₦airaland Forum

Banning Nigerian users from accessing cryptocurrency trading platforms like binance, bitget, bybit is not the solution because more and more of these platforms will keep springing up because as long as there is demand for such platforms by Nigerian users, such platforms will surely spring up to serve the demand. The worst part is that you can not stop these platforms from operating and you can't track the users because the operations don't look suspicious.

As I said in an earlier post, the battle is not against those hoarding physical dollars at home but against those holding digital dollars in large quantities. Bureau de change operations have now moved online to crypto trading platforms. The solution is simple, allow Nigerians to buy and sell currencies at the set official rate, it seems Cardoso and co are hell bent on repeating the mistakes of Emefiele.

Birdbyrde440:
Banning Nigerian users from accessing cryptocurrency trading platforms like binance, bitget, bybit is not the solution because more and more of these platforms will keep springing up because as long as there is demand for such platforms by Nigerian users, such platforms will surely spring up to serve the demand. The worst part is that you can not stop these platforms from operating and you can't track the users because the operations don't look suspicious.

As I said in an earlier post, the battle is not against those hoarding physical dollars at home but against those holding digital dollars in large quantities. Bureau de change operations have now moved online to crypto trading platforms. The solution is simple, allow Nigerians to buy and sell currencies at the set official rate, it seems Cardoso and co are hell bent on repeating the mistakes of Emefiele.

Even if you succeed in banning all centralized crypto platforms, naira can still be traded on the decentralized ones and that will be the worst thing because anyone can trade on decentralized exchanges with a vpn. So if you ban Nigerians from accessing the website, anyone with a vpn can access it and perform trades

Your president sniffs cocaine he can't think nor process

How do you mean allow Nigerians sell at set official rate?

I don't know if Cardoso or any high decision maker is reading this.

Let banks ATM start working for foreign payment but should be highly monitored.

A lot of Nigerian patronising unlicensed exchangers are people like me that wants to pay for hosting services, renew journal subscriptions, fund betting wallets, buy used laptop on ebay etc.

All these things has no good substitute in the local economy so we have to look outside for them and we sourced for payment via black market

MrProlific95:
How do you mean allow Nigerians sell at set official rate?

Do you wish to learn or here to shout in ya mandate then defend the sniffer?

COMRADES please tell apc to stay away from me with her lies

Birdbyrde440:
Even if you succeed in banning all centralized crypto platforms, naira can still be traded on the decentralized ones and that will be the worst thing because anyone can trade on decentralized exchanges with a vpn. So if you ban Nigerians from accessing the website, anyone with a vpn can access it and perform trades

My earlier submission

I noticed most of this site most especially crypto app are very reluctant to reduce their exchange rate even when the dollar dropped to ₦1000/$.
I'm thinking majority of Nigerians including me prefer swapping currency digitally than going to aboki shop. And since the digital BDC or crypto apps are not following the street trend they sell and buy dollar at a higher rate.
So more transaction is been done in usdt.
I charged someone in dollar yesterday and when I got paid I got to exchange to naira immediately and got higher Dan my expectation.
Maybe CBN will have to digitalize the process of this exchange rate against that of the usdt so we can also do this stuff at ease from our room.
The BDC operators are not even needed to be honest, anyone that need forex should be able to apply online and get what he wants from his room if he met the requirements.
I think it'll be easier to track the dollar flow through this method, the CBN should create a model that will override both the BDC and the usdt crypto apps.
If not the usdt against the naira and those acquiring forex illegally will continue to depreciate the naira at will.

tollyboy5:
My earlier submission

let them consult us to help them out with this problem.