₦airaland Forum

nedekid:
This binance, how does it work? Eg, How did it help you get dollars? What happens if you change your money to crypto and binance suddenly closes shop, how do you get your money back.
Finally, at what rate do you get the dollar in this crypto binance.
Pardon my asking. I know absolutely nothing about this.

Nigerians can buy USD on Binance in the form of a stablecoin (USDT). A stablecoin is just a cryptocurrency with the same value as USD. Binance does not issue USDT. It's just a platform where you can buy it via (peer to peer) P2P.

omoluka:
Which other digital platform rate is as high as binance p2p? The authorities need to clamp down on binance 💯

Bro, show us which ones are cheaper than Binance. We're waiting o.

crismark:
This is what people dont know.

Binance sell usd at a ridiculous high rate.

It's almost 930 on their site

This is not true. Binance rate is still cheaper than many bank rates right now.

Wema Bank is around 950 while Binance is 910.

omoluka:
They have a point, the rate i am seeing on binance is rediculously high! Not even aboki rate is this high!! 907.... 908.....909 to a dollar like wtf

Regular and digital Banks exchange rates are still higher. Binance is the one playing catch up right now.

Enemy

OlodoGraduate:
Alright, boss.
Please, kindly update me when you make another funding.
Perhaps they have effected the $1 deduction under the hood because when I was initiating the process, it didn't say that. The 1.5% is what was apparent.

Bitmama online rep told me that their funding fee is now $1

Finally!

adubam:
1/100 advantage. People earn in Dollars. So the fx is always there. Not everyone buys in peanut of $20.

Only convenient for the AliExpress shoppers who are also remote workers and earn in dollars.
For many others, the stress isn't worth it.

adubam:
Go and get a Dom account and rest. Maintenance is once a year.
With that you won't be charge one Kobo for online transaction.

You can use the account to receive money from Upwork. Fiver and other freelance sites including YouTube in Dollars.

You'll have rest of mind that your money is secure. Online platforms can fold and disappear with your money anytime.

99% of online platforms don't have physical structure and are not regulated by NDIC

Online platforms Dom cards are not accepted by most Shopping sites.

You can easily change your Dollar to naira at a rate higher than black market. GTB does that easily

I don tire I for mention more.

The main drawback here is the problem of funding. You will have to bring in physical cash to fund your dom account.

Why would I have to travel far to meet aboki on the street and then go to the bank to deposit the cash just to purchase a $20 item on AliExpress.

That would take me at least a whole day.

I can do the same thing in minutes while lying on my bed.

Kaceman:
Yea na weytin I dey use nd u fit fund with usdt
But b like gtb wan spoil market u fit buy dollar at 770 frm bank sharp

Is GTB Naira MasterCard now working on AliExpress?

ayobamizz:
On the 13th of June, 2023, my item tracking update shows "order shipped from the warehouse" but since then no change in the tracking update for almost 3 weeks now. This item is sent by aliexpress standard shipping method. Pls anyone else experiencing this same thing.

Has it left country of origin?

anchex101:
Please guys, I added an item to my cart last month at $290 and it converted to 122,000. I just checked again now and I am seeing 200k+. What happened abeg

Maybe due to Naira devaluation/ unification of exchange rates.
$290 is $290. What matters is how much you bought usd to fund your card.

Lucasinho:
Is it like Gotok or better?

Gotok is better

This is another option for people who are into crypto.

https://play.google.com/store/apps/details?id=com.bitmama.bitmama

* 1.5% card funding charge
* $0.42 monthly maintenance charge
* No transaction charge

You can fund the card by transferring USDT from your Binance wallet or other sources.

lie

Katsuki:
Actually looked through the reviews
And most buyers confirmed it wasn't fake
🤷

Those reviews might be fake or even be for a different version of the product.

Northern politicians have really dealt with this country...

zubebs:
I'm facing similar issues now
Ordered mine Feb. Ending and till now no phone. Dispute favoured seller, appeal didn't work either and nipost keeps telling me to wait that customs hasn't cleared it. I'm out of ideas on what to do. Anyone that can help please do 🙏🙏

What is the last update on the tracking?

iliyande:
"Dispatched to oversea country" and both phones were ordered the Same day, dispatched same day and from same seller with different tracking numbers

Okay. Probably it didn't get to Nigeria or it got missing while in customs custody.

iliyande:
I am worried guys, I ordered 2 phones from Aliexpress same time but only one was delivered after 1 month. The second one is no where to be found. Thought I've won my dispute and my money refunded but I want to know if someone has experienced a similar issue with Singapore post (Aliexpress standard shipping method)

What exactly was showing when you check the tracking for the phone that was lost in transit?

swaggerjack:
Someone that could not set Ajegunle and Makoko on the right path and cornered 10% of Lagos tax revenue you thinks care about people outside Lagos and the other 35 states.

Even NYC has a ghetto.

"Accused" is different from "Convicted"

I deal with evidence and facts.

Provide your evidence and support it with facts.

It's not about copying and pasting.

Bebigiby1:
It was revealed today that CBN directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ (I&E) Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies. The development came barely two weeks after Tinubu promised to unify the nation’s multiple exchange rates. Following the CBN announcement, the naira depreciated to over N700/dollar during trading on the I&E window today.

