₦airaland Forum

eteebanky1:
I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

dey dia dey fool urself.
Even tinubu and seyi Tinubu get forex and crypto account

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

The problem started when CBN announced willing buyer and willing seller policy. The implication of that is what we are seeing

On top of that my 10000 usd on binance is now 8000

XPMExchange:
The blocking of Binance and other crypto firms in Nigeria by the Federal Government came as a shock to Nigerians. According to the media, the ban was as a result of the firms not folllowing. They were “neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”.



Meanwhile, XPM Exchange remains a safe and secure platform that is already registered in Nigeria under the Corporate Affairs Commissions (CAC) and Special Control Unit against Money Laundering (SCUML) which is controlled by the Economic and Financial Crimes Commission (EFCC)



Thereby buying and selling of coins, swapping giftcards and converting e-wallets funds for Naira is permissible and safe on our platform. You can click on the link on the signature below to get started.



THIS IS NOT AN ADVERT

u are shooting urself on the foot.

eteebanky1:
I totally support this ban

This same people trading crypto are the same unfortunate people blaming the government for incompetency

Fools

Be useful for once, use your critical thinking skills while asserting yourself.

How are crypto traders your problem, you think when the forex was stable during good luck Jonathan there were no crypto traders? You guys just use emotions to speak and then keep critical thinking thought process dormant.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

you go explain tire with no evidence 😆😂🤌🏿

Check your email, if you truly have an account with Binance

Ibaaboy:
Source of news

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

The reason they cannot act the way SA is acting is that most of our leaders and few privileged ones are in one way or the other are operating foreign currency accounts in Nigerian banks will go against this your suggestion. Before you know it, you will begin to see court injunction to return to status quo

Nigerian government must reverse naira floating, it an ill timed policy...it makes no sense to float a currency that can't compete, not in demand, due to our low export to import ratio.

Economics is for the good of man, not just for the theoretics.

a4cube:
Both Tinubu and Cardoso use the dom account for their illicit deals so they cannot ban it. Thier hands are not clean as well.

I bet with one of my ball that the government cannot ban Binance. Why? They also use it. The major problem of this dollar mopped up are the CEO of major Nigeria Bank.

Trading continue in paxful
I am in cameroon if there's anyway I can help to transact your money, don't hesitate. Six,eight,seven,one, nine,six, zero, seven , zero. On WhatsApp don't forget 237 at the beginning.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Egbon USDT is just a token. Like BTC, ETH or SOL.

For its price to affect national policy, that should tell you how much trouble we're in. The government is using this as a red herring to distract us from real issues, and people like you are falling for it.

Daily trade volume of USDT/NGN on Binance is less than $3m, which is a rounding error for a country of Nigeria's size. So how can such a small amount of transactions affect anything in the real world? Or destabilise Africa's supposed largest economy?

The problem is that BDCs are selling dollars based on USDT prices on Binance, or online publications, instead of actual demand. But that's a completely different issue which can be solved by regulating them, or eliminating the need for a parallel market by making banks sell dollars directly to the public.

But in typical APC fashion, they'd rather find someone to blame than try to fix the real issue.

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

that's it, just simple and straight forward.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Does Binance do this same thing to other West African countries too? I mean no offense pls

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

You are comparing Nigeria with South Africa where you have Cisco, Amazon, Toyota, ford, Kia etc manufacturing and assembly plants.
All big companies that are not in Africa yet already have branches in South Africa.
Make your country favourable, allow investors come in, secure the country and see things improve.
Scarcity of naira in a country that buys everything abroad will always result to this.

why

alanih:
I pity for those whose only source is from binance

I don buy 85 usdt this morning from binance. make una dey deceive una sef

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

Why insult him, is it the CBN governor that initiated domiciliary account or it has been in the system.

I agree with you that all foreign accounts operated ín Nigeria should be closed.

Also, they should make it a law that holding and spending in dollars here in Nigeria should be a crime against the state.

They should just scatter everything and start building from scratch because at the moment, nothing is left again.

This may also help/

VanuatuWycombe:
CBN should make another law that any USD that its print date is lower than 2020 should not be paid or accepted by our banks. We will manage this till we ban foreign currencies in our system patapata. Those currencies are killing our economy.

