₦airaland Forum

1x2x3:
You are blaming the P2P forgetting the real thieve are your bank MDs who CBN release $$$ to but you would never find the Dollars available to buy from them. Why would anyone want to buy $$ from P2P if banks are willing to sell?

The CBN sell $$ to the banks at N1500 the banks instead of selling to the public at N1550 they prefer to reserve it for politicians or BDCs at a much more higher rate like N1600. Politicians will take this money away and cause shortage while the rest that was sold to BDC will be resold at 1700.

Stop blaming P2P. If they Govt want to solve the problem then they should start with reshuffling things within. What you see if Govt failing or being clueless.

people buying and selling on p2p don't use it for what you would go to the bank to do. You can't pay for international airline or school fees with binance p2p. People there are mostly full blown fraudsters changing their crypto to Naira

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.

Feldie:
people buying and selling on p2p don't use it for what you would go to the bank to do. You can't pay for international airline or school fees with binance p2p. People there are mostly full blown fraudsters changing their crypto to Naira

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

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:
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

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

bros god go bless you for this post.
You just explain the negative speculative fraud hoe it happens.
How on earth would you choose to buy higher than parralel market but peg the minimum transaction at 5million.
Those with 5million that are honest business men won't take that risk which in the end is not even a valid deal.

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

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.

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

Feldie:
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

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

You do put up a good explanation and all you said actually happens on binance p2p, but that is not the cause of the naira free fall, I wish they ban binance and am not saying this because I don't have anything (cos I do have a stake there), but I will really want to proof to you how foolish you people are (op and his goons), and because you can't actually stop binance and p2p in Nigeria, our policy, our systems and structure is too weak to achieve it

Nigerian are dump, one incompetent politicians went on national tv to inaccurately prounce the name binance and how it actually works and we all left the real issue to be killing consequence of a failed stated

I thought it was Abokifx that was causing hike and posting prices they like.


Where's Emefiele? Come and fight

Instead of regulators to do their job, they are blaming the market they are in charge of

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.

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

Feldie:
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 USDT for anything you need dollars from banks to do.

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?

Feldie:
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 USDT for anything you need dollars from banks to do.

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.

99.9% of money laundering in Nigeria happens through the manual looting and diversion of government resources and funds by politicians. This has been going on since 1960, long before the creator of Binance was even born.

The demographic which will be hurt the most by a proscription of Binance are the intelligent and tech savvy young people who make an honest and respectable living on the platform.

Meanwhile the rotten and degenerate old men in politics will continue to pilfer billions of dollars and euros and nothing will happen to them.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

Feldie:
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

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.

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.

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

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

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.

USDT is still a crypto currency how is it illegal in Nigeria when Nigeria lifted the ban on crypto currency last year ? You are just delusional.USDT is still a crypto currency how is it illegal in Nigeria when Nigeria lifted the ban on crypto currency last year ? You are just delusional....

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

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

Have you tried to sell $2m to a merchant on binance?

First, I don't think you can sell what you don't have there!

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

Feldie:
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.

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.

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

Feldie:
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

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.

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

Feldie:
bro binance dictate the value of Naira. I swear. If you see people on Twitter trending the price of dollar to Naira 99% of them are quoting Binance. Banks will just follow suit and since CBN has decided they will not entertain multiple exchange rates those ones too will follow

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

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