Saturnalia:


Thank you for this beautiful comment.

Unless the FG takes these currency speculators & manipulators head on with thunder for fire approach, trust me, these bastards will never stop undermining the Government’s effort to curbing the Naira’s depreciation; and these unscrupulous elements will continue cursing & blaming the Government for their own “Orchestrated Handiwork” because their candidate lost a credible election.

The security agencies should be unleashed to clamp down on all the P2P Platforms, slamming all their operators with severe punishment like Treason and having them sentenced to death by hanging or firing squad.

If any Civil Society Organization (CSO’s) speaks in their defense, revoke their licenses to operate in Nigeria and send them packing like it is done in Russia & China.

I wish I were the President, I swear, the masses would assume that Adolf Hitler reincarnated into Nigeria, because of the so much hell & gore I would unleash on these incorrigible bitter animals.

Tinubu and his economic team must be silly not to know the sources of their woes & coordinated campaign of sabotage.

It is glaring even to a new born baby.

When I saw their people over-inflating the prices of their goods & services, especially their “Accidented & Flooded” Tokunbo cars by almost 300% while blaming it on the Naira-Dollar rates, I just knew they have conspired in their village & WhatsApp meetings to frustrate the present administration and set the whole Country ablaze, just so they can continue celebrating the failure of “Any Government That Comes Into Power” as long as Nigerians refuse to endorse & vote their own agenda-driven candidates.

When Aisha Yesufu (Their Witchcraft First Lady) advised them to keep their Dollars close, you think she doesn’t know what she was saying?

Of course, she must have been privy to their secret plot to sink the Country using the currency speculators playbook.

Like I have always opined, every enemy of Nigeria will lose las las.

BeeBeeOoh:


https://punchng.com/dollar-rise-efcc-continues-crackdown-on-cryptocurrency-platforms-others/

sdeli:
Only those who doesn't like this country will fight against them

Procashtips:


Is cryptocurrency platforms only in Nigeria?

maasoap:

No. Just that you Nigerians are something else, you lack patriotism and that's why you invited foreigners to help you plummet your economy.

erniok:

I'm not an economist, I trade fx and that is the real world not textbooks. In the real world, low inflation does not mean strong currency like I pointed out using china and japan. Heck, japan went through a deflation period and their currency was not strong.

Using real estate is a bad example as there've been examples of real estate bust that prices plummeted in the US.

UEDA, BOJ gov increased the rate yet it's currency is being shorted by traders and he's threatening another raise that may include intervention.

I agree with gold being a safe haven as that was why it appreciated especially with wars and rumours of wars but it has started depreciating as I type.

Again, what you may have in textbooks don't always play out in real life.

RenaissanceGuy:
Stop calling fact "speculation". On Aboki FX, it says CBN's rate is 1161 while your Bybit says 1231. Is that not a huge N70 difference?? Or are you saying N70 difference is a small amount??

KingKO22:


So you are expecting solid foundation that past leaders couldn't achieve for decades to become reality within few months of Asiwaju administration?

CBN should have allowed Naira to keep falling even if it gets to 50,000 ? While he build the foundation of what ?

I don't know if this people have same brain as humans being

KushLyon:


Due to the decentralized nature of cryptocurrency, you can never clamp down on all p2p platforms, why? Because some of them are strictly anonymous. P2p platforms exist in Whatsapp and telegram groups, how do you propose the government shutdown those? It's only the likes of Binance and Bybit that this approach will work for but even at that, the owners of some of these p2p platforms are not known

alphabbey1:

You are ignorant if you think a government of a country cannot send telegram and the likes packing if there operations are not wanted. People that were shouting then that if government block binance, they will use VPN, is there VPN now helping them ?

For Your information, all these cryptocurrency of a thing doesn't work in Canada... You will pay heavy taxes in UK if you withdraw from crypto site. US will also jail you and your platform if they catch you manipulating there currency or evading tax...

KingKO22:


So you are expecting solid foundation that past leaders couldn't achieve for decades to become reality within few months of Asiwaju administration?

CBN should have allowed Naira to keep falling even if it gets to 50,000 ? While he build the foundation of what ?


I don't know if this people have same brain as humans being

KushLyon:


Please educate me, how will the government send telegram packing? The most they can do is to block access to it like they did with Twitter, but people still accessed it will VPN! And FYI, cryptocurrency is legal in Canada and it's not heavily taxed in the UK, it's still regular tax (income tax and capital gain tax). The Internet is there for you to make research so as not to spew wrong information on a public forum, but you chose to ignore it, thinking you're smart

alphabbey1:


How did they send binance packing ? The answer will enlighten you how they will send telegram packing from trading naira. People never belived Binance can fold, they keep saying if government ban binance, they will use VPN to access it, all those messages are right here on this Nairaland, is VPN now working for them ?

And I dont know what you mean by Crypto is legal in Canada, what you are being told is you cannot trade Canadian dollars on crypto websites in Canada. The moment you land in Canada, your binance p2p stop working.... and the tax you will pay per withdrawal in UK will definitely discourage you from any arbitrage...

Picture below is what you'll get when you try it in Canada.

BeeBeeOoh:

The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.

Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.

A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”

Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.

Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.

A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.

“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”

Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.

“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”

Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.

He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.

“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”

Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.

“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”

In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.

“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”

When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.


https://punchng.com/dollar-rise-efcc-continues-crackdown-on-cryptocurrency-platforms-others/

alphabbey1:

You are ignorant if you think a government of a country cannot send telegram and the likes packing if there operations are not wanted. People that were shouting then that if government block binance, they will use VPN, is there VPN now helping them ?

For Your information, all these cryptocurrency of a thing doesn't work in Canada... You will pay heavy taxes in UK if you withdraw from crypto site. US will also jail you and your platform if they catch you manipulating there currency or evading tax...