₦airaland Forum

coputa:
Seychelles boasts the highest estimated minimum gross monthly wage, standing at $465.4.

In Africa, minimum wage rates are among the lowest globally, and this ing that many of its countries are still developing. However, it's worth noting that even on the continent, there are variations, and workers in some countries have a better shot at earning higher wages compared to others.

According to a Wisevoter report, Seychelles boasts the highest estimated minimum gross monthly wage, standing at $465.4. Following closely are Libya and Morocco in the rankings.



https://africa.businessinsider.com/local/markets/10-african-countries-with-the-highest-minimum-wage/lw9glf1

© 2024 africa.businessinsider.com

You no fit see Naija for this kind of list but if it is for countries without stable electricity supply you will see them...Gaint of Africa

Ayomipoe:
Your comment is misleading.
Here is EUR/USDT

A lot of ignorant people on this thread. You will know from the side they are taking 😂

Nauttyprof:
That's why Nigeria will never progress with people like you

No...Nigeria will never progress with the type of leaders we have. No need for emotional blackmail.

emkz:
I expected you to admit that you were wrong is stating that Nigeria cannot collect from binance. Your attempt to dance around it by making an assumption that Nigeria can get an arbitration and may not be enforced in the US because US might not be a treaty to the arbitration court is being clever by half.

Your argument is further flawed because I never said anywhere that the arbitration award needs to be enforced by the US. I specifically said any country that is a signatory to such an arbitration treaty. Please read to understand and ask questions for clarity.

I also explained to you that it was parent companies that were fined, but you are still stubbornly insisting that they were fined because they had affiliates in the US. Why were the affiliates not fined? Did the affiliates commit the crimes?

I suggest you read up on Foreign Corrupt Practices Act and see how it affects foreign entities. In case you are not aware, if a foreign entity is fined by the US, and the entity refuses, the US would impose sanctions against them to prevent other companies from transacting business with them in USD. You ought to be informed what that would mean.

No matter how much you hate your country, I find it strange that you referred to Nigeria as a lawless country. If you are a reasonable person, attack politicians and those who have failed us, insulting the country means you are insulting yourself.

I will not join you in that attack on Nigeria.

Just to close, did you lose any money or investments in binance?

I wanted to give you a lengthy reply but at the end of the day I reconsidered. I don't need to convince you neither do I need to win an argument with you. I'm trying to save any Nigerian youth that would believe all this propaganda from the Nigerian government.

They can try all they want they won't be able to collect 5 naira from binance 😂. And time will reveal that to you. They have even started to change mouth.
Banning Binance doesn't affect me in any way although it will cause some minor inconvenience like moving funds. You would have to cut off the internet to keep me out and many others.
If you like form patriotic citizen while your polithiefcians continue looting you dry. Continue to save your money in Nigeria until inflation makes it so that you won't be able to buy bread with 1 million in the hopes that those thieves will have mercy on you and do the right thing... patriotic citizen 😂

emkz:
I already explained to you that these things can go into arbitration. If any state/country is signatory to such an arbitration treaty, then it is simply to submit the arbitration award to the country and it would be enforced.

You can argue that it might be a bureaucratic process, but stating that Nigeria cannot collect from binance is wrong. Binance not having assets in Nigeria already breaks the law if they make a profit and that itself would not help them in any arbitration. You asked why I brought Hushpupi matter. Hushpupi was not a legal resident in the US, but his fraud involved the US dollars and he also defrauded US entities. That made him a person of interest.

As to your other argument that those banks were fined because they had affiliates in the US, I don't know what you read and what you understood. Even in my submission, I specified that it was the parent banks in their own countries that were fined because the fraud was carried out by those banks and not their affiliates.

Let me ask you do Paypal, Skrill have operating licenses or assets in Nigeria? Google, Facebook, Twitter, Amazon none of these companies have operating licenses or assets in Nigeria.
Over the years Nigeria has never made any agreement with Binance to bar Nigerians from using Binance.

