₦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

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

729aleeza:
Good. Lazy Nigerian youths should go and get a proper workGood. Lazy Nigerian youths should go and get a proper work...

Fearyourcreator:
Ode abode

Xenry:
Binance has announced that it will delist NGN from It's platform on 2024-03-07.

How will this affect Naira/Dollar movement?

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?

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?

Elliotwaveforec:
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.

IbeOkehie:
In the last decade, in particular since 2015, the major factor responsible for the depreciation in the value of naira is reckless printing of the currency by the Central Bank of Nigeria, which is owned by the Federal Government of Nigeria.

Why did the CBN print so much?

They did it to supply money for socialist programs like fuel subsidy, electricity subsidy and Anchor Borrower Loans, N-Power grants and the School Feeding Program. These were all promises made to the Nigerian people by APC in 2014 and when elected to government they did exactly that.

Any other claim is a LIE.

Good Luck to Nigeria.

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?

jadyclem:
Most of you saying binance delisting naira from its platform is a good thing are very daft. Naira will keep plummetting after this because Nigerians will device other ways to convert their cryptos to naira since crypto has come to stay in the world.

In fact, the Tinubu government has taken us very backward with this move. Let me explain.

Before the buhari ban on crypto, naira was pegged on binance against usdt with the CBN rate. Then there was no p2p because you could buy naira on binance directly and transfer to your bank account directly from binance because binance has accounts with Nigerian banks.

Then nobody could fix price randomly because it's tied to the official cbn rate. And then, CBN could easily monitor transactions going and coming from crypto exchanges because the exchanges have accounts with the banks.

Then daft buhari was adviced by his northern brothers dealing on forex that Nigerians being able to buy usdt directly from crypto exchanges and vice versa is affecting their business, and the dunce without thinking placed a ban on the accounts on every exchanges operating in the Nigerian financial system. To cushion the effect of the ban, binance introduce p2p(black market exchange) where sellers determine the price they're going to sell their cryptos for naira, and here we are today.

Funny thing is that the mumu government does not understand that allowing exchanges to own account in the Nigerian financial system is the best way to monitor them, get them to peg the naira to any currency with the CBN rate and also gain taxes from them with every transaction that's made.

Other countries are seeing the opportunities in crypto while Nigeria is shutting their door to it. Very sad.


Make the exchanges have accounts with the bank and let transactions be directly between the exchange and the bank and watch everything stabilize.

dappydozzy:
You make me laugh, the statement you made shows how naive and foolish you are, you are not IT- inclined, the telcos and IP service providers dont have that capabilty, Even China and Iran that uses DPI to monitor internet VPN traffic have not being able to block their citizens from using VPN to access restricted services. You just go for a strong and privacy oriented VPN.

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

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

erico2k2:
This was how Zimbabwe ended up where they are, it cost more to print thier money than the value of the note.

Charlieabc:
Naira is still depreciating with all the measures.

There are invisible hands manipulating the affairs of this nation

Ayomipoe:
Yes. Literarily.
When speculation was rife before the ban. There were periods when you could not see USDT to buy for NGN.
There is still a high demand for USD and there are no local substitutes for some necessary demands. Tinubu is kind of walking the knife's edge, there needs to be a drastic cut in government social services spending and their expenditure. The legislature needs a similar cut as well. The problem is that if you ask an average Nigerian, they'd be adamant that the government does not do anything for them in the first place.
Petrol should be 1600NGN per litre, electricity should be priced by the discos independently. However, those cuts are steep and would increase social unrest. I wish him the best

fxexperts:
What more can we say the government is so dumb and they will pay dearly for their dumbness. nice writeup, the government will not see intelligent write like this to implement, but they will always do whatever dumb idea that comes to their head.

Exactly that is where Nigeria is heading to.

There are no invincible hands. it is just the law of supply and demand. the CBN along the government is too dumb to do any meaningful thing about it.

At the bolded. if you are a crypto or forex trading you will very much understand why it happened like. that was a news speculation we do trade it as fundamentals. it has alot to do with people emotion fear and anxiety, some even sold their USDT for as low as 1300 to a USDT. at that point USDT become scarce because their was no one willing to buy at as everyone was scared and they all wanted to convert their USDT to naira at any available price above N1000 and a lot of people actually sold their USDT at that time so i can say we have a lot of USD in the economy right now. now that the naira is stable if the government do not do any reasonable thing to get the naira value up it will nosedive very fast again, Binance or no binance trading.

erico2k2:
There are people manipulating issues surrounding the Naira. There is no significant world change in Dollars, as the price of Pounds to Dollar remains significantly Thes same all through this Dollar saga in Nigeria.

Nbotee:
The govt went after Abokifx last 2 years for being responsible for the naira free fall. How did that move affect the naira

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

obailala:
They've successfully chased Binance away from the Nigerian market but 2 weeks after, the dollar is back to N1600/N1700.

If Binance P2P was truly responsible for crashing our local currency, I guess every country should have chased Binance away.

fxexperts:
Yes there is no significant change in the value of dollar, pounds or Euro as the case may be. but there has been significant change in the value of the Naira, infact the naira is declining in value at a fast rate, that is due to the excess printing of the Naira beyond productivity. those crooks in CBN and government thinks they can just steel the seat and anyone who controls the CBN can just print free papers as money, without consequence. Those guys want to increase the money in circulation beyond what the capacity of the economy can maintain. So when there are excess Naira chasing very little goods the value is bound to reduce. That is the effect we are seeing now and at the moment no one trust the CBN and the Naira anymore so no one wants a currency where the CBN and the president can just wake up one morning and print excess note that will bring down the value of their currency without notice.