kenny714433:


Tinubu and propaganda.

Which is easier between these options?

1. Going after cryptocurrency platforms
2. Including bank card payment directly in the platforms thus eliminating P2P.

You see for yourself?
Propaganda doesn't run government.

He was looking for who to tag his failures on, he quickly choose Binance. Those lovers of Nigeria forgot that apart from Binance, we have Kucoin, Gate.io, MEXC, Bybit, Telegram, BitMart, and a host of other P2P platforms.

Now that the exchange is sliding back, they are looking for another exchange to tie the blame on. Deep down, they know they are just fooling themselves.

I laugh in Swahii

Government of trial and Error.

Fellow who know road

Judithjovial:
care to elaborate how it is then? We learn everyday

It has been explained already, it is a complex scamming technique.
Simply say that the official and black markets is around N1100.
They would offer to buy dollars at N1200 but in a very large volume which no one can afford. Their advert would sit on the top for everyone to see and it would be there for a while. After a while, they would remove the advert and offer to sell dollar at N1150 but this time around, at different volumes that everyone could afford .
Thereby forcing the value of naira to drop because of the large number of people and transactions occurring there daily. They would repeat the same scam everyday until CBN found out and sent EFCC after them.
I hope it makes sense a little bit to you

kenny714433:


Tinubu and propaganda.

Which is easier between these options?

1. Going after cryptocurrency platforms
2. Including bank card payment directly in the platforms thus eliminating P2P.

Too much sense will not keee you. I like the bolded idea

racerve:


Is crypto a Nigerian invention? Why is it only the naira that it's affecting?

Because you Nigerians are fraudulent with no sense of patriotism, just self centered people everywhere.

Why leave the substance and pursue shadow?

BDC are the ones manipulating the Naira value and blaming Crypto platforms.

By the way, what concerns aboki with US dollar?

Just make an attempt to buy US dollar from an aboki and hear the rate he would sell the dollar at.

Saturnalia:


Thank you for this beautiful comment.

Unless the FG takes these currency speculators & manipulators head on with thunder for fire approach, trust me, these bastards will never stop undermining the Government’s effort to curbing the Naira’s depreciation; and these unscrupulous elements will continue cursing & blaming the Government for their own “Orchestrated Handiwork” because their candidate lost a credible election.

The security agencies should be unleashed to clamp down on all the P2P Platforms, slamming all their operators with severe punishment like Treason and having them sentenced to death by hanging or firing squad.

If any Civil Society Organization (CSO’s) speaks in their defense, revoke their licenses to operate in Nigeria and send them packing like it is done in Russia & China.

I wish I were the President, I swear, the masses would assume that Adolf Hitler reincarnated into Nigeria, because of the so much hell & gore I would unleash on these incorrigible bitter animals.

Tinubu and his economic team must be silly not to know the sources of their woes & coordinated campaign of sabotage.

It is glaring even to a new born baby.

When I saw their people over-inflating the prices of their goods & services, especially their “Accidented & Flooded” Tokunbo cars by almost 300% while blaming it on the Naira-Dollar rates, I just knew they have conspired in their village & WhatsApp meetings to frustrate the present administration and set the whole Country ablaze, just so they can continue celebrating the failure of “Any Government That Comes Into Power” as long as Nigerians refuse to endorse & vote their own agenda-driven candidates.

When Aisha Yesufu (Their Witchcraft First Lady) advised them to keep their Dollars close, you think she doesn’t know what she was saying?

Of course, she must have been privy to their secret plot to sink the Country using the currency speculators playbook.

Like I have always opined, every enemy of Nigeria will lose las las.

Be calming down, you seem to be intelligent. My friend, #0. 62 was exchanged for 1US$ in 1981, and by 1990, it depreciated by 1,196.8% to #8. 04 / 1US$ . How many P2P platforms were in existence by then. The FG is chasing shadows and trying to feed us lies.

RenaissanceGuy:
It's a lie. Sabotage and speculation are responsible for Naira's decline, not about not exporting much. Kenya's shilling was 88 to a dollar in 2014; today it's 144. Naira was 216; today it's 1,100+. Ours shouldn't exceed 350 if not for intentional sabotage.

