₦airaland Forum

tonicyril:
Ok

Nigerians that I know will see good things with favorable deals for everyone and try to key in, that is not the problem here...

When they key in then dey will be looking for a loopholes to rip the system,
When the system is ripped to their own advantages then dey term themselves ogboon, streetwise, badoo and all, they don't want to know if its at the detriment of others(govt, individual or private bodies)

But when the system try to release itself from their shackles and tins start bouncing to the opposite they will start blaming government, labelling them and calling them names, now they will be finding numerous excuse just to justify their action...


Very anyhow people...shior


To even tink further, their so called saner climes are not even allowing the binance on their soils, u want ur country to emulate the saner climes but still don't want it to do like the saner climes....awon ode

They full twitter, those hardened Criminals

They always pray, Naira should continue losing value against the Dollar, but God pass them

How I wish government identify all of them, arrest them and send them to 60 years imprisonment coupled with very hard labour

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?

Trash ! Big yeye trash

chosengocap:
Trash ! Big yeye trash

Lol

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

CBN knows nothing

Naira will further deprecate in coming days...

If I can't get from the bank, I'll get it at any rate from anyone who has it at their own rate

END OF ROAD FOR CROOKS USING SUCH SHADOW PLATFORMS TO LAUNDER DRUG MONEY,SCAM FUNDS AND ALL ILLICITS FUNDS WITHOUT TANGIBLE CREDIBLE SOURCE OF EARNINGS.
CROOKS,BINANCE MUST PAY USD50BILLION AS FINE,THIS IS WHILE USA KEEP FINEING THEM FOR INFRACTIONS,UK BANNED THEM,CHINA BANNED THEM,WE MUST BAN THEM TOO,THEIR PRESENCE IS FUELLIN INFRACTIONS THAT DESTROY ECONOMIES.

ifeelgood:
Hmmm, hope the dollar will go back to #700

Has naira not stopped increasing anyhow since the ban? Or what are your driving at?

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

1: it appears Binance refuse to be regulated by Nigeria. Apart from whether or not they play a part in currency manipulation, a lot of money laundering goes on via their platform. Laundering by kidnappers, drug dealers and terrorists.
2:there are other alternatives to Binance…in fact from what I understand from the statement, you can still trade on Binance just not Naira.

W0t0w0toman:
Good.
Lazy Nigerian youths should go and get a proper work

Those in crypto are lazy according to you because to you it's not a proper work

I laugh.

FG, the saboteurs have moved to

Kucoin
Bybit
Huobi
Mexc; and
Okx.

Please, block the above exchanges too because they are raising USDTNGN as high as 1900 at the P2P market.

The prayers of bdc operators have been answered.
They have been complaining relentlessly about binance.

iLegendd:
You have a point, but go tell all the market women who have refused to reduce price to do so, else, whether Binance or no Binance, it will go back up. Already at 1600 currently.

When rules or mitigation processes are being set by corrupt Africans, especially corrupt Nigerians, the solution is just temporary.

Please what platform is this?

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

More like you're crying because govt is identifying the sources of naira daily crashing and doing something about it, crying and wailing because it affects you. More wailing

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?

Binance were doing their own blackmarket rate.

Because we have a failed system, everyone wants to take advantage of Nigeria because they know nothing will happen.

Thank God for the clamp down on Binance.

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

Typical APC supporter ground zero absence of economic sense talk. Many of you should never procreate!

spinna:
Only in Nigeria once people see something good they rush in .. and they proceed to spoil it by cheating the system..

Eg dubai..

E.g binance

So how do the innocent ones who work hard in the freelance market to earn REAL usdt now change it to naira?

You have to use proxies

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?

Well, for now, using Binance or whatever the name you called it to speculate naira has been stopped. Let's see how it goes from here

fnep2smooth:
more opportunity for small small anonymous start-up , more multi million dollars is about to be made in a low key way ooooo.