Also let's say by chance Nigeria obtains an arbitration award against Binance and wants to enforce it in the US, they would need to go through the legal procedures in the US.
Have you found out whether the US legal system recognizes and enforces foreign arbitration awards?
You think taking someone to court means you have already won?
Go and ask the US why they painstakingly had to gather evidence against Binance if it is easy to just win a case in their own court.
The US gathered evidence against them over the years. Even intercepted emails sent by Binance executives that shows that they were aware they were committing money laundering in the US.
Even before they moved to seize Binance US assets they tried to get permission from the US court. If it was a lawless country like Nigeria they would have seized the assets first without getting permission just like they detained those Binance executives without getting a warrant for their arrest.

As for argument about the banks. Check the last link that you sent. The only reason that the US can enforce such fine is cause those banks have assets in the country. Which is what I said when I quoted this.
For private entities that fear becoming targets of U.S. extraterritorial regulation, the bite is this: The very ties that provide a basis (under U.S. law) for U.S. jurisdiction in the first place are often connected to assets that later can be seized to satisfy penalties for violations.

emkz:
You really do not get it.

can imagine what the US would do to them.

Please make una dey try read. It is tiring to be explaining these basic things to apparently educated people.

I have done my research and those banks you mentioned have operational licenses in the USA. The link you provided even stated it many times about UBS.

I no know wetin bring hushpuppi for this discussion but I hope you know hushpuppi's fraudulent schemes were also in the USA if not they won't have any interest in him just like they don't have any interest in these our polithiefcians.

Also don't compare the influence the USA has with that of Nigeria
These are quotes taken from one of your links:
Only a few states have any real capacity to enforce their own laws extraterritorially on a wide scale.

Also this
For private entities that fear becoming targets of U.S. extraterritorial regulation, the bite is this: The very ties that provide a basis (under U.S. law) for U.S. jurisdiction in the first place are often connected to assets that later can be seized to satisfy penalties for violations.

Which I have told you before is one of the reasons Nigeria can't collect any fine from Binance. They don't have any assets here. Which is why the Nigerian government resorts to kidnapping.

Now let's come to Binance CZ. Binance has a US subsidiary called Binance US and they made an agreement in which no US citizens should be able to trade on the official Binance.com platform only on Binance US but Binance CZ didn't stick to this rule and allowed some high profile US citizens to trade on the official site there by escaping the eyes of US regulator. CZ was aware of what he was doing because the evidence that the US had been gathering and uncovered was overwhelming that was why CZ pleaded guilty to money laundering and stepped down.

When you see news headlines abeg try read the full details no just read headline. It is tiring to be explaining these basic things to apparently educated people

emkz:
They can be taken to an International Court of Arbitration or taken to the local courts where the company is registered.

They can also be reported to the United States SEC and if it is proved that they used the dollars in trade manipulation, the US SEC can impose even heavier fines.

If they refuse to pay, regulators can raid their bank accounts and seize the funds if a judge gives the order.

A country imposing fines on a company is serious.

When Nigeria had issues with Shell and ENI over OPL 245 or so, Italian prosecutors raided ENI offices.

You can hate Nigeria all you want, but never underestimate the reach of Nigeria when it comes to enforcing certain things.

Have you ever wondered how Nigeria caught Nnamdi Kanu from exile?

Answer these 2 questions.

1. Those 2 companies you mentioned do they or do they not have operating licenses in Nigeria?

2. You should know that Binance doesn't have a physical headquarters and Binance US only caters for US citizens. Why would the US SEC seize Binance US assets meant for US citizens for the sake of Nigeria?