So no cryptocurrency platforms in Kenya?

Well, CBN could unban crypto so people can directly get them in their bank account at official rates

maasoap:

It has been explained already, it is a complex scamming technique.
Simply say that the official and black markets is around N1100.
They would offer to buy dollars at N1200 but in a very large volume which no one can afford. Their advert would sit on the top for everyone to see and it would be there for a while. After a while, they would remove the advert and offer to sell dollar at N1150 but this time around, at different volumes that everyone could afford .
Thereby forcing the value of naira to drop because of the large number of people and transactions occurring there daily. They would repeat the same scam everyday until CBN found out and sent EFCC after them.
I hope it makes sense a little bit to you

Is cryptocurrency platforms only in Nigeria?

Saturnalia:


Thank you for this beautiful comment.

Unless the FG takes these currency speculators & manipulators head on with thunder for fire approach, trust me, these bastards will never stop undermining the Government’s effort to curbing the Naira’s depreciation; and these unscrupulous elements will continue cursing & blaming the Government for their own “Orchestrated Handiwork” because their candidate lost a credible election.

The security agencies should be unleashed to clamp down on all the P2P Platforms, slamming all their operators with severe punishment like Treason and having them sentenced to death by hanging or firing squad.

If any Civil Society Organization (CSO’s) speaks in their defense, revoke their licenses to operate in Nigeria and send them packing like it is done in Russia & China.

I wish I were the President, I swear, the masses would assume that Adolf Hitler reincarnated into Nigeria, because of the so much hell & gore I would unleash on these incorrigible bitter animals.

Tinubu and his economic team must be silly not to know the sources of their woes & coordinated campaign of sabotage.

It is glaring even to a new born baby.

When I saw their people over-inflating the prices of their goods & services, especially their “Accidented & Flooded” Tokunbo cars by almost 300% while blaming it on the Naira-Dollar rates, I just knew they have conspired in their village & WhatsApp meetings to frustrate the present administration and set the whole Country ablaze, just so they can continue celebrating the failure of “Any Government That Comes Into Power” as long as Nigerians refuse to endorse & vote their own agenda-driven candidates.

When Aisha Yesufu (Their Witchcraft First Lady) advised them to keep their Dollars close, you think she doesn’t know what she was saying?

Of course, she must have been privy to their secret plot to sink the Country using the currency speculators playbook.

Like I have always opined, every enemy of Nigeria will lose las las.

Thank you this write up! They are seriously planning in their groups not to reduce the prices of things they sell. They believe they control the micro economy of Nigeria. I know one thing for sure that their evil conspiracies against the country will fail.

Procashtips:


Your government from counselor to President use foreign products, go to foreign schools, hospitals, vacations, drive foreign cars etc

Election time, they use USD to bribe people and delegates, turning naira to toilet paper in the process

After getting into power, they steal money, convert to dollars and other foreign currencies, then smuggle them out to other countries to buy properties.

They dont even invest it here in businesses or infrastructure. They allow our infrastructure rotten and embezzle whatever allocation they enmark (albeit padded and bloated) for same infrastructure only to steal them again.

You ignored these visible rubbish we have been seening for more than 40 years to blame cryptocurrency that's not even local to Nigeria or her economy.

What do you call this?
Is it that our educational system has been designed for us not to have critical thinkers?
To produce zombies who just love to follow the media narratives?

Whatever is trending is supported without real time questioning by the people?

The same currency is still being defended by the FG just like before, not knowing this means you obviously don't know anything about rate and the financial markets.

They're still defending the naira after allowing it to get to almost ₦2000.

Everything you're seeing now is artificial.

You don't pray for magic when you have nothing you export to serve as a comparative advantage for your local currency.

Naira can't be floated without getting to ₦5000, they realised this, so they started defending it with our reserve secretly while fooling gullibles on how Binance or Aboki FX made naira crash like these entities weren't existing before they took over last year.

Nigerians think and stop acting like zombies.

