₦airaland Forum

Inversion therapy from GTA San Andreas is what you need. You need to face your fear. So when when next you have such urge to slap someone, especially strong looking guy, go ahead and do it. Your problem will be resolved

PepeXKermit:
So if i put my money in shares and it appreciates, e mean say na tantamount to printing money?

the company whose shares you put the money, don't they render services?

Freebills12:
[color=#000099][/color]

Is bureau de change legit? What is different btw both of them

at this point, everything is illegal in this country. Market women have become full blown criminals as well.

Mrbenny001:
This politicians want to destroy legit source of income for Nigeria in attempt to save their drowning and incompetent political carriers

Binance is not a legit source of income. Any profit you make from crypto trading is tantamount to printing money as you didn't bring anything of value to the society. Govt cannot ban it though. Politicians earn money without doing anything of value so why can't the average citizen?

Hehe what is balablu doing? People who made binance the arbiter of exchange rate will suffer heart attack.

I just can't stand the word 'swallow' were you supposed to inject it before? Yam, eba, rice any food that's not liquid is to be swallowed. It's either eba or ema what the fucck is "swallow"?

Nigeria is low key finish bro

Delusional idiots. If Yakubu did not subvert the will of the people will your curses now return to your head or it will be lost in the wind?

successmatters:
BDC are to banks what pharmaceutical outlets are to hospitals.

Where there are no drugs in the hospitals, or odd hour transactions, or where banks are distant, business cannot be allowed to suffer. BDC also provides employment.

Peter Obi is right like always.

why would you need dollars physically, urgently in Nigeria? Is dollar our currency?

MaxInDHouse:
According to God you're not to determine what happens to your tithes God said bring it to His house and not to the needy.
So if you don't bring it to His house you're still owing Him the tithe!

na him house abi na your pastor place of work? So if I build small church inside my compound now e don turn God house? Wetin God wan use your Naira do? Someone who supposedly created the universe

Problem with having an oversized military that you can't maintain. They were mocking Russia for not being able to maintain their military equipment while theirs are even more dilapidated

IFuckWell:
OP. You're an idiot. And you go dey wonder why you no go ever make am for life

Abeg who needs that your mumu opinion or voice overlay. You just froze the video unnecessarily. You feel say anyone cares about your opinions? Worthless nonentity.

so you actually open YouTube link? That app is the most useless app in the world. First they will force you to watch ads for 15 secs, then the owner of the channel will use another 10 seconds to tell you to like and subscribe (for a video you haven't even watched yet) and then comes the narration in awful voice and bad grammar

ogbonti:
because of what? you cant even answer your own question, right ?

Obaseki tood Esan people in 2020 relection campaign that it is their turn to produce the enxt governor and he kept to his word, and he is jot hated - Obaseki cant soeak bini language - Yes i said ao because I know him personally- his mother is from Owan and he speaks Ora perfectly BUT that didnt stop the Binis from vitinf for him - You seem notnto understand Edo politics- the time for Agbero politics is over

The market women remember how Igbinedion used Bob Izua to torment then - How Oshiomole used Tony Kabaka to humiliate them
all in the name of revenue generation and they do not want a return to that era


The politics of share the money is over in Edo State - people want to see development- not agbero disturbing the streets - APC is agbero people congress- we dont want them in Edo State

because I don't think Obaseki even knows Esan exists. I have never heard of Obaseki coming to Esan or doing anything here. He only gallivant around Benin.
I don't understand Edo politics when I'm literally Esan. Ighodalo will lose woefully here in Edo Central. If Oshiomole doesn't sabotage APC in Edo North PDP will lose. I was actually going to vote PDP when I heard Idahosa or whatever they call him was APC's candidate but now I will vote APC

billionman:
This is a tactical move by the APC. Both Ighodalo and Okpebholo are from Esan (Edo central), but Okpebholo seems to be more grassrooted than Ighodalo. Will the Esans prefer Okpebholo, seeing that he's coming through APC or will they stick to Ighodalo who is from their preferred party, the PDP. Either way, I see Ighodalo as the next governor because the political odds will favour him considering how the game will pan out in the other two senatorial districts, and he being Obaseki's candidate. Let's watch and see how it plays out

APC will win Edo Central. Ighodalo can't speak Esan and Obaseki is deeply hated in Esan because I don't think he's even aware that Esan is part of Edo. If Oshiomole works for APC in Edo North, APC will win easily

Inflation. Any profit you make from crypto is similar to printing money since you didn't give anything of value to the society to earn the money

Chummynoni:
i agree to the fact that there is some sort of manipulation but note that for every cause, there is an effect. And i am glad you point to CBN' incompetence. I pray Nigeria doesnt go on its kneels soon because the free-fall of naira is causing panic thereby increasing the demand for $, and i believe you know what would happen when this happens? More scarcity of $ thereby shooting the EXR up. One of the only remedies to this is for all the politicians to bring out their stashed $.Who are they decieving? They print more naira and exchange it for $. We have been experiencing Negative BOT for years. My brother, the problems are much that i cant list them all. This crackdown on Crypto is not even part of it. FG knows what to do if they want to, they are only looking for excuses.

