₦airaland Forum

samguru:
We traders in the cryptoworld today are currently in sad mood.

Oh my XRP
Oh my Bitcoin
Oh my Ethereum
Oh my Dogecoin

God will console us with future massive gains.

#wemove

The irony is that some traders including myself are happy today .
The correction is long overdue in my opinion.

PharmAlfred:
Sent a message to @StanChartNG that my account was locked. They responded quickly and unlocked. The message I sent to Gtbank since December went unanswered until an old friend from Benin stepped in.

Stanchart runs a global call center not just in Nigeria and they are efficient.

I have decided to stop using local African banks because they aren't serious yet about customer service. Financial services is not about building branches or having plenty overworked and poorly paid people. It is about giving and receiving service with joy.

Copied.

The efficiency people are talking about can only be found in the company balance sheets.
Check out GTB ROE, cost to income ratio, among others and compare with other banks.

QuinModah:
How sure are you?

Has anything come out of national assembly summons of anybody before.
If CBN reevaluate its own action, it might take a new approach and possibly put in some regulations in place .
My point actually is not to put any hope in CBN changing its stance.
If they change, good, if they don't, we look for alternatives and move on.

QuinModah:
Yes, but with the summon of SEC and CBN by the National Assembly, things will change.

Nothing will come out of national assembly meeting.
Anyone who wants to play in the crypto space should forget about that issue and move on.

Tobex4realTobex234:
Elon Musk is buying BTC.
Jay Z is buying BTC.
Jack Dorsey is buying BTC.

Tesla is buying BTC.
MasterCard is partnering BTC.
Visa is partnering BTC.

Dumb CBN is banning crypto.

CBN is not dump, they have to take some actions.
I had already envisaged what they did before they actually strike.
The rate of growth in crypto trading in the last one year is crazy.
How could we be trading over 20b in a day(to be conservative) in crypto vs ngn and NSE will be struggling with 4b??

lavylilly:
XRP to the moon
TRX to Mars

Digital asset is the new frontier to million and becoming a millionaire

Cryptic is not ponzi.
There is no need for advertisements.

jedisco:
If he tried trading crypt0 and lost, that's not new. People lose whrn they trade any asset wrongly.

Same question I've been asking... how exactly is it fraudulent?

Is it that folks are not critical thinkers? Everyone keeps saying same thing and its obviously because they do not understand it.

You are really trying to explain how crypto works.
Unfortunately, we have too many people around who have a rigid view of crypto as fraudulent.
No matter what you say to those people they will never understand.
Why those who don't have a single unit of crypto are here analysing stufff, guys are still making money even on a Sunday.
More than 5 billion have already exchanged hands today on binance trading ngn.

jedisco:
I haven't taken note of that sef... That's huge moreso considering there was reduced buying over the last 24hrs.

Funny enough, Binance is relatively new... adding others like Luno, Bundle, Quidax, Patricia plus p2p (which seems to be the largest), it could easily hit 40-50 bill daily. That's volume!

Binance is relatively new,but it should be the biggest now.
We have too much money in circulation with people not willing to invest in real economy.
Who can blame them?
I can not also blame CBN for this directive though I am somehow affected..
The CBN has to do its job part of which is to control the money in circulation.
I don't envy the CBN governor, we as a country are in a very delicate and difficult situation.

ojesymsym:
Billion?

Yes billion!

jedisco:
Wow!!
Can you share screenshots?

Nigeria has a larger p2p industry and it seems a good paet of their trade is with China... I'm getting some info bit not so clear on it... Any details on it?

Btc against ngn close to 7b
Usdt against ngn more than 3b
We still have other coins that I have not added and this is only for one exchange.

jedisco:
Let me ask

1. As it's a market in constant flow, what happens when they withdraw?

2. What happens to foreign remittance via crypt0? How does that happen?

I have the snapshots for today.
More than 10billion naira traded.

emmanuelewumi:
Which is very good.

We just love lamenting and worrying. Even Nigerians who are not based in the country are lamenting about the recent CBN policy, of what purpose is the lamentation

Remittances from abroad are mostly now done with crypto which is cheaper and faster.
With the CBN new directive, that will be almost not possible.
Everyone will have to go through the bank now, so some of them have reasons to lament

emmanuelewumi:
Occupational hazards.

People should always consider the grey areas and risks before they commit funds. Nothing should come as a surprise to informed investors

There is nothing much to worry about as an investor.
Crypto will still continue to thrive albeit in a different way.

emmanuelewumi:
CBN did not and can't stop crypto currency trading in Nigeria, it is beyond the scope of their operations.

The bank only told the banks they regulate that they should not allow their channels to be used for such transactions

Yes, CBN did not ban crypto trading.
They have however successfully blocked the major gateway for large scale trading.
P2p will most likely thrive but can't compare to direct access to major exchanges.
It is a big blow for crypto community in Nigeria.

emmanuelewumi:
Can didn't and can't ban crypto currency trading in Nigeria. It is beyond their power.

They only instructed banks not to allow their channels to be used for such transactions

Yes, CBN did not ban crypto trading.
They have however successfully blocked the major gateway for large scale trading.
P2p will most likely thrive but can't compare to direct access to major exchanges.
It is a big blow for crypto community in Nigeria.

jedisco:
I edited my post...
I meant your source.

