Feldie:
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?

How about stock trading?

You think value is about lifting bag of cement from trailers or sitting idly in an office to receive
monthly salary?

gabicon:


I can't fully comprehend why some people are complaining, we exchanged $28b value of crypto in 12 calender month,the effects of which are manufacturing companies can't buy raw materials, sick people can't seek treatment, importers are stranded, students can't pay school fees, hyper inflation etc.

Who did the imaginary $28 billion exchange?
Did they buy dollar from banks , BDC or the CBN?

RenaissanceGuy:
Very good. Crypto may eventually cripple world economy, if there are no stringent regulations put in place.

What world economy?
Are you living under the Rock?
The US SEC approved many Bitcoin ETFs this year and Ethereum ETFs are on the way.

If you know what ETFs are you will realise that crypto just got the strongest backing it can get.

ozo13:
all the ginger ginger campaigning people were doing asking citizens to quickly convert there cash into dollars and cash out big later, some Nigerians abroad the remittances in most cases are in USDT or crypto

Nope. Majority of remittance still pass through the formal financial system. Crypto is restricted to youths.
BTW, what is Cardoso's business with how someone choose to send the money they earn
abroad to their relative?

seunmsg:


Where did you get your data from? I have seen daily volume of over N3billion on spot trading of USDT/NGN alone without considering P2P. So, CBN figures can't be wrong. They have far more accurate records than any of us.

Binance P2P stats is the source of my data.

Whatever Naira is used for trading on Binance is out of the equation as it has left the system.
It is like buying foreign stocks, whether the investor loses all their capital or gain more
is opaque to the CBN until the capital is reimported.

Only P2P/withdrawal/deposit matters to the CBN. And this transaction is less than $500 million per year.

BTW, trading volume in spot trading is not what you think it is.
I can own $100 and generate $2000 in spot trading volume.
That doesn't mean I own $2000 at the end of the day.
In fact, I may even end up with zero dollars while generating $2000 worth of trade in the process.

You seem to be under the impression that the CBN has some secret powers to track currencies outside
of Nigeria's banking system. It doesn't.

I maintain that Cardoso is lying through its teeth. Another possibility is that he is ignorant of currency market, which is unlikely.

CodeTemplar:
That's huge. I see why parallel market was always dictating the direction of forex prices.

Cardoso is lying.
Binance p2p started 4 years ago and the highest volume per year is less than $500 million dollars.
Let us use the highest figure, that gives about $2 billion dollars in 4 years.

So where did he get the $26 billion from?

Nigeria's Binance transaction volume is less than 1% of CBN's yearly dollar sale.

adioolayi:

Everything is not opposition...deep down, you know what the past government did was to issue a white paper on Orosanye's report....non implemented it.

Atleast, wait and see if Tinubu will implement or not...what we have seen now is not issuing of white paper..but a clear directive to implement

I am not sure you have seen the full report.
Forget the highlights, tens of thousands will lose their job if the report is implemented.

No government is entirely responsible for national woes or gains.
There is always a carryover effect from previous administration.
But it is hypocritical for the government to claim any positive development
but blame others for the negatives.

There is no more clear example of state terrorism than this.
Starlink shares about to rise.

Typical.

9jatriot:
Very good.... CBN dishing it out hot... Any thing above that should be by transfer.

That means intra bank transfer of forex should now be available.

However, it is interesting how USD has become a secondary currency in Nigeria

Nothing in the report suggests intra bank transfer of fx will be allowed.
The restriction was recently placed and it won't be changed that fast before
determining whether it works or not.

makemoneywbsite:
Africans and stupidity. Imagine perpetuating what a few white men designed for their selfish benefit. Imagine if it was Asians or Europeans that some race sat at a table and shared like cake. Even Arab tribe won't permit it. It can only be the black race tolerating rubbish. None would have the boldness to ask why.

Ignorance isn't bliss.
The British/French made 90% of Arab countries you see today, created India.
Other European countries also created, split or merged several asian countries still in existence.

stano2:
Emiefiele Policy if done with 100% transparency will really help.
Mop up the excess Naira circulating

What is Emefiele's policy?

tonicyril:
Sentiment apart, please someone should enlighten me.
Imagine a bank ceo collecting dollars from central bank, refused to use it judicially but sell it to the BDC operators for higher gains and later he will be building university in marina island..

Sentiments apart, the dollars aren't free.
The CBN needs the banks and the banks make money through the process.

The BDC and all regulated entities buy dollars from the bank.

You might ask why the CBN does not sell the dollar directly to the buyers
but the CBN is not a commercial bank and if it decides to be one, the
traders currently buying from banks will still be the one buying from CBN.

