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Nairaland Forum / Nairaland / General / Investment / Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce (624 Views)
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Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by ElectronicMoney(m): 1:24pm On Feb 20 |
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 3 Likes |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Ebubu2: 1:33pm On Feb 20 |
Fools Chasing shadows. Are hungry boys trading on Binance the reason why you’re poor? Emefiele printed billions of naira illegally, FG is on quadruple loans, thousands of Politicians are hoarding millions of USD in cash at their private cold rooms. You’re here talking of Binance 5 Likes |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by SavageResponse(m): 2:00pm On Feb 20 |
Ebubu2: Ebubu I heard that they finally converted that multiculoured building in Abakaliki from an airport to an amusement park, is this true? That is a good move because not one single plane has landed on that makeshift airport 2 years after it was commissioned |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by AwoOkeIjero: 2:46pm On Feb 20 |
USDT is a token. USD is fiat. If you want to buy USDT with USD, you will also get less than what you offer. Same goes for the Naira anyway.... It is called floating, baby. **If you need USD, go to the abokis, mallams, BDCS, and banks. USDT is for those who engage in crypto dealings, and as much as I hate to say this, no one forced you to buy USDT. |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Karleb(m): 3:38pm On Feb 20 |
So why is same not happening to other currencies. It's funny how APC blames everything but themselves. They are the real reason the naira is such a mess today. Very incompetent lots. 2 Likes |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Erums(m): 5:46pm On Feb 20 |
AwoOkeIjero: |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Erums(m): 5:47pm On Feb 20 |
AwoOkeIjero: |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Ofunaofu: 6:28pm On Feb 20 |
Karleb: They blame anything blamable |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Prosperity4All: 8:03pm On Feb 20 |
ElectronicMoney: Absolute bunkor Were you born yesterday or you think Binance was launched as soon as Tinubu took Office. Why didn't Binance adversely affect the Naira during previous governments . In case you don't know before Binance Nigerians have been trading USDT and other Crypto on other exchanges. Find another excuse for your Ogas inability 1 Like |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Quitmast: 8:19pm On Feb 20 |
ElectronicMoney:Sometimes I am baffled by how humans can have a strong opinions on something they do not understand. Seriously, this is probably the dumbest article i have read online in a long time. Before CZ was born, the Naira aa been falling. All the way from 1kobo per dollar to 250 Naira per dollar( somewhere around 250 Naira per Dollar; Binanceee was incorporated) Imagine the level of devaluation. This trend as not change a bit over the years. Nigeria itself has gotten worse and keep getting worst in all areas of life since the day it attained independence. A currency is as strong as it economy behind it. A currency is a representation of a country. If the country is conducive, safe, stable, transparent, innovative, it currency will inevitably do well. 2 Likes |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by ElectronicMoney(m): 6:40am On Feb 21 |
Ebubu2: Please state your opinion without throwing insults, we're not discussing Ebonyi State matter here! |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by ElectronicMoney(m): 6:44am On Feb 21 |
AwoOkeIjero: It is the trade in USDT that is driving up the exchange rate against the Naira and not basic economic fundamentals. Once the rate on Binan.ce goes up the abokis will also quickly adjust their own rates upwards 1 Like |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by ElectronicMoney(m): 6:48am On Feb 21 |
Prosperity4All: I'm not even going to waste my time trying to convince you because it's already so obvious you're one of the people who want the country to fail so you can "I told you so". Just so you know all of us in Nigeria are in the same boat therefore no one will escape the severe difficulties that will come with a collapsed economy therefore be careful what you wish for |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by ElectronicMoney(m): 7:01am On Feb 21 |
Quitmast: What makes you even think you have a better grasp of the issues I raised? This discussion is clearly above the mental capacity of a porn addict such as yourself. My advise is that you concentrate your efforts on your battle with masturbation and leave the floor for better informed and knowledgeable persons to engage me on a debate on the matter on ground! Quitmast: Quitmast: Quitmast: Quitmast: |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Quitmast: 7:34am On Feb 21 |
ElectronicMoney:Okay! I still believe your insight on the subject matter is the dumbest (I just do not have any other word to replace this, forgive me if you find my language offensive) thing I have read in a while and i am not emotionally or logically clouded by my addiction. As regards to masturbation, I open to any form of advice in quitting it, if you have one. 1 Like |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Ebubu2: 10:59am On Feb 21 |
ElectronicMoney:Did I insult your father? Is your name Federal Government? |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Prosperity4All: 12:15pm On Feb 21 |
ElectronicMoney:Let's stop playing Emotions when serious matters are before us whether we currently reside within or outside Nigeria. Actions and not wishes is what matters right now. This is the much I will say to correct your thought form |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by Elliotwaveforec: 1:17pm On Feb 21 |
ElectronicMoney:Why are Aboki using USDTNGN as against USDNGN? Picture 1 USDNGN Picture 2. USDTNGN Look at the gap.
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Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by NigerianEagle: 8:50am On Feb 23 |
The federal government should force Binanc to use on CBN official rates for buying and selling of USDT |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by imagrg(m): 9:44pm On Feb 23 |
I think you are clueless. What has crypto got to do with a failing economy? They are using this as a smoke screen. The real problem is corruption in the management of our resources. 1 Like |
Re: Rapid Depreciation Of The Naira - The Major Culprit Is Binan.ce by imagrg(m): 9:50pm On Feb 23 |
Not true. You lack understanding of how it works. ElectronicMoney: |
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