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Naira To Be Delisted From Crypto P2P Platforms - Business - Nairaland

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Naira To Be Delisted From Crypto P2P Platforms by Babalegba(m): 7:07pm On May 06
The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday.

This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.

The country’s regulatory authorities have been investigating and scrutinising cryptocurrency exchanges in recent months.

On March 8, the biggest cryptocurrency exchange, Binance, stopped its naira services.

https://punchng.com/just-in-fg-to-delist-naira-from-p2p-platforms/

29 Likes 8 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by anonymous1759(m): 8:03pm On May 06
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

189 Likes 14 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by adigun27: 8:27pm On May 06
I will be so glad

17 Likes 3 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by LibertyRep: 8:38pm On May 06
Omo!

Omoo!

Omoooo!

8 Likes

Re: Naira To Be Delisted From Crypto P2P Platforms by Dreambeat: 8:40pm On May 06
FG grasping at straws

80 Likes 2 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Betanaija42moro: 8:43pm On May 06
Nigeria is a joke

41 Likes 2 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Villagesquare: 8:46pm On May 06
anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .
This one doesn't know anything. Was guys not doing Crypto since all the Years Emefiele was there. Instead of focusing on how to boost the Economy and increase our export to earn foreign exchange they are busy chasing after Crypto traders.

234 Likes 21 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by rinzaugustine: 8:46pm On May 06
Lol these people are chasing rats inside a mosque…no plan , no policy, no direction, no road map on the way foward… just only propaganda aimed at igbos to hoodwink their baby brain followers but thankfully the igbos saw the antics miles ahead and ignored them and now they are looking like idiots in the eyes of Nigerians

100 Likes 9 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Faiththatworks(m): 8:47pm On May 06
Hi
Re: Naira To Be Delisted From Crypto P2P Platforms by kenny714433(m): 8:49pm On May 06
If they delist naira from crypto exchanges and stop them from trading P2P, then we would move to off ramp services.

There, we would convert our USDT to our local currency. So many off ramp providers out there.

Apart from off ramp, we would use Telegram bot, and normal P2P without exchange intermediary. 100 of options would be provided.

I would even suggest to a decentralized exchange like PancakeSwap or Uniswap to offer P2P services. I wonder who FG would contact when decentralized exchange adopts that.


For more context about decentralized exchange:
There's no KYC so all transactions are done via smart contract. So you won't need to know anybody at all, just signing of the transactions and the contract executes it. Even SEC finds it difficult clamping down on DEX since the team is completely anonymous.

Modified: For those of you quoting to tell me FG will completely ban crypto, it's like Satoshi Nakamoto is a joke to you all 😂

195 Likes 29 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by LegendHero(m): 8:54pm On May 06
I don’t agree to this.

This approach is detrimental if there is no other available means to do the same thing.

38 Likes 4 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by rinzaugustine: 8:55pm On May 06
The solution for them is to let Nigerians know how much CBN is printing daily, from there people will have a clue on what is happening to the naira. If you are not printing your own currency and buying up dollars there is no way your currency can lose more than 5 naira in a single day not to talk of over 100 naira. You can rig other systems but impossible to rig that forex attached to the American dollars

54 Likes 6 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Floky215: 9:00pm On May 06
anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

Those not loyal to the country are the politicians...!!!

Let see what or who they would blame next after this charade...!!

69 Likes 1 Share

Re: Naira To Be Delisted From Crypto P2P Platforms by Enugurangers: 9:02pm On May 06
Great news..Wealth without enterprise.

7 Likes 2 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by falcon01: 9:28pm On May 06
That will only do more damage

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Re: Naira To Be Delisted From Crypto P2P Platforms by anonymous1759(m): 9:38pm On May 06
Villagesquare:

This one doesn't know anything. Was guys not doing Crypto since all the Years Emefiele was there. Instead of focusing on how to boost the Economy and increase our export to earn foreign exchange they are busy chasing after Crypto traders.


Nigerians ain’t sincere , we never own up to our responsibilities that our actions sometimes affects the economy.