You are indeed a good man. Everything you wrote about politics in Nigeria unfortunately is the true position but that is how it has been for more than 2 decades from now except for a few ingenious model introduced by the youth force who feel bitter about our elders who have continuously messed up the country. The truth is that it is indeed going to be tough to stop the so called politicians because the politicians are already with our money, they are loaded and they will easily buy their positions again and again. Immediately they get appointed the banks will give them even moneys they don't want. Besides, this is the norms in all the arms of government. So, you will agree with me it is indeed very tough. My view point is that whatever we can do individually to salvage Nigeria as a country we should keep doing them. Your contribution may look insignificant but the law of large numbers will make it count invariably. We have only one country called Nigeria. Whatever citizenship you acquire will be recognized so far you are making positive contribution to the country. Immediately something goes wrong, everybody will remember you are a Nigerian.

maasoap:

Because you Nigerians are fraudulent with no sense of patriotism, just self centered people everywhere.

What kind of lame excuse is this?

There are no fraudulent citizens elsewhere?

Which of the government officials you're defending is patriotic?

Did any of them take a pay cut?

Did any of them suspend their pay when Nigerians were groaning and hungry?

Didn't they increase their salaries in the process?

Didn't they buy new vehicles in the process?

You're defending the indefensible and you're doing poorly at it.

Procashtips:

So no cryptocurrency platforms in Kenya?

Of course, there are, but are the users intentionally forming a ring to manipulate the rate to achieve financial or political gains?? People make millions of dollars through crypto and forex, even without having to manipulate the market. So it's greed raised to power 100 for those doing so.

Teenaira:


You are indeed a good man. Everything you wrote about politics in Nigeria unfortunately is the true position but that is how it has been for more than 2 decades from now except for a few ingenious model introduced by the youth force who feel bitter about our elders who have continuously messed up the country. The truth is that it is indeed going to be tough to stop the so called politicians because the politicians are already with our money, they are loaded and they will easily buy their positions again and again. Immediately they get appointed the banks will give them even moneys they don't want. Besides, this is the norms in all the arms of government. So, you will agree with me it is indeed very tough. My view point is that whatever we can do individually to salvage Nigeria as a country we should keep doing them. Your contribution may look insignificant but the law of large numbers will make it count invariably. We have only one country called Nigeria. Whatever citizenship you acquire will be recognized so far you are making positive contribution to the country. Immediately something goes wrong, everybody will remember you are a Nigerian.

Bro we can't relent.

We need to open the eyes of more people, challenge thr foot soldiers of these political elites who try to spread their lies and propoganda online and offline

The more educated and politically/economically aware citizens in a country, the lesser the chances of the political elites to remain in power doing whatever they like.

One way they remain in power is to keep the populace poor and uneducated (Economic and political education).

The easiest way to control a man is through his belly

Keep them poor, employ few from the poor ones, make them comfortable to some extent so as to do your bidding, then send them out against the populace to fight your battles and keep them perpetually poor and ignorant.

The same tactics used by the colonial masters is what our political elites are using against the Nigerian and African people.

The same blueprint.

You need to study the blueprints to understand my points better.

AmuOtu:
Chasing shadow as usual.

Na your shadow...

RenaissanceGuy:
Of course, there are, but are the users intentionally forming a ring to manipulate the rate to achieve financial or political gains?? People make millions of dollars through crypto and forex, even without having to manipulate the market. So it's greed raised to power 100 for those doing so.

Do you understand what you're saying at all?

You actually believe there's any widespread currency manipulation on P2P?

P2p use the actual price of FX in the real market to fix what they charge online.

The difference most time is not even up to ₦100.

Do yourself a favor.

Check the official rate on CBN and parallel markets, then visit any of the platforms and check out the difference. Do not let anyone deceive you.

Educate yourself.

How can only p2p Which isn't even possible without the use or local banks determine what the rate of the physical exchange rate would be?

Are you saying the above is not same outside Nigeria?

If no, how come and why is Nigerian govt not using their own templates?

If those didn't blame the failure of their economies on cryptocurrency platforms, why Nigeria?

AmuOtu:
Chasing shadow as usual.

I don't know how thy think.