Fastt:
Arguments on both parties are correct. You don't trade against your currency but you don't store your sweat on naira whereby there is limitless supply. They keep printing Naira. I wonder what happened to old naira notes exchanged for new ones. I'm betting my bottom that those old naira notes and exchanged new notes are currently in the market together. Existing like one family.
I wan drop one better update here but I no dey drop again. Since no government agent contact me but keep stealing my ideas. Una never see shumthing

I noticed it was after you dropped that your analysis that this binance saga started. Spies dey this thread true true

fuckJones:
Now that the NSA has requested for the list of all the Nigerian users on Binance; heads would roll and cut across! May every saboteur and enemy of Nigeria be pull down on their knees🙏

Who told you that binance will release sensitive information like that to them. Is it not the same binance that is not registered in Nigeria. You government agents dey make me laugh abeg 😂😂

Nigeriakan:
You just stay back and watch. Is it not US's footstep that Nigeria just followed by suing Binance? Other African countries who see Binance as a threat to their economies may follow suit. It's not even rocket science.

You never see where person copy person for exam still come fail am.
No be to copy, did you copy well. Go and find out the steps US used before they fined them.

If binance should pay them it will just be from the bottom of their heart cause Naija no get anything to hold them na why they go arrest their executives.

Binance subsidiary, Binance US has assets in the US

Elliotwaveforec:
Your mother is an idiot!

I trade Forex but not against my country's currency. If you want to trade, trade foreign currency. I don't need USDT to trade Forex; I deposit and withdraw not storing yeye USDT before I do my speculating.

You fool, you want to trade, don't trade against the Naira.

You said I'm a failure but I've not begged you're wretched mother food.

slowpoke, I don't do politics, so fickk off with stupid APC shit

Na God go punish you and your mama

but you convert your naira to dollars to trade. dey play

Nigeriakan:
But it cared enough to send its representatives to Nigeria. Dey there dey whine.

Binance knows what it stands to lose if it loses Africa's biggest market. If Binance is banned in Nigeria, many other African countries will follow suit in a matter of months.

FYI, Nigeria will work. And anyone who isn't happy about it won't witness it

They know what they stand to lose cause there is massive adoption of crypto in Nigeria but saying other African countries will follow suit in banning binance is ridiculous. Why would anyone want to follow a failed country.

Tareq1105:
I know you love Binance more than your country. You're not bothered even if Binance drag Nigeria Naira to #5,000 per dollar. Awon ota aje.

While you, you love your corrupt politicians that don't care about you. That's why you support them chasing shadows instead of tackling the main issue. Continue suffering and smiling 😂

baby124:
Binance will pay with your money. No be dem send you to do illegal business on their platform.

Don't say what you don't know. Let me see how they will fine a company that is not registered 🤣

Dey play binance no go pay anything. Highest they will tell Nigerians to withdraw their money from their platform. Nigerians will migrate to another platform. They no know say decentralized platform dey.
Make binance no pay them shi shi

Only pizza that comes to my mind.

Starboytwo:
For instance youve got 500k right now.

should i go in, or wait(i dont know what im waiting for tho)

just so restless since yesterday?

what will y'all do?

Why are you restless. If you want to buy, buy with the mindset of hodling but If you are buying because BTC pumped then forget about it. Don't chase after pumps you will lose money.

Domaining101:
You have someone who is willing to give you 5 million naira in this present economy and the person asks you to choose between using the money to sponsor your education in a PRIVATE university for 5 years or use the money to start up any business of your choice. Assuming you are in your early 20's say 20-23 and considering the current situation of things in Nigeria, which of these options would you pick and why?

Ask chatgpt.

If it was me I will follow the principle I use when it comes to investing never put all your eggs in 1 basket. I will invest both ways. Split the money. Look for a business you can start with 2.5m and use the other 2.5m to go to school. If the private university is too expensive consider going to a federal university or while in the private university save up the rest.

PepeXKermit:
You sound dumb...go and really research what is backing the usdt currency.. US govt debt. You think usdt will crash now america economy go still dey stand? Una dey funny.

Do be mistaken. Just a percentage of USDT is backed by US govt debt. Do your research well.

Theunbothered:
The use is transferring and storing money internationally,it is also not the main exchange rate since the naira is floated anyone can trade whatever amount of naira for dollars through any platform.

Try and read instead of coming online to say nonsense.