This will give raise to advance idea to beat the system.

It won't take 24hrs to find another way.

VaginaAcademic:
After Binance dem go enter opay and palmpay

Opay should go down too because the idiots on crypto exchanges use opay and palmpay tondo their transaction

Government should employ young people to do online monitoring of anything internet; the senior politicians don't know much about these things.

I saw on Kucoin P2P where opay and palmpay are being used to receive payments; we hy not gtbank or FBN.

Opay and palmpay licenses should be withdrawn if they facilitate P2P activities on crypto exchanges.

Dwightventures:
Nigeria's problem is not economics or politics or colonialism. Nigeria's problem is morality. The heart of the Nigerian is evil and the only thing worse than that is he doesn't even know it. Evil is his default state

I'm tired of Nigerians, walahi! We're too wicked to ourselves. Imagine sellers calling the shops (Lagos and Ibadan) where they bought their goods every hour to know the latest price before they can sell the ones they already have in stores to you, their customers! Sometimes, you would be looking at the goods in their shops but they would refuse to sell to you, claiming that they don't have the price yet! We're as wicked as our leaders

We4all:
Your kidney. I wan sell am.

Na ur kidney u go sell.


Yahoo Yahoo boy.
Government don catch u.

iconicceo:
Please what platform is this?

We don't know who is working for the government, so I'll just pretend I didn't see this question.

fnep2smooth:
more opportunity for small small anonymous start-up , more multi million dollars is about to be made in a low key way ooooo.

This will give raise to advance idea to beat the system.

Where waptrick dey?

You Just thinking short run.

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

GBAM!
You have oil upstairs,bro.
How can People not working for any Organisations Abroad
Or based Abroad --is calling you -- 'Dollars,Pounds,etc,come and change it here' on a Roads side,as we see some Mallams do.
Sorry,we are lazy and only Works, real Productive Works ,in all Nigeria Sectors of the Economy -will solve these Scams!
1• Where are the Northern Groundnuts Pyramids?
2• Where are the Cocoa Western - South- Western Production ( Ondo and Ekiti State) where are thou on these' Gold mine ' that 'Coite de'affairs / Ivory Coast -is always rushing to their Banks? now and then?
3• Where are the Pail-Oil and Palm kernel of the Southern Nigeria - that the Malaysia/Singapore - came here to take away the Seed and are now exporting them back to us?
Are we really serious?

skj1377:
Going round in circles. Emefele had same issue and blocked them only for Tinubu and his economic team to think they know better and unblock them only to block 9months down the line

Experience is the best teacher.
Look at the policy of Naira floating too, it backfired big time. Banning of the importation of food through land borders was another policy that is inflicting inflation on us because people still refused to embrace farming after 8 years due to various reasons

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

l will arrest you in the next 48 hours and detain you for 450 years without Bail

Theunbothered:
Why then isn't it contributing to inflation in every other country, why is it only NIGERIA?

See he can't even answer, you dullards just use your own hands to kill yourselves but supporting these vampires. They are not the main problem it is YOU

Why did country like UK, Canada and China banned it??

Offpoint1:
Already found a away to by-pass that...


Don't ask me how please...

l will arrest you in the next 24 hours and detain you for 500 years without bail

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

Your opinion.

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

It is true that Nigerians trading on Binance is devaluing the naira but this is the what some citizens are using to survive. Nigerian govt acting like they're finally ready to get to work on the country but it's lies, they're only taking away the one that doesn't truly affect them.

That's how they removed subsidy on petroleum products but they same govt are still stealing the oil from the back. Ban Binance but the same govt is still using the banks to steal money. If Nigerian govt serious about the naira, bank CEOs will be in jail as we speak.

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

See the prophet of doom, enemy of Nigeria!

tonicyril:
Why did country like UK, Canada and China banned it??

None of the reasons are due to inflation, you can read instead of being silly. https://www.altfi.com/article/binance-cancels-uk-registration