubu is,to reverse the depreciation and restore the value of the ₦ is supported 110%! 12 Likes 1 Share |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by LandMann: 1:19pm On Apr 21 |
Another propaganda thread for government propaganda agents to mastubate on. See them up there stupidly blaming crypto platform for naira's woes but they're too blind and daft to see Fintech platforms like Grey, Bitnob and the rest that keeps charging 1250-1350 per dollar for those who use their virtual dollar card to make purchases online. Why not call on government to ban them also? Can any of the propaganda agent explain why the CBN banned the use of naira debit cards to make payments in dollars? Why is the CBN subsidizing dollars to BDC operators who then sell it at a higher price to ordinary Nigerians? Why not allow anyone who has need to make payment or purchases in dollars do so directly with their debit cards instead of going through the various channels (BDC, Grey, BITNOB, etc) that they have created to fleece the people? In all, just know that propaganda will never make anybody to trust the government or its policies. Many Nigerians are now aware that APC government of Tinubu is relying heavily on propaganda to run the country and mislead the world about what's truly happening in Nigeria. Please open your eyes and don't be deceived. 41 Likes 3 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by LandMann: 1:49pm On Apr 21 |
Naira is depreciating because inflation is rising. There is a negative relationship between inflation and the value of a currency. If inflation rises the value of a currency will fall. Over the past two months Nigerians can confirm that inflation has been rising as cost of goods and services has been increasing. NBS also confirmed it. Yet, despite the rising inflation, Cardoso and CBN was using propaganda to prop up the value of the naira, which goes against any know economic principle. How long will CBN and Nigerian government continue to use propaganda to prop up the value of the naira? The long term effect of this bad behaviour of CBN is that foreign investors and foreign lenders will lose confidence in Nigeria. When this happens the CBN and the government will have a bigger problem on it's hands that no amount of propaganda can solve. If you want to truly fight naira depreciation then you have to fight the true cause which is inflation caused by several factors such as insecurity, high cost of power (fuel/diesel), terrible road infrastructure. Insecurity has prevented farming and production of food, leading to high prices of foodstuffs. Removal of subsidy has lead to high cost of diesel and fuel which serve as input in the production process and transportation process. Higher cost of production and transportation lead to high cost of goods, high inflation and lower value of naira. The government made it worse by recently increasing cost of electricity by around 300%. All this will lead to higher cost of production which will be transferred to the price of goods in the market. Lastly the state of federal roads in Nigeria is beyond bad. It takes extremely long time to get goods from production point to final consumer because the roads are just terrible. The bad condition of Nigerian roads lead to delay in delivering goods, leading to waste of more diesel, accidents and damaged goods...all this is cost to the producer, seller or transporter and they factor it into the price of the goods which ends in higher prices, inflation and a depreciating naira. All the above is just a summary of the real cause of naira depreciation. Instead of CBN and Nigerian government to be chasing Crypto they should focus on tackling the above issues. Crypto has been in Nigeria since 2015 yet the naira did not lose as much value or fluctuate so widely as it is doing now that Tinubu in all his wisdom decided to announce subsidy removal and exchange rate deregulation on inauguration day knowing fully well we have the aforementioned problems bedeviling the country plus Nigeria does not produce sufficiently for export to earn foreign exchange. Relying on propaganda to run the country will fail eventually. Tinubu is a huge disappointment 31 Likes 1 Share |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Melagros(m): 2:22pm On Apr 21 |
COMRADES, I don't know why any news from this evil government of APC irritates me 10 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by DevilsEqual(m): 2:41pm On Apr 21 |
Evil if Pity Obi owns a block chain, they all will fail 19 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Elliotwaveforec: 3:18pm On Apr 21 |
Bybit and bitget must be stopped now. 2 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Felabrity: 3:33pm On Apr 21 |
When the naira appreciates, apc followers thank Cardoso, Tinubu and Ribadu But when it depreciates, they blame Crypto, Obidients, Aboki fx,Sporty, binance, Peter Obi bybit,kucoin, emefiele, infact anything blameable. 41 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by RenaissanceGuy: 3:33pm On Apr 21 |
There's absolutely no reason why South Africa's currency should be exchanging for R19 to a dollar while Nigeria's own is ₦1,100. It's the same reason their 2024 budget is $125B while ours is paltry $39B. 2 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by nairalanda1(m): 3:33pm On Apr 21 |
MANUFACTURED GOODS AND SERVICES. |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by GanagiBitrus: 3:33pm On Apr 21 |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by omoredia: 3:33pm On Apr 21 |
Excuses upon excuses. The US and India that are the largest traders of crypto are not complaining 17 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by MaziObinnaokija: 3:34pm On Apr 21 |
N |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by omoredia: 3:34pm On Apr 21 |
Start by banning aboki selling BDC. They serve no meaniful purpose in our economy. But they are part of the cabal and structure that put tinubu in power. 6 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Flier: 3:35pm On Apr 21 |
jmoore:They are responsible dont let them decieve you,this are greedy set of people who set whatever price they want without any regulation or monitoring and since the majority of the buyers are either trying to hide money or fraudulent,they have no choice than to buy it 2 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by DMerciful(m): 3:35pm On Apr 21 |
Guys, keep your dollars close. They know that they cannot sustainably defend the naira for long with borrowed money so they're already shopping for excuses. 13 Likes 2 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by omoadeleye(m): 3:35pm On Apr 21 |
CBN should close them 1 Like |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by socialmediaman: 3:35pm On Apr 21 |
Is there a point where this government will stop blaming ordinary everyday people and take responsibility for its failed policies? 4 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Amigoss: 3:36pm On Apr 21 |
Buy the fvcking dip 1 Like |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by stano2(m): 3:36pm On Apr 21 |
Propaganda upon propaganda. Please close dem all, so that when next Naira depreciates maybe iphone users will take the blame 4 Likes |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Blaze14k: 3:37pm On Apr 21 |
KingKO22: Same you calling others enemy of progress desperately want Alex otti to fail. Same you that criticized Peter obi that made him stop the bore hole he did for people who travel miles to fetch same water cows drink. What is the difference between the two of you? 12 Likes 2 Shares |
Re: Naira: Concerns Over Fresh Threat From Crypto Traders by Okete001(f): 3:37pm On Apr 21 |
Hashabiah: Hehehe OKechukwu Onyekachi Ok0ro, rest. Nigeria must move forward. Enemies of progress will not hold us back. 3 Likes |
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