The Naira-Dollar manipulators

I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent.

He disclosed that token sellers have migrated to Telegram and were selling Naira at N1850 and above.

He did not stop there, he lashed out at the Nigerian authorities over the efforts to arrest the slide of the Naira. He wrote: “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully. Binance was only a medium. If you block Binance, people will find new ways.This whole policy is absolutely ridiculous. Naira is going to zero”.

Naira going to Zero? Is the owner of this account a Nigerian patriot? I checked Bernard’s profile. He says he is “BUIDLing something for migrants” and he is the "Chief Commander of Japa". Bernard also posted a web link www. exposingagbado.com.

My curiosity has paid off. Bernard is one of those implacable supporters of President Bola Ahmed Tinubu’s opponents in the last election, still having an axe to grind; otherwise, why will any patriotic Nigerian wish that “Naira is going to Zero”.

On Tuesday, Bernard shared Naira-Dollar rates on some unidentified platforms, possibly Telegram, where Naira is being traded at N1900-N1950 to a US dollar.

He also enjoined forex traders or token holders to move their funds to “kucoin or bybit or your own cold wallet”.

Today, Bernard reported again that Binance has removed Tuesday’s cap and has now put another cap on Naira-dollar exchange. It is now N1892, he said, with a trading range of N1392 and N1892.

He was not happy about the new cap and attacked Binance: “Binance continues their games with Nigerians. Caps at 1892 when clearly the exchange rate is almost 2000/$ on other platforms. Trade elsewhere (NFA)”.

He retweeted a post by ‘Olumide capital’, who said Binance “distances itself from the forex debacle in Nigeria. Olumide reported that Binance said its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.”

Binance which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, and suffers access limitations from multiple jurisdictions, such as the US, Singapore, Canada and the UK.

According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

Ontario, Canada, has also suspended Binance services following its inability to meet the province's securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance's services.

Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform. Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.

The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.

Bayo Onanuga is Special Adviser on Information and Strategy to President Bola Tinubu

Ban am or not e nor go stop incompetence. Moda4ckars

FOOLS banning it is not the solution to our problems

If you are still supporting this mad men in power, just submit yourself to a psychiatric home because you are not mentally Ok. You need serious help aswear

Trial and error system of government

Even if you ban dollar, what is destined to fail will fail.
The mandate is a cursed mandate that desecrated the land.
Even if angels are appointed to head cbn and other institutions, under this desecrated mandate, they will crash.

Nigeria is cursed with bad leadership.
If you expect anything good from this set of criminals, then you are a fool

The government is clutching at straws .

Our economic minders clearly need help in navigating the financial bobby traps set against it in the FX market.

It's only by deploying a superior strategy that they can untangle the naira from the web of entanglements weighing it down.

Brute force won't cut it.
Clamping down on BDCs may generate a negative blowback.

They don't get almost any angle it swings it will still be in our favour.

Nuf said!

Una eyes go see ween!

For how long before you realise the problem of Nigeria is corruption and mismanagement of our national economy by the Politicians?

All top politicians and CBN staff are hoarding scarce Dollars in their private vaults at home yet here you are lamenting about crypto users.

Lol… this man is clueless, Ghana and several African countries deal with crypto, and we don’t see them banning Binance and co.


Corruption has finished Nigeria.
Our polithievcians are the number one cause of what’s happening now but will the take the blame NO.

Old age no mean say make person get sense.


I no get strength to talk abeg, hungerbad☹️

Gbam 😂😂😂😂

🚶🏿

How can the government ban crytocurrency ?

I agree... Ban it!

The Naira will still continue its free fall, and depreciate badly against the Dollar and Pound.

Witch-hunt youths and average Nigerians all you want, it won't change the situation...!

Until you massively and totally move the entire nation away from import consumerism to local production and exports, the national currency will continue to suffer...!

In addition, failure to stop elite politicians starting from Mr. President himself from junketing all over the globe for medical and wayward tourism, purchasing expensive foreign vehicles, etc, will continue to kill the Naira.


So, good luck chasing shadows.

Lol

Onanuga the town crier has spoken. can anything good come out of APC?

Hmm

Clowns in power...I used to think this my brothers from the other region have sense until power enter their hand,Omo buhari get sense pass this Olodo from the west

Nobody should try that nonsense.
After looting the country dry, you come back to start looking for a way to push people into serious poverty.

A clueless government that sees reasons to buy foreign cars instead of her own products is now caring for the economy.

LilyColin:
Old age no mean say make person get sense.


I no get strength to talk abeg, hungerbad☹️

May his soul rest in peace

Nawa o

Government of trial and error.

Incompetence.

From AbokiFX to BDC now its Binance then ban crypto.

Crypto that have changed some people life.

Dy play....thank God crypto is decentralised.

was there no crypto before the dollar became this expensive?

Thieves always looking for who to blame.
The last President contested how many times and when he was eventually elected, he came empty and clueless. He’s never aware of anything.

Everybody just want the title Mr President without having anything to offer.
Loot the country dry with your cronies, politicians send their kids abroad to the best schools, their kids don’t even need to look for jobs. Each time they club overseas SHUTDOWN.

Meanwhile their supporters are here defending and praising them, then go offline to suffer

Still fooling themselves

Agbero economic style. This is a digital age. You can't win crypto war

The same government you work for unbanned crypto just few months ago.

You can buy a First Class certificate but you cannot defend what you did not earn

Dead brain

Bv

I wonder the kind of brain that God created this type of idiots with, imagine these fools when they were young were called the leaders of tomorrow. We are cursed in this forsaken country