Why then is the CBN pointing finger at binance as the cause of the volatility in naira and has taken action to block access to their website

Fastt:
Where are you seeing daily volume of 2 million? Abi my eye dey pain me? 4. Something billion trading volume, well above BTC/usdt. What should that tell you. And this is just SPOT trading in binance.

That's where you are making a mistake that 4 billion is in naira. Click on it, get to the charts and send screenshots let me show you.

While the BTC/USDT volume is in dollars

onatisi:
boss, the amount if usdt traded each day is far far far above 2.4m dollars oo.
secondly , the argument against Binance by the fg is the same they had against aboki fx , and that is people use these sites as a benchmark to determine rates, so in order words, people compare the rates on Binance to use as their rates. aboki fx wasn't selling but it was publishing rates and they felt the rates he was publishing daily were having a damming effect on the market. reason why i said if there is enough fx in banks, no one will even think of looking for alternatives. during the time of gej , i could buy with my bank card easily , i did not even know anything about btc, it was only skrills and Neteller that were common then

I don't know about the volume on P2P but for spot trading. if you check the volume for yesterday that is what you will see and that is the highest that I have seen in a small range of days.

Secondly I said let's say they defeat binance. Who is going to stop those black market guys when they look for another place to set their price.

at bolded I said you were right about that but CBN cannot answer that question.

GRACEGLORY:
The US dollar is not the same as the USDT.
The US dollar is legal cash across the US and is issued by the US Federal Reserve. However, USDT is a cryptocurrency that is supposed to be stable and backed by the dollar. Therefore, the "T" that follows the "USD-T" stands for tether, or being linked to.

Tether Limited ensures that each USDT issuance on the network is supported by a US dollar or other assets.

The main purpose of holding USDT is to protect investors from losing money in market collapses. Its price volatility is less than that of Bitcoin or Ethereum.
Tether Limited is the issuer of USDT tokens. While one tether is worth $1, and occasionally 0.99 or 0.98, they are not the same.

Let’s be reminded, USDT has been the subject of some controversy due to concerns about its reserves and transparency. Why❓

Because, USD and USDT are not the same, but USDT is only tied, linked, or tether to USD.



Who has declared the USDT legal tender in the United States❓

Yes I am aware of this. My question is to the people that say that other black market institutions are looking at binance rate which trades USDT to set the rate for their USD. Do well to read my question again.

onatisi:
it is very simple. crypto has the quantity needed and the banks don't have the USD. so the price of a higher market will determine because that is where most people are running to. if there was enough USD in the banks, then no one would even think of crypto. the crypto market rate cant determine the rate of the market if there is enough for everyone in the banks , but since banks dont have the usd , people are rushing to the most available alternative which is crypto usdt.
that brings us to the fundamental question that govt should tackle and face , why is it that banks do not have enough USD? and what does the nation need to do to increase its fx earnings?

I don't think The CBN and FG have a reply for that so let's focus our attention on someone else the BDCs or any other institutions that exchange dollars.

If you will agree with me the volume of naira converted to USDT is less than the volume of naira to USD.

Meaning that people trading USD are mounting real pressure on the naira so if the people that are really putting pressure on the naira are people that are looking for USD either to import goods or whatever my question is why would BDCs or anybody be setting price based on the price of a digital asset USDT that has an average daily volume of $2.4 million and with a low volume can be easily manipulated for a short while. Why are they not setting prices based on the official rate?
Is it that when they see that binance rate is up that they decide that okay we will not sell to people at this rate because we can transfer our dollars to binance and sell for a higher price but how is that possible when CBN has blocked every medium of doing so.

Let's imagine they defeat binance. Who will keep the BDC guys in check if they start looking to other places to set their rate? After all nobody uses USDT to buy goods in Nigeria so we are subject to them since CBN doesn't have the answers to your question.

There is something that I am still trying to understand though. Anybody with the answer should chip in.