It is no longer news that Nigeria today is an import-dependent populous country with limited sources of foreign exchange. Since Nigeria economy majorly is import driven, the implication is that the demand for foreign exchange will always be higher than the supply. Under such circumstances, it is certain that allowing a free-float of the naira will have a negative impact on the currency, leading to poor exchange rate and inflation. While the inflation will impoverish the masses and lead to low demand for goods and services, the low Naira value will not lead to higher inflow of foreign currencies due to other factors such as security challenges, corruption, lack of electricity and other infrastructure deficits will limit the readiness of foreign investors to rush to Nigeria with euros and dollars. Above all, the country will pay more to service her dollar and euro-domiciled foreign loans.

It is important to note that many developed countries don't allow a free-float of their currencies, rather, they use a combination of fiscal and monetary polices to control the exchange rate. For example, EU raises interest rates to combat inflation as against euro currency. After the EU central bank increased interest rates, the euro strengthened. Nigeria has no access to such instruments. This move by CBN and Tinubu's APC government to free-float the naira will be another economic disaster (Post-Buhari era) if not properly managed.

The bottom line is that with the ill-advised free-float of the naira, inflation will increase, the people will be poorer and jobs will be lost. The government should have put in place moderate control mechanism before adopting a free-float of the currency, unfortunately this is Tinubu's style of dishing out sensitive policies without proper planning as we all witnessed how he removed fuel subsidy during the presidential swearing-in ceremony. As I said in previous post, the illegitimate Tinubu's APC government can not be trusted to offer any meaningful economic progress to Nigeria. This APC government definitely will continue the economic woes that plagued Buhari's era. Nigerians who think that Tinubu will be different from Buhari are only been sentimental and naive to their own detriment. The person occupying the office of the president may be different but this is still the same APC government that brought Nigeria to it's current economic sad state. Even Tinubu told Nigerians that "he will continue from where Buhari stopped", it is foolish to expect anything different from his government. Nigerians must reject these ANTI-PEOPLE policies!

Beautiful hogwash!

There are no developed countries currently running a dual exchange rate system. Some countries (like China) have done it before but was for a short period. There are no long-term benefits of a dual exchange rate system. South Africa only did it for ten years in the past.

Short term effects of subsidy removal and unification of exchange rates are definitely going to be negative but it's going to be positive in the long run.

The problem about we black africans is we don't plan for our future generations decades to come. We're only concerned about immediate gains.

Our total debt is over 50 trillion naira and Nigeria spent 96.3 per cent of its 2022 revenue on debt servicing. Where should we find the money to pay our debts continually?

Moreover you are an Obedient and anti-Tinubu government so it doesn't matter what effort PBAT tries to make to set the country on the right path economically, you will never support it.

PCAID:
. Thanks.
The fact that gotok allows to fund in crypto through binance makes it superb.
Just checked, gotok isn't even on Playstore any longer. It's a pity: Another one bites the dust.

It's still on Play Store

https://play.google.com/store/apps/details?id=app.gotok

Kennyflyair:
You guys should give tutorial on how we can gen Dollar at 700 and below as some are claiming. Shoe us road abeg

You can't buy Dollars at 700 as at now though it might have been possible a few days ago when there was a rumour that CBN devalued Naira to ₦630/$ and will be maintaining a single exchange rate for both official and back market rates.
This news led to panic selling on Binance USDT/NGN spot market and some people that already had buy orders at around 700 were able to buy dollars for cheap.

lexrichy:
Sorry for the off topic, I tried using my gotok card to buy a game on Nintendo eshop but it was rejected, how can I rectify this isuue or is there another card that works with Nintendo eshop.

It might be because gotok card region (USA) is not of the same region as your registered account.
Try using a dom account that comes with a dollar card.

Macmilla:
This is one of the youths that are the leaders of tomorrow, right? No wonder tomorrow has refused to come.
Na greed go destroy this country las las. We keep blaming the government, but most of us are way worse than the government.

I don't know if I should be laughing at or shocked by your ignorance.

If you can't point out where a crime was committed or a law broken, then it's best to keep shut.

Are you pained because I made money from arbitrage or what?

eteebanky1:
All of you are thieves

Is that what your dictionary told you or you're just saying it for the sake of convenience?

eteebanky1:
You're one of the miscreants that led us to this situation, I feel like giving you a hefty punch

Imagine, there are 3 in 1 sweet deals on AliExpress that I wish to buy at CBN official rate

Brain-dead statement.

Reserve your punches for the CBN governor for making bad monetary policy decisions or the Federal government for crashing the economy.

My actions were no different from what BDC operators were legally doing before CBN stopped selling them forex.

You're here venting your frustrations on a random stranger on Nairaland. SMDH

Antiochus:
When will CBN reverse the policy of no international transaction with the Naira debit cards abi na permanent ban be this.

Personally, I think it won't happen until they make CBN rate equal or almost equal to black market rate. There's a lot of arbitrage and corruption going on with maintaining different exchange rates. I made lots of money back then using ATM cards to buy USD at bank rates and selling at black market rate.

America is suffering from dearth of responsible Black men.

Mkelv0106:
You didn't add that the user needs to have the knowledge on how to use binance to fund it. And from Ur calculation, there's very little difference in the exchange rate

You can also make a card withdrawal back to usd with no loss on gotok, but doing that with klasha comes with a big loss because you're going back to Naira at a lower dollar exchange rate.