If I write my wishes for all Nigerian politicians, Nairaland will likely ban me.

Chummynoni:
what the government is doing is chasing after the wind. All things being equal, if the Official rate and parallel rate converge, and the demand for $ exceed the supply of $, what do you think would happen? People will definitely source for $ anyhow anyhow. This is simple economics, as long as FG is not generating enough FX to atleast be at par with the demand for it, there will always be speculative trading. It is simple logic. Government cant win this war except FG embark on means to earn forex, as long as pressure is demand for $, the price will keep increasing, this is jusf forces of DD and SS at play.

nothing has happened between January and today that warrant dollar rising from 1k to 1800. The dollar rate is being manipulated by people who want to frustrate cbn until they accept multiple exchange rates. Still this doesn't excuse CBN's incompetence.

Mantul:
Why are you intent on lying, if binance is expensive people will get from aboki as the banks don't have for individuals

Binance don't sell dollars. People on Binance are crypto traders

These people are retarrded

PureFace1:
Yeah most buy with the hope of making profits and some buy for various businesses.

But they still follow the official rate though the difference is not that much and still make sense for black market rate. Dollar is currently 1600 at official and 1850 at black market, if the official market stabilize and it even decrease i believe Binance and other black market dealers wouldn't be able to take advantage of it.

The question you should be asking is why is dollar rising at the official window every day if the fx liquidity is so much. Binance and other black markets are still following the official rate.

Dollar is rising at the official rate because CBN has vowed to eliminate multiple exchange rates. If CBN keeps their rate at 800 and banks are selling at 1500 that will mark the return of black market rate which is how Buhari and friends ruined the country because some cabal were buying from CBN at 450 and selling at 750 cheating the public of 300 and becoming wealthy and powerful in the process. CBN has decided to make sure black market people don't make a single profit this time around hoping to remove the incentives for speculations and round tripping. So if you wake up tomorrow and USDT is now 4000 Naira, Nigerians will go to Twitter to trend it that Dollar is now worth 4k, banks will adjust their prices to 4k and CBN will also start selling to banks at 4k. It's a game of cat and mouse. If you decide to start buying USDT at 20k tomorrow morning and Nigerians agree to the price, CBN will start selling at 20k. That's the meaning of "willing buyer, willing seller" that the country is currently running

PureFace1:
Even If there are speculators on Binance it is all futile if Nigerians can easily source for usd at the official market, no one would like to be throwing his money away but as long as people keep buying it at that price It means people are getting value for their money without being on the losing end.


You think i will go to Binance to buy usdt if i can easily pay for anything in usd and my bank just deduct the equivalent amount in dollar from my account at official rate.

It is just a matter of time before Binance P2P section die a natural date and the price tumble and only those that really need usdt to trade crypto will be there, so there's no way speculators would thrive if people aren't buying at ridiculous price they speculate.

people buying crypto on Binance are mostly crypto traders who buy with the hope to sell and make profits not because they aren't able to access FX

Adegbem02:
Can you please now explain how dollar comes down, if this p2p guys have a miraculous ways of pushing the dollar up,
Because those high price speculation on the p2p never disappear atleast you will see an average of 10 of them any time any day
I have seen dollar loosing upto 500, 600 naira in a bearish trend, why is there stragegy not stopping the bearish run?

you made a valid point that I don't have answers to. I can only guess that it doesn't work for them all the time. You can also make lots of money from price crash by buying cheap to sell later when it rises. If you are able to effectively speculate and dictate price you will want the price to crash at some point so you can stock up

PureFace1:
A lot of Nigerians trade in crypto currency like BTC, Ethereum, Lite coin etc daily having a stable coin like usdt make it easier to trade and carry out transactions.

Many Nigerians also fund their online wallet with usdt for various business online like gambling, shopping, forex and stock tradings etc Some also use usdt to fund their dollar debit card to shop and import various goods online.

There's nothing you can't use usdt to do if you know your way it work like usd, you are just ignorant.

Nigeria is the third largest trader of crypto currency globally blame the Incompetent CBN and Nigeria government for not finding creative way to capitalize on that.

oh of course it's CBN's fault but that doesn't mean people can't expose how criminal elements are gaming the country's currency.

Exactly what I'm saying, Nigerians fund their wallet to trade crypto like BTC and ETH. How exactly will CBN's ability or inability to provide FX liquidity stop Nigerians that want to trade cryptocurrency? People need dollar from banks to book tickets for international flights, pay school fees and do other things. You can't do any of these with USDT which is what I already explained to you that CBN's inability to provide FX liquidity isn't what makes people seek alternatives in USDT. In fact, USDT is not an alternative to USD.
An overwhelming majority of Nigerians that use binance are crypto traders. They are there to make profits from Volatility not in search of crypto to carry out trade. Be truthful with yourself for once and stop arguing for argument sake

1x2x3:
You said only fraudsters deal there so what are you doing there and why should I go there? If you and the OP is there then you are both fraudsters.

The questions I asked you you failed to answer. Is it only Naira that's being traded on Binance? Why aren't they doing the same to other currencies from other countries?

