₦airaland Forum

Queseda:
I also said same thing on another thread but people said binance have no effect

https://www.nairaland.com/7989789/edun-cardoso-olukoyede-fresh-bid/4#128271774

A lot of the people who are trying to denying the negative effect of Binan.ce on the exchange rate are doing so because they earn some income in US$, but unfortunately they do not realise that a severe economic turmoil in Nigeria will have a negative effect on everyone either directly or indirectly!

narite:
You do not deeply understand how it works.

You guys keep blaming artificial manipulation, the CBN rates is now at 1500 all the way from 900. Is Binance responsible for the CBN rate too?

The reason why that is so is because everytime the rate in the black market moves up the CBN is forced to also adjust official rates upwards.

If the CBN does not do this the gap between official and black market rates will widen and that will create an irresistable arbitrage opportunity for round-tripping

Chikacha:
When there is a problem, the easiest pointer may not necessarily be the cause of that problem.

Are you saying Naira is the only currency traded on Binance? The same Binance that is saving other countries from their government, the same crypto that wheels power to ordinary man, e reach our own, e don turn to our major problem.

Forget about all these long stories Binan.ce is the reason for the rapid fall in the value of our currency, I have taken time to analyse the data

narite:
Do you know the meaning of “SAP”?

This depreciation that Naira is experiencing has noting to do with Structural Adjustment Program SAP of anything related to the IMP this is pure artificial manipulation!

You people can deny it all you want, it does not change the fact!

Which yeye SAP policy will make Naira fall from N1,650 yesterday morning to over N1,820 today? A significant percentage of importers have suspended activities due to the very high exchange rate because if you import at such a high exchange rate no one will by whatever you are importing because purchasing power of the populace has been eroded.

The depreciation is due to manipulation, that is the only logical explanation.

Just between 9am yesterday 19 February 2024 and now 1.10pm 20 February 2024 the rate on Binan.ce fell from N1,640/1$ to N1,820/1$ and has continued falling!

If anyone was in doubt before it should be very clear now to everyone that the continuous rapid depreciation of the Naira is not being driven by natural market forces of demand and supply but is being fueled by the major crypto exchange Binan.ce.

Hear are my reasons for blaming Binan.ce
The rate of exchange on Binan.ce is always higher than the rate in the informal black market
If you have traded in physical forex recently you will observe that the rate offered by the mallams is always less and is trying to play catch up with the rate offered by Binan.ce. This is because most clients first check the Binan.ce portal then use the rate there as a basis for negotiating with the physical currency dealers

No fiscal justification for the rapid descent in value of the Naira
Due to the high rate of exchange imports have slowed down yet the currency still continues to depreciate rapidly. This is confirmation that the depreciation is not being fueled by macro economic forces but by manipulation

Activities of speculators who are trading in Naira futures on Binan.ce
Since the Binan.ce portal introduced a feature for bidding on the Naira on their platform the descent in the value of the Naira has accelerated

The Nigerian government needs to act fast before Binan.ce takes down our economy


Seun
Mynd44
Dominique

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.

I remember when Enyinne made this observation here last year and some people shouted her down.

It is becoming more clear to most people now that Binance is the reason for the fast depreciation of the Naira

I'm sure if you check the data you will find that there has not been an appreciable increase in the level of imports over the past 6 months yet there has been a sustained pressure on the Naira-Dollar exchange rate...this is very illogical and is concrete proof that Binance is the culprit!

Don't land in a ditch because you're chasing free airdrops, there's no free money anywhere!

Stop putting your money in every junk that comes along!

GRACEGLORY:
See who’s waking 😀
You’d regret if you don’t catch the DOT bug.

.

Let me quickly go and take position, this morning I narrowly missed an opportunity to double $1,000 when MOVR started pumping

Have you guys seen what MOVR is doing on the exchange today?

GRACEGLORY:
Let me see your hand if you bought Oggy

.

Do you by any chance know why Mexc suspended trading in Oggy?

I have holdings of Oggy but I noticed that Mexc stopped trading in the aaset until today when they began a countdown timer to re-start trading in it.

Is this the same on other exchanges that are trading Oggy?

GRACEGLORY:
Now at resistance the $55

What's the next point of resistance after this one?

gamaliel9:
KAS
GFAL
HELLO
MYRIA

Load them up, not less than 100k unit each....see me in October 2025.

.

I'm not buying those junks anymore, I've learnt my lesson the hard way!

OgogoroFreak:
APE will 3x but the price will be at $0.8 after the 3x. So if you buy now, you'll still be at a loss after the 3x. Same with most alts.