We’ve some countries whose population and export ain’t much but their currency is strong.
Those island nations for example.

Our constant demand for dollars and speculation and sabotage can’t be over emphasized.
This action might last for sometime but the government needs to put foot on ground more sabotage will spring up .

72 Likes 4 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Babalegba(m): 9:50pm On May 06
Enugurangers:
Great news..Wealth without enterprise.
I do find it awkward as well that people are making money without manufacturing products and providing services. It does look like a ponzi scheme and ponzi schemes don't usually end well.

14 Likes 1 Share

Re: Naira To Be Delisted From Crypto P2P Platforms by clearcrystal: 9:56pm On May 06
This is a good news.
All those lazy youth that are hell bent on destroying our economy by trading and speculating the exchange rate on P2P platforms are in deep shit already.
Instead of investing in physical asset they prefer to get rich quicker by trading USDT in the comfort of their bedroom at the detriment of our economy.
I keep telling people the rate we see online is not the true exchange rate.
I'm sure they will switch to Telegram but don't be surprised in 2 weeks time the CBN will equally ban Telegram.

63 Likes 3 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by clearcrystal: 10:06pm On May 06
anonymous1759:
Final brutality to speculators, I feel for those genuine ones , but majority of Nigerians ain’t loyal . They sabotage the country and come online to bash the government when their heinous act destroys the economy . EffC should also go after schools receiving $ for fees .

God bless you for this.

47 Likes

Re: Naira To Be Delisted From Crypto P2P Platforms by clearcrystal: 10:09pm On May 06
Villagesquare:

This one doesn't know anything. Was guys not doing Crypto since all the Years Emefiele was there. Instead of focusing on how to boost the Economy and increase our export to earn foreign exchange they are busy chasing after Crypto traders.

Do you think only government can increase our export?
If people like you keep investing millions of naira in crypto, how do we then increase our export?

61 Likes 1 Share

Re: Naira To Be Delisted From Crypto P2P Platforms by clearcrystal: 10:11pm On May 06
Babalegba:
I do find it awkward as well that people are making money without manufacturing products and providing services. It does look like a ponzi scheme and ponzi schemes don't usually end well.

It's ponzi, the smart ones are taking advantage of the other and cashing out big time.
Nigerian youth don't want to work, they just want to get rich through the thin air.

10 Likes

Re: Naira To Be Delisted From Crypto P2P Platforms by Nonny95: 10:54pm On May 06
LegendHero:
I don’t agree to this.

This approach is detrimental if there is no other available means to do the same thing.

You lie.

Tinubu is working.

CardiB is bae

8 Likes 1 Share

Re: Naira To Be Delisted From Crypto P2P Platforms by ivolt: 11:02pm On May 06
It is not for FG to decide.
Re: Naira To Be Delisted From Crypto P2P Platforms by BannedUser: 11:09pm On May 06
clearcrystal:


It's ponzi, the smart ones are taking advantage of the other and cashing out big time.
Nigerian youth don't want to work, they just want to get rich through the thin air.

You must be kidding if you think you can be lazy and make money in crypto. I've made millions in crypto trading but I had to sweat for two years before I started becoming profitable.

You keep on saying it's ponzi the same way people have been calling bitcoin since it was less than $1 in 2009. But today, Blackrock, the world's largest asset manager, with $10 trillion in assets is now offering bitcoin to its clients.

71 Likes 7 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Kukutente23: 11:12pm On May 06
anonymous1759:



Nigerians ain’t sincere , we never own up to our responsibilities that our actions sometimes affects the economy.

We’ve some countries whose population and export ain’t much but their currency is strong.
Those island nations for example.