Fact is huge money has gone into the sector..
I'd say it's been fuelled by 3 things.
1. The devaluation of the naira of which CBN played the major role

2. The fact that bitc0in broke it's previous 20k all time high in 3 years. Most folks wjo thought it was dead started paying attention and considering it as a long-term option

3. Those who want quick cash who would further fuel the run and likely be burnt because of greed. Perhaps the 'gamblers'

I follow binance daily and one of the things I watch for is volume.
Unfortunately I did not have a snapshot.

jedisco:
What's the source of the 20 billion?

That is really one of the major concerns.
The kind of money going into crypto exchanges daily from Nigeria is just too much.

emmanuelewumi:
The value of transactions on NSE in Q2 was $130 million during the lockdown. They should have also shared the value of transaction in Q1, Q3 and Q4. People sell their shares for different reasons.

They should have compared the figures with the value of transactions on FMDQ that runs into billions of dollars, after all they trade in currencies and fixed income on FMDQ

The value of crypto traded against the ngn has increased significantly in recent months.
More than 20billion yesterday on binance.
CBN should definitely be worried.

RayRay06677:
Why hiding your illicit investment. Wanted to bring out the proud foolishness in you.

Rephrasing, what's is investment to you since "ponzi" is not one.
My brother, no need for e-fight, its like religion. Anybody not worshipping your gods is evil. If you don't understand forex then allow it slide, don't tag investors foolish. A genuine business can be use as front for fraud but the trade itself is genuine. Just like any other business in Nigeria, anything can crash. ExxonMobil just post a negative profit of over $20b dollars. Their share holders can't be tag foolish.

Forex in itself is not a scam.
The problem is that most of those claiming to be trading forex and promising investors fixed returns are in all probability not doing forex.
The probability that MBA actually traded forex is near zero.

fxuser:
E ku market dear fam

Happy New Year and NEW MONTH

Happy new year and new month to you too.
You just abandoned your students like that
Welcome back.

ositadiima1:
I am sorry if I bug u guys with my perceived crap, I am talking to u, the diehard fundamentalists and serial dividend collectors.

I haven't seen any references in our local media towards systematic trading techniques. So, I post mine. I know some big and small firms use these techniques on our NSE, codedly. I am sure they are cashing out big time.

If systematic algorithms make big bucks on the New York Stock Exchange, which is saturated as at now with these trading robots, how much more our NSE. Food for thought "Bro".

Our market is very shallow, you need a very deep market for some of these things to work well.

OBAGADAFFI:
https://www.gsk.com/en-gb/media/resource-centre/our-contribution-to-the-fight-against-2019-ncov/

This is GSk UK.

OBAGADAFFI:
I know GSK have biovaccine lab.

Any link to support this your assertion because to the best of my knowledge,. as at today no Nigeria pharmaceutical company has the capacity to produce any vaccine.

GANDALF1:
Livestock has trapped its own share of prisoners.

FTNCOCOA also got some share.

No dividend or interest payments for a while.

Back to drybone status

You have really tried to sound some notes of warning..
The qualities of analyses ( both TA and FA) have been on the decline in recent times and I think that is one of the reasons some experienced members don't bother to contribute much again..

People are looking for quick profits and anyone that mention a stock that rises in value is seeing as a hero..
Japaul, champion brewery, ftn cocoa,any company in the insurance sector.........
Sometimes, you feel like vomiting when you read some of the recommendations of the so called stock pickers now....

They should enjoy it why it last,sooner than later, most of them will disappear again...

bigjay01:
Dabbled into crypto. Bought some litecoin on 03/01/21. Let's see how it plays out. The volatility na die

Welcome to the club....

Those who think Nigeria will manufacture covid 19 vaccine can now go and rest.
Nigeria will import the vaccine as usual.

https://www.nairaland.com/6325626/senators-express-doubt-fg-unveils

ositadiima1:
2012 to 2020 : Mean Reversion Variant

as u can see bellow the initial 1mil in 2012 generated 1.127 mils in 8 years. Very poor.

Great stuff.
Kudos.

Market review...

swilo:
Please, expatiate. I need to understand your point please.

There is a difference between perception and expectations and reality.
The perception is that all heath related companies will make more profit, the reality is that not all of them will make more profit.

handsomebolanle:
That might be our best bet... Except we want to keep it imported at intervals...

Moderna's vaccine is can be kept for 30 days in the refrigerator, the company announced Monday. Pfizer's vaccine can last only five days in the refrigerator., - CNN

Do we produce any vaccine in the country?
What happens to cold chain equipment in handling import?

I understand the euphoria and sentiment about health sector companies but in term of real benefit to balance sheet, there might be none.

emmanuelewumi:
Who will get the right for the manufacture or sales of the vaccine in Nigeria and West Africa?

Do you also believe we will manufacture any covid-19 vaccine in Nigeria?

TransAtlanticEx:
Funny thing is I am not trying to make anyone believe I am smart or anything,I am bigger than that
Just that people just get intimidated by superior arguments or superiority in general,reason why you think I am trying to impress anyone of you lots whereas I am just doing me,like who I am every other day.
I ain't even trying to be honest,the only time I try to be smart is when I want to lock deals
A satisfied life my ass,LOSER TALK

If you are not married, it will be difficult for you to understand what it means to have a satisfied life.