₦airaland Forum

Gboom:
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

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.

Konquest:
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.



Cc: Sukkot

racerve:
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.

sukkot:
hehe brother I gotta tell you I don't understand that whole crypto currency thing. Having parallel methods of transaction alongside the legal tender which is not regulated and seems like an underground kinda thing just does not sit well with me so I can't really comment on the crypto thing. I don't understand it. Looks like underworld money transactions and underworld banking to me lol

Ilekokonit:
Most of Nigeria's Politicians (including the looter in chief Tinubu) who have looted Nigeria dry have never heard if Binance nor do they have a crypto account. These Politicians loot Naira in billions and use their loot to buy most of the dollar in Nigeria both from the official and black market and they warehouse their now converted dollar loot in their private fire proof strongrooms.

This is the main cause of the Naira falling against the dollar and not the young guys trying to eke out a living by speculating on currency on Binance.

But as usual, its the small time common man trying to make a modest living that is scapegoated by the unconscionable corrupt Nigerian polithiefians.

millionboi2:
u are shooting urself on the foot.

Thissystem:
You think so? A basic google search shows the news is everywhere online even on Binance platform by users.

The fact remains though that government needs a holistic approach to problem solving, not only Binance for this matter.

henry457:
I came across a post by someone about how some set of individuals(whales) manipulate dollar to naira through binance and most of these abokis goes to binance to check dollar rate against naira. Some years ago,people go to binance and buy USDT(dollar) using your naira debit card.binance sell to you at official rate according to bank rate. At that time,naira to dollar has value,but when federal government stop Nigerians from buying usdt(dollar) from binance using naira debit card,people now think of other ways to buy dollar in binance which resulted to binance introducing P2P buying and selling of dollar. Now these set of individuals (whales) now use this opportunity to make money by manipulate the dollar to naira rate because the believe that Nigerians don't have any choice to buy dollar in binance which left with the only option to buy from P2P in binance. Now P2P is the cause of naira depreciation while dollar appreciate because those whales are the ones fixing the dollar to naira price. If government can talk to binance to stop P2P while given only binance right to sell and buy dollar(usdt) to individual at official rate as well as allowing Nigerians to buy dollar from binance using naira card. I believe this problem of naira depreciation will reduce greatly.