You can't answer that and no Economist can answer that because hyperinflation happening in Nigeria wasn't caused by P2P, it's by having clueless people running the economy.

mostly fraudsters* where una even come from sef.
Bro binance is banned in most countries and strictly regulated in others

PureFace1:
Who told you it doesn't affect the ratings if they let the timer run out ? you talk so much balder dash with confidence, just spreading propaganda and misinformation.

I will sell usdt worth 50m for you now if you have it.

Do you know the current price of BTC now ? BTC is over 50k usd right now.

There are traders that trade in several BTC daily and you think 2 million worth of usdt is a lot to avoid lol.

stop fooling yourself trying to appear like what you are not. How many Nigerians buy 1btc in a day? In fact how many btc wallets have up to 1 btc in them? Why exactly will I be doing propaganda? Letting trade run out doesn't reflect on your profile as it could be as a result of bank having network issues. I have been doing crypto since 2017 so stop pretending like you're the be all see all. I have opened trades that I was unable to pay for and the timer ran out and they don't reflect on profile. It's still 100%.
You just write like a half wit. Because you will carry out orders doesn't mean everyone else will. There are real traders on Binance and there are speculators.

PureFace1:
Most of you guys are just ignorant it is better to leave you to keep wallowing in your ignorance.

tell me what you use USDT to do in place of dollars

PureFace1:
Two million is too cheap lol i have done thousands of transactions over that.

There is a limit to the amount of time you can cancel a trade on Binance daily or else you won't be able to trade. I think it is three time.

Go to Binance and see official top merchants that have 99% or 100% completion rate that trade minimum of 10m and above, they won't have that percentage and good reviews if they mostly cancel trade. it is just propaganda and speculation from your side.

Let CBN make dollar easily available and see if the price of dollars on Binance won't crash, banning Binance may even push dollar above close to 3k in black market if CBN is not careful.

they don't cancel, they wait till the timer runs out. I have seen this multiple times. Some even negotiate. You are still mixing too many things together. There are real buyers on Binance that can buy 20m, but the top ads with highest rates mostly don't even respond and just wait till timer runs out. You can can get 100% completion rating by selling small amounts and speculating with the higher amounts. As long as you don't cancel and let the timer runs out it doesn't affect your rating or ability to trade.

Even if CBN makes dollars available it won't affect the people going to Binance to speculate as those people aren't looking for dollars to carry out business with but are rather looking to make quick profit. You can't use USDT for anything you need dollars from banks to do.

1x2x3:
So why blame them for Nigeria's economy? Is it only naira that's been traded there??

can't you read? Go to Binance right now, try to sell Bitcoin of 3m to the top sellers with highest rates and see if they will pay you. They will wait till the timer runs out but as long as other traders see the high rates on the app, everyone else will adjust their prices upwards and Binance will update the price to match the price that has been speculated. Nigerians will go to Twitter to trend the new price of Dollars and banks will adjust. A few criminals are ruining your life and you can't see it

PureFace1:
Keep living in denial lol

You can not satisfy the demand of the customers coming to your shop but you are mad that the only dealer in the area that is able to satisfy the demand is selling at whatever price he like, of course as customers keep coming to his shop he would keep raising price because he is the only dealer that have what they need in sufficient amount. It is still basic economy.


Your own idea now is too kill the dealer so that the customers can come back to your place and tolerate the bullshits you offer them and suffer without even getting what they need or force the dealer to sell at your own price when you are not the one that open shop for him.


You think people will buy at the rate pump up by spoofing if they can easily get it a cheaper rate elsewhere lol?

you just don't know what you're talking about. Tell me, what can you use for right now? USD is not the same thing as USDT. You can book flights, pay school fees, import goods with USD, you can't do any of those with USDT

PureFace1:
As long as there are people willing to buy at the price it is listed, It is not manipulation the demand is just too high that people are willing to buy at that price, if people are not buying at the price listed the price would be forced to drop.

Do you think people are stupid?

If people can easily walk into any banks in Nigeria or online and secure Dollar at the official rate for their business transactions you think they would be patronizing Binance and other black market dealers ? but the dollar is just too scarce that it is not really available, if you call that manipulation then you are stupid.

What you guys want to do is kill other alternatives sources of getting dollar, with CBN and banks having absolute monopoly and tolerating whatever is dish out but usd is not a Nigeria currency and CBN can't have the absolute monopoly over it.

buying dollars in bank is not the same thing as buying USDT from binance. You literally can't use USDT for anything official so binance is not a replacement for bank, USDT is not a replacement for dollars, it's just an avenue for speculation

PureFace1:
You are spreading misinformation

Selling is all always cheaper than buying when it come to P2P in all platforms.

The minimum trade amount for both buy and sell is 4000 naira in Binance.

Everything still follow the law of supply and demand, If there are nobody buying usdt in the price listed for it on Binance the price would drop.

But the problem is demand for usdt is very high which mean it is not really manipulation but the true value of usdt, even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.

CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.

you should try to sell even 2m to those merchants he's talking about let's see if they will pay. They will just wait until the timer runs out. You just don't understand what he's saying.