As to bank CEO selling to the BDC, there is no law against that,
banks sell to students, travellers, importers and others at similar rate.
It is not criminal to sell to BDC.

oluwaseyi0:
Do they want to bring them to the level of banks?

main question is how are the BDC getting dollars?

The CBN has the full answer and yet does nothing.
That should tell you something.

coputa:

caused mostly by government paraststals and agencies including state governors who converts government allocations in naira to dollars, give to the banks are channelling the dollars the black market at exorbitant price

I think you guys should get educated about the FX market before throwing accusations.

aariwa:
Whites like each other and do everything possible to avoid killing themselves unlike black people. If Russia were a black or middle eastern country without Nukes or friendly leader America would have totally destroyed and burnt down Moscow to rubbles by now

Fixed!
Germany was no African or middle eastern country.

Agbegbaorogboye:
There is nothing like free market in currency trading

Free market is not what you think it is.
In reality, pure free market does not exist in any market.
It just depends on the extent.

Government is the greatest enemy of free market followed by cartels.
Even labor unions are mostly anti free market.

It is an euphemism for people with money and influence making money off the misery of the currency.

People with money always make money when opportunities arise, nothing new here.

I ask for example, who or what is the fundamental determining the fluctuations in the market?

Not who, cause and effect, demand and supply.

Such high volatility can't exist in real life and some individuals or corporates won't be gaining massively or losing massively

What do you mean by real life?
The forex market is as real as they come.

naptu2:
Anyway, there would have been nothing strange or wrong if the NTA had asked to interview him in Hausa.

There would be nothing wrong if NTA asked an Hausa speaker and not insist on it when told otherwise.
I have seen several interviews in Hausa, but none of the guest were pressured into speaking it.
Defending an hypothetical theoretical is still a wrong.

skywalker240:

Well as a member of Ecowas, Niger, Chad citizens has free movements into the country

Anybody who can get to Nigerian Northern border can get in, ECOWAS or no ECOWAS
unless they look very different.
Moreover, Niger Republic has pulled out of ECOWAS, yet, its citizens kept
pouring in and out as they like.

Waiting for them to be arraigned in court.
Your guess is as good as mine

skywalker240:

A reasonable leader will just pull out of that silly organization called ECOWAS

It has nothing to do with ECOWAS.

Akpabio

Better don't copy Buhari and plunge the state into unmanageable debt.
Buhari claimed Nigeria has the lowest debt to GDP ratio and we can
continue borrowing as we like.
Now see where it get us.

Sanwo Olu should not create problem for the coming generations with dumb loans.

Inspirer1:

That's exactly what I was just discussing with someone, it happens everywhere, if it had even happened in Ghana, some might claim if it was over there such wouldn't happen...we should just pray for grace and safety wherever we are.

It doesn't happen everywhere at the same rate.
I doubt you will wish to move to Borno or Katsina village even if your income will increase 5 folds.

There are 4 times more killers in Nigeria. If you add terrorists, the numbers become more gloomy.
The painful thing is that many of the killers are walking free unmolested.

This killer wont bother covering his face if he was in Nigeria.

AkinPhysicist:
Saner climes.

Japa tunes...

RIP sha.

Do you know why that guy covers his face?
He knows his days are numbered.

Just go to youtube or TikTok and see killers posting selfie with army uniforms.

The difference is clear.

vannessa7:


Yes, because he did same thing in Lagos, broke down the old, non progressive system ithen built a sustainable, progressive and new system we see today that all Lagosians are proud of. There was serious outcry and hatred towards him when he started but they started loving him when everyone begin to enjoy the result of his hard policies.

When was the serious outrcy towards him and from who?

That you typed this shows you don't understand the Nigeria's economic state.

BreconHills:


They don't need to seize anyone's coins or even close down any sites.

So, why the alarm when they can't do anything?

Where do they breed this Nairaland braggart from?
Have you been to the market and not feel the atmosphere?

I don't blame you though, people that are being fed can't tell good or bad times apart.

BreconHills:


They dont need to

They don't need to what?

Another misleading headline.
How can someone siphon their own money?

Tax evasion is a global phenomenon, you tackle it with laws not noise.

NairalandForumo:


I'm only suspecting that's what they plan doing...

Yes, my point is that they may think that is what they want to do
but will find out they can't and quietly not raise the issue again
after some few weeks of noise.

Do you remember when Emefiele seized the assets of companies who traded
in foreign stocks, he eventually lost the case in court as there is no law banning
Nigerians from trading in foreign stocks.