Our constant demand for dollars and speculation and sabotage can’t be over emphasized.
This action might last for sometime but the government needs to put foot on ground more sabotage will spring up .
So it's Nigerians that are the problem of the country
When did you realise that? When your favourite politicians got into govt abi

40 Likes 3 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Nonny95: 11:16pm On May 06
Kukutente23:

So it's Nigerians that are the problem of the country
When did you realise that? When your favourite politicians got into govt abi

Meaning he was the problem during GEJ era and yet he foóølishly protested in Ojota😂

22 Likes

Re: Naira To Be Delisted From Crypto P2P Platforms by anonymous1759(m): 11:27pm On May 06
Kukutente23:

So it's Nigerians that are the problem of the country
When did you realise that? When your favourite politicians got into govt abi

1) since when bus conductors inflate t fare If there’s little rain or crowd at the bus stand

2) since when iya Basira & Mallam Aminu tells me a basket of tomato is 130k When I complained about the high cost of tomatoes .

3) since when mama Nkechi increased her old stock telling me you just went to market yesterday that dollar is high .

That’s when I realized we’re doing ourselves.
The fact that your favorite candidate lost an election shouldn’t make you bitter for over 9 years now wake up and move on .

12 Likes 1 Share

Re: Naira To Be Delisted From Crypto P2P Platforms by Babalegba(m): 11:35pm On May 06
BannedUser:


You must be kidding if you think you can be lazy and make money in crypto. I've made millions in crypto trading but I had to sweat for two years before I started becoming profitable.

You keep on saying it's ponzi the same way people have been calling bitcoin since it was less than $1 in 2009. But today, Blackrock, the world's largest asset manager, with $10 trillion in assets is now offering bitcoin to its clients.
Bitcoin is the biggest ponzi scheme the world has ever seen. There is no product or service being rendered but huge amount of electricity is consumed to make the Bitcoin.No value whatsoever is added to the human experience

10 Likes

Re: Naira To Be Delisted From Crypto P2P Platforms by BannedUser: 11:48pm On May 06
Babalegba:
Bitcoin is the biggest ponzi scheme the world has ever seen. There is no product or service being rendered but huge amount of electricity is consumed to make the Bitcoin.No value whatsoever is added to the human experience

Naira, USD and other fiat currencies have infinite supply and will continue to lose value forever and ever. They are actually backed by nothing but trust in the government that issues the fiat currency. Bitcoin is limited in supply unlike fiat. It is secure, decentralized, unhackable and cannot be easily confiscated. A thousand years from now when everyone currently alive (and even countries) are no more, bitcoin will continue to exist.

BTW BTC does not care about what you or I think about it.

60 Likes 6 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by djoe21(m): 11:57pm On May 06
clearcrystal:
This is a good news.
All those lazy youth that are hell bent on destroying our economy by trading and speculating the exchange rate on P2P platforms are in deep shit already.
Instead of investing in physical asset they prefer to get rich quicker by trading USDT in the comfort of their bedroom at the detriment of our economy.
I keep telling people the rate we see online is not the true exchange rate.
I'm sure they will switch to Telegram but don't be surprised in 2 weeks time the CBN will equally ban Telegram.

Lazy youth? Someone would think with your write-up there are millions of jobs available to the youth and they are refusing to work.

Youth look to crypto as alternative because our government have failed on its part to provide good jobs. Have you seen unemployment rate? Trust me if there are available jobs, most people in the crypto space would not be there. You think it is easy to invest in crypto?

61 Likes 6 Shares

Re: Naira To Be Delisted From Crypto P2P Platforms by Babalegba(m): 12:12am On May 07
BannedUser:


Naira, USD and other fiat currencies have infinite supply and will continue to lose value forever and ever. They are actually backed by nothing but trust in the government that issues the fiat currency. Bitcoin is limited in supply unlike fiat. It is secure, decentralized, unhackable and cannot be easily confiscated. A thousand years from now when everyone currently alive (and even countries) are no more, bitcoin will continue to exist.

BTW BTC does not care about what you or I think about it.
The US dollar,naira and other fiat currencies do have tangible intrinsic items of value behind them. The nigerian government for example could print one billion naira knowing fully well that it has oil ,
other tangible products and services to back up the paper money
When a country does not have the resources to back up the paper money,then there is a problem like we currently have in Zimbabwe.
You then have a scenario where a bar of soap could cost one trillion.
I do support the federal government on this matter as I don't want the Nigerian economy to be destroyed because of a fad.
Money should be based on concrete things like the gold standard.

6 Likes

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