Isn't USDT/NGN different from USD/NGN that is traded in the forex market. Since USDT is dependent on USD, shouldn't it be the USD that influences USDT not the other way around. If there is manipulation going on then it's the people trading real dollars that are at the bottom of it cause nobody is using USDT to buy goods. USDT is just used as a means of exchange for crypto. Why would BDCs and other institutions be using the price of a digital asset to influence the price of their physical dollar. Shouldn't it be the other way around? It's not like they can send their dollars to binance and sell on binance because that medium is blocked or do they have a way to bypass it?

The volume of the USDT/NGN traded on binance spot is very low (I'm having problems uploading the photo). The volume shows that about $2.4 million dollars was traded as at the time of this post and during that time there was a strong selling pressure that drove the price down. Does that mean that if I have a $3million buy order now that I want to inject into the market will that effectively revert the price back to 1900? If possible that would mean that if someone caused a volatility like that normally p2p traders will change their price but why would BDCs and other institutions follow suit when they are not trading USDT?

Someone that understands my question and is knowledgeable about this stuff should please explain.

if you can risk it short btc now.

I don't have a problem with what she said as long as she is ready to be used as sacrifice.

Chikacha:
Okay, they have limit on Binance now, now watch out for the real drama.

What I know about this country is that anything you expect to logical follow up doesn't actually follow up. Let's wait for the drama.

Fastt:
Since Binance launch ngn spot trading @750, there has been drastic downward of ngn. Il sure you can't access spot trading if in ngn(to be confirmed) but outside Nigeria, it's very much accessible to MM to short the currency. Something similar happened with the russian currency, Binance was forced to closed the spot trading. If you want to short a Nigerian currency t should be done on a regulated channel. Pls if anyone knows tinubu I'm here to provide a solution to y'all problems. I'm very serious, I have all the datas but I don't come cheap. Beneficial to everyone . If un no hear word,the usdt will be 3200 in about 3 months when we approach ATH.

Come guys. Is it possible that other whales on binance that are not necessarily Nigerians are the cause of the sell pressure on the naira?

For all I know, Binance only allows ngn spot trading, I don't trade forex but I think you can also short ngn with leverage in the forex market and the forex market has more trading volume so why do you say that binance with just spot trading is the cause of the selling pressure.

OGHENAOGIE:
he played 7 Afcon games you can't use one to judge him ok.. except u just want to scape goat Aina like many of u did with Iwobi

I don't know why people are saying Aina isn't good cause if they followed the tournament from the beginning they've seen that the guy is very good. Some of them just watched the finals and started typing rubbish.

Yes the guy's performance in the final wasn't good but it was obvious that he was gassed out cause it was only in the 2nd half that he wasn't playing well.

I get the attack on Iwobi honestly he deserves it but not Aina.

Streak47:
That lady troll up there has been dropping some subtle redpill nugget in here maybe knowingly or unknowingly, hope other guys can read in between the lines. Her submissions further reaffirms all the redpill teachings. Just look at that post she put a smile emoji!

Those lines:
'Why do you want to stop being a man'
'Had to defend him too'
'He was just being a man+smile emoji'

She should have put real before the man i.e "real man" to make the manipulation more obvious.

ifegen:
We forget that the award was for performance, the artist with the best performance for the submitted song for the year under review. And with Rush, the song was a hit no doubt, enjoyed international and local radio play, but there's just a hand full of live performance of the song from Ayra. Unlike Water by Tyla. Her team promoted the song so well, booked her shows on many live TV shows and her dancing and live singing skills won the voters over.

Water isn't as big as any of those songs in that category, but her live shows outperformed all the songs there. Davido would be the first Runner-up for me. His performance of unavailable on Jimmy Kimmel Live show was dope too.

Personally I don't care what criteria they used to decide. If you check my previous comments you will see the reason I said they are corrupt. Unless you can come up with a reason the weeknd wasn't nominated for the 2021 awards.

I was only replying to the guy cause he said that tyla song was more intellectual than the rest.

I believe what you said should be right thanks for the info