Johnjustice:
Nigerian government must reverse naira floating, it an ill timed policy...it makes no sense to float a currency that can't compete, not in demand, due to our low export to import ratio.

Economics is for the good of man, not just for the theoretics.

Exactly! Same thing I’ve been saying. If only they will listen

Thissystem:
https://dailypostngr.com/2024/02/update-binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/

I do not thinks Binance action of disabling sell option for its Nigerian users and blocking them from selling fiat currency, USDT, on their platform would bring down the pump price of PMS and high cost of foodstuff respectively in the Nigerian market.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Get your facts correctly, they sold between N2500 and N2600 on P2P yesterday. I exchanged for N1870 yesterday. But go there now, everything is below N1800 as stated in the post.
Check the picture below and see the number of USD owned by each seller not to talk of other Platforms. Some use to have as much as $100k in stock.How can Dollars not be scarce and expensive?
This is like the POS business, you will not see money in the ATM but you can never find a POS agent who doesn't have money on Sunday.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

I love it when I see people speak the truth even for the fact you benefit from the platform.

We need more patriot like you.

I so much hate those manipulators on Binance.
Anytime you want to sell and you see Drop Your Number, na dem dem.

burp18:
The ratio of what Nigeria exports is like 5% to 95% of what it imports .
Asides crude. Nigeria doesn't export anything and the little it gets from crude sales is either used ti service debt, mismanaged or looted.

So what is the way out?

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Bros God no go shame you ooo...
The beautiful thing is no matter the rate you will sell what you buy on p2p... The rate should go to CBN level...

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

Agbado man, you are a bloody liar. I do some remote jobs with institutions based in the USA, and I use my Nigerian dorm account to get pay. I also have South African colleagues who use dorm accounts in the SA to receive their funds.

BreconHills:
Nigeria or Nigerians? The Government is not the one importing human hair and $5000 whiskey - all of which have zero economic value.

By the way, the bolded is an exaggeration. Nigeria exports agricultural commodities and some minerals. Nigeria also receives USD for services, movies and creative activities. It exports gas and yes even electricity. These figures may not be as significant as crude oil but to say it does not export anything is an exaggeration.

What agricultural produce do we export? Do you even realize it's cheaper to buy rice from neighbouring cotonou?

Thissystem:
We need more measures to improve the economy

There should be urgent review of the current economic and monetary policies. Treat the root cause and the symptom will disappear.

The fall in the value of naira, hunger and chaos are symptoms.....Like symptoms of malaria, symptoms of diabetes, symptoms of pneumonia, etc. When you treat the root cause, symptoms will go away.

Some of government's approach to solutions lately is like someone having headache and experiencing weakness due to Diabetes but the person is busy taking only paracetamol and drinking lucozade for energy. The sickness will remain until the cause is treated/managed properly.

How is this measure an improvement to the economy
I strongly believe u are one of those spreading info they av no knowledge of.
Our main issue is demand and supply
Meaning the demand on the dollar is too much that our economy can't no longer accommodate
While u av also forgot our so called government are one of the main issues cuz every month they go for foreign mission and are paid allowance in dollars(kindly find out before u quote me pls) and also ambassadors in foreign lands are paid in foreign currency.
95% of are economy depends on dollars thereby adding more pressure on d dollar.
Our government put us in this and I believe if they learn from India how they overcome theirs den we are on d road to salvation

Thissystem:
https://dailypostngr.com/2024/02/update-binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/

Binance, the World’s biggest cryptocurrency trading platform, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’

The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

Lifemanage:
BDCs should be banned from operations and only CBN rates should be used in the morning. Cos what we see now is that cbn is doing catch up with bDC rates. Terrible economic terrorism

Update Lagos Island market was closed today and rate has dropped. If all BdC operations in all states are closed, this implies that rate will revert to less than 1000. BDC operations are the reason for the depreciation of the naira

burp18:
What agricultural produce do we export? Do you even realize it's cheaper to buy rice from neighbouring cotonou?

Sometimes when I am tired of answering questions like this, I encourage myself that this too shall pass.

Please click here https://www.google.com/amp/s/businessday.ng/agriculture/article/nigerias-top-10-agric-exports-in-q1-2023/%3famp=1