Buy bitcoin.

.

What you have said is very true.

Right now my ambition is to recover my initial capital of $4,700 during the next bull run, once I do that I will stay with only BTC, ETH and the other top 10 alts!

twosquare:
In good faith, I think (this is my own opinion) after this XRP frenzy, people should watch Dodgecoin. There may be a likely breakout next week, either Tuesday or Wednesday. Either of the day when Tesla's earning reports will be released, which should be in the positives too. Crypto will move definitely, but I feel Dodgecoin should perform.

Also, you may want to acquire some TSLA stocks.

.

Noted! Thanks for this info

twosquare:
Well, I mentioned this a month back and now, XRP hit 0.64

I believe if the info requested in the bold was shared on this platform, many would have cashed out apparently.

I will mention possible things to expect next week so people can prepare in another post.

.

What are we expecting next week in the market please?

Mazinewmoney:
Guys buy $APE

.

Anything concerning an ape or monkey or gorilla of any sort I'm not doing again!

The $420 I invested in (Feed Every Gorilla) FEG coin because of hype turned into dust.

Where are all those Bored ape NFTs that were making noise all over the place?

They have all faded into oblivion

Abdul4trust1:
that coin looks like something that will go rug

Why do you say so?

I have taken heavy position in that coin o

Congratulations to our new president-elect, Bola Ahmed Tinubu!

Hotice085:
Super FOOL
2023 useless He-goat.... regulated by cabals that can print more money at their will against the general public, fix inflation and deflation at their beckings

The last global world meltdown caused by bankers, how many of them were jailed compared to the general public that lost a great deal

Thunder fire you this 2023....Fiat criminals

You're less than a wild animal.

Your ranting is incoherent cos your understanding of micro and macro economic principles is shallow.

May thunder fire you all the way to your village you bastard.

You think you know how to open your maggot infested mouth and insult people here...I will give you what you deserve.

Bring it on!!!

Hotice085:
.

Banks, stocks and shares are the greatest ponzi, you just too dumb to know that

Fool!

Better to be silent and be thought a fool than to speak and erase all doubt!

Cryptos cannot hold a candle to banks or shares and stocks of blue chip companies.

- Banks are regulated, crypto is not

- Depositors funds in banks are insured, your holdings in crypto on an exchange are not covered by insurance

- Price movement of shares and stock are driven by market fundamentals and financial performance of the company; price of cryptos are driven by hype and shills and by paying influencers to lie about them

- Banking is regulated in every country; in the crypto space anybody can wake up and create his own coin. There are presently over 10,000 coins and token and most of them are scams and total rubbish!

...I could go on but I'll stop here for now

seanwilliam:
What has crypto taught you so far this 2022?


What do you wish you should have done better?

2023, what are your plans on crypto ?


This will help some of us especially newbies in taking decision as regards crypto in 2023.

Happy new year in advance o .

Crypto is an elaborate Ponzi scheme and I will repeat it 1,000 times!

Everywhere you look in crypto there's a scam going on!

I only just learnt yesterday that there is even fake USDT

Once the markets rise I will sell off 90% of my crypto assets and withdraw my money, I no dey for this nonsense gambling stuff

Geovanni412:
He might not be deflover. But he is definitely disturbing us with his product. Who will pay him for us to get back our peace?

Maybe you guys should contributé $100 and give him so he can disappear and leave this place in peace

twosquare:
This is what you should be doing with every coin...chai...as for shib, just leave it like that. The moment you take it out, your loss has finally been sealed. You can only hope for good times again. Although as we know, whatever goes up will come down, and what goes down will come up...except an Ponzi scheme.

Crypto is a Ponzi scheme, let's just tell ourselves the truth!

TheboyGhost:
You will be very rich next bull run if you hodl tight baba.....

Bought the highs and I am recked...

380 ICP coins @180

Hey everyone please don't dabble into crypto if you are a novice, advice from a once rich crypto trader now in the trench of trenches

I also made the same mistake, I was busy dumping money into crypto not knowing I was actually buying the top and now my investment of approx. $5K has almost completely turned to dust

Truly you can't buy experience in the market!

You people should give this thing a rest.

The federal government has changed the currency so accept it!

Clinton4518:
Baby doge is listing on binance!!.
Thoughts?.
Think FOMO would cause a price surge.Time to barge?

Is this confirmed news?

I regret the approx. $5K I invested in the crypto market just before it crashed!

Icecream4U:
So, UK prime Minister would resign just to create news at resistance?

Na so the comment shock me sef!