₦airaland Forum

REALretep:
Exactly
Other unpopular exchanges will become popular. Government can never kill crypto. It has come to stay. Binance is just one of the many crypto exchanges in the system

SoNature:
Apparently, Nigerians are overestimating themselves. We think that without us this foreign companies cannot run. This is a similar drama that played out between Buhari and Twitter.

The most SENSELESS argument made by a Nigerian is that Nigerians use more expensive things that foreigners. I don't know who is telling us this nonsense!

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hoverint about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

REALretep:
Exactly
Other unpopular exchanges will become popular. Government can never kill crypto. It has come to stay. Binance is just one of the many crypto exchanges in the system

seanwilliam:
And people will start chasing the scarce dollars on other exchanges.
Consequently shooting up the price again .
Bro Tinubu , why are you this dull?

VeryWickedMan:
I don tell you, check SHG.
I'm trading as I'm typing.

Theunbothered:
Inflation did not happen before Binance in Nigeria?

tonicyril:
Ok, but everything either new or old can contribute to inflation sebi u know??

Ayomipoe:
Your comment is misleading.
Here is EUR/USDT

harjay1986:
I once ask someone that they should show me other countries currency on a spot trade with crypto, even the almighty USD is not there, Euro is not because USDT is not recorgnise by bricks and blocks... to Nigerian Yes we want to back our money againt inflation then buy Bitcoin then

harjay1986:
The motive is not to clamp down on crypto, the motive is to stop leveraging on weakness of Naira, I can get my crypto from anybody or any platforms and trade against any crypto I like but not to use it to trade with fiat except you are going into forex trade

yang:
Olodo government

So to float FX they ban the trading venue not under government control

Tell me how price discovery occurs

You print NGN 30 Trillion out of think air and act surprised when people point out that naira should be trading at NGN7000 per USD on a money supply/ trade weighted basis

How can a porfolio investor trust to bring capital to such a country who insists on monopolizing FX supply

You can see the likes of Nestle, Dangote, BUA, MTN declaring massive FX losses

The next step is the massive retrenchments that usually follow such cost of finance losses, the Human resources are always used to pay for finance losses

when will this zoo government ever learn

With a big thief as President i'm not surprised

I am moving up my price target on NGN to 7000 in the next 18 months

Check my post i called USD/NGN at 2000 back when it was at 460

We4all:
Pls, which network are you guys using to login to Binance and Kukoin? Both sites have not been opening on my ends.

kamtamark:
But you can still trade in other platforms.

Remember to reach out to me for any assistance concerning crypto, I am in cameroon and ready to help at all time.
I am very legit and trusted by many.

blowjohn:
Wetin u dey find for there?

Ayomipoe:
m
The amount of people that wanted to get Naira became scarce.

Ayomipoe:
Economics is simple.

The amount of people that wanted to get Naira became scarce. Hence the price rose.

USDT is not scarce. The people who want Naira are scarce for obvious reasons. The outrageous increase daily? Speculation. There is speculation because the CBN is being vague about its accounts and you cannot as a Nigerian get dollars easily. Even with the supposed unified exchange rates, most bank cards cannot pay for Godaddy or Coursera.

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hoverint about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

DenreleDave:
exactly.. same nigerians were doing that wickedness. they were increasing it anyhow..

if you go meet aboki to change dollars, aboki go go check binance b4 them give you price

epainos:
I don't pity Binance. Infact, their CEO is going to jail in the US.

In Nigeria, they write no 3rd party trading in P2P...meaning that the name you use to do your KYC is the account you must use to receive your money. But these Naija crypto dealers (they even have an association), started using company accounts and then started posting fake documents that they own the company. And Binance kept allowing them. Even if you complain, Binance would do nothing. And then, when they run away with your money, Binance will say no third-party trading. Lol. Binance is a useless organisation that is a nightmare to the world economy.

If Binance adheres to the no third party rule, no single person can move more than what CBN has allowed us to move due to money laundering. Binance is a useless organisation, and more nations are going to ban it. That platform is going down soon because it is not ready to correct itself.

Nairaland, do something about front page comments. This is important. Misleading comments are always onnyour front page.

Seun nlfpmod etc.

Do something. Seun, we desperately need you now. Front page comments matter a lot. Please, we are begging you. BIKO. Find a way we can derank useless comments on frontpage and then upgrade useful comments. Biko...please.

Blacklion3:
Crypto is being used to move funds with less scrutiny. You can't know better than the CBN when it comes to tracking their own money.
Money leaves a trail

SenecaTheYonger:
It serves you guys right. You had a little bit of control over the exchange rate so you kept increasing it by 99naira everyday just to make small profit. At the expense of 199 million Nigerians.

USDT is not scarce. I’ve never in my life heard of scarcity of USDT. So why did the price keep increasing?

You use Naira to buy USDT. You can never use dollar to buy USDT in Nigeria.

Since the clamp down on Binance, Naira has gone from 1k7 to 1k5 and it’s been hovering about 1k5 since that time. Seriously, what were you guys doing at Binance?

Both Naira and USDT are not scarce, so why the outrageous increase everyday?

Faiththatworks:
I feel very very very sad about this news. I don't understand why the Government is forcing binance to delist the naira from the exchange.
It's a very very very bad idea,I have repeatedly said it on Nairaland that Government should regulate the activities of binance,but I totally disagree with removing the naira on the platform.
Although some people may disagree but sincerely the naira has been a bit stable in the last 2 weeks since Government forced binance to stop allowing the naira to trade on the exchange.
I was very critical of the modus operandi of binance and how it kept speculating on the value of the naira,If not for Government intervention,I'm sure the Naira would have been more than 2000 naira on the exchange.
Now to how it will affect Nigerians,the CBN governor himself said 26 billion dollars was traded through binance last year,that's a very huge and staggering figure,I dare say it's just a little less than the annual budget of Nigeria,in essence binance is almost becoming a country in its own.
The money traded on binance is almost equal to our foreign reserve,no industry in Nigeria can compete for dollar demand like that traded in Binance.
Government must understand the crypto market with players like binance are helping Nigerians in meeting up some of its dollar need,and stopping the use of the naira on binance will lead to the downward spiral of the naira.
Let us assume the 26 billion dollar traded on binance is true,I believe half must be demand from genuine people who want to maybe send or receive money.
Government must understand this demand for crypto can't be wished away,if these people decide to source for their usd in the forex market,the CBN will never be able to meet up with the supply,and I'm sure even Mr Cardoso knows this.
Nigeria doesn't have any Dollars right now to be used in meeting demand from crypto buyers.
I advise Mr Cardoso to have a rethink,this is a policy somersault from his office,early this year he liberalised the use of crypto trading in Nigeria,now he's reversing the policy.
I appeal to the Minister of Digital Economy,the NSA, Minister of Finance and the Minister of Youth Affairs have a round table on how to regulate the use of Crypto exchanges in Nigeria.
This policy will Affect mostly young Nigerians,pls don't make it harder on them.
God bless Nigeria

SoNature:
Apparently, Nigerians are overestimating themselves. We think that without us this foreign companies cannot run. This is a similar drama that played out between Buhari and Twitter.

The most SENSELESS argument made by a Nigerian is that Nigerians use more expensive things than these foreigners. I don't know who is telling us this nonsense!

SalamRushdie:
You know USDT is tethered to the dollar sha