Babalegba:
Why can't they simply jail the idiots involved in this speculative crypto business. In China they would have been shot

thy is crypto everywhere even in china, stop exposing your ignorance.

EFCC operatives should join those crypto exchanges and try to buy USDT to get the bank details of saboteurs and track them. Anyone on those platforms that quotes above the official rate should be tracked and arrested immediately.

You have to interact with the thief to catch him.

This stupid saboteur's account details below called Kingsley uses moniepoint.

Moniepoint licence should be revoked now

kenny714433:


Tinubu and propaganda.

Which is easier between these options?

1. Going after cryptocurrency platforms
2. Including bank card payment directly in the platforms thus eliminating P2P.

You see for yourself?
Propaganda doesn't run government.

He was looking for who to tag his failures on, he quickly choose Binance. Those lovers of Nigeria forgot that apart from Binance, we have Kucoin, Gate.io, MEXC, Bybit, Telegram, BitMart, and a host of other P2P platforms.

Now that the exchange is sliding back, they are looking for another exchange to tie the blame on. Deep down, they know they are just fooling themselves.

the number 2 you mentioned would have end the chaos.

millionboi:
the number 2 you mentioned would have end the chaos.

Good morning boss... Can you help me with $2

VinnyBaba:


The Job EFCC should be doing, not Going after Bobrisky or Pple that spray money.

most of the ppl spraying money are into crypto if you don't know.dey dia

I don't understand the people who run the affair of this country at various sector. It seem they just sit in the office and do nothing to research things from reality perspective.

P2P exchange and BDC exchange are same thing. When you take your dollar or naira to aboki/bank for buy and sell. It is exchange done in person via pair to pairs/OTC.

Now crypto has allow this to be done digitally with Escrow service, thereby instead of going to aboki or Bank you can easily sit at home and do BDC exchange via digital P2P.

I think those big aboki that operete BDC has come to wise up to the usage of digital P2P via Crypto exchange which they now use to manipulate naira.
This guy has liquidity, so they can do anything.

What our government need to do is to allow nigerian startup company in Crypto and regulate them closely.

Crypto P2P exchange is present digital reality that nothing can stop.

Nigerian always cutting corner.

Procashtips:

Do you understand what you're saying at all?

You actually believe there's any widespread currency manipulation on P2P?

P2p use the actual price of FX in the real market to fix what they charge online.

The difference most time is not even up to ₦100.
Do yourself a favor.
Check the official rate on CBN and parallel markets, then visit any of the platforms and check out the difference. Do not let anyone deceive you.
Educate yourself.
How can only p2p Which isn't even possible without the use or local banks determine what the rate of the physical exchange rate would be?

Are you saying the above is not same outside Nigeria?
If no, how come and why is Nigerian govt not using their own templates?
If those didn't blame the failure of their economies on cryptocurrency platforms, why Nigeria?

Do you know what it means to bet against a currency or fix price?? In some cases, they could bet against it without having to actually manipulate it, but in other cases, the bettors could go ahead to form a cabal to fix a secret sell-price. Are you conversant with how cryptocurrency trading work??

RenaissanceGuy:
Do you know what it means to bet against a currency or fix price?? In some cases, they could bet against it without having to actually manipulate it, but in other cases, the bettors could go ahead to form a cabal to fix a secret sell-price. Are you conversant with how cryptocurrency trading work??

Again, you're assuming and speculating. Speculation is what you're doing now.

I advised you by even asking you to do an experiment, you ignored it only to keep assuming.

P2P on whatever platform don't fix price outside what's obtainable on the offline FX market. The difference is always below ₦100.

Go and check what I told you earlier before replying me.

Take this from someone in the system who lectures and mentor people in the aforementioned markets.

erniok:

Your theory is not always right else china with inflation rate of about 2% should have the strongest currency I the world. When you high inflation, you increase rate like CBN did to increase your currency rate but in this case, speculators are working hard to depreciate the naira.

Actually China's currency is one of the strongest in the world, that is why their currency is amongst the few used for international trade and payment.

Again, China has been keeping it's inflation rate low and even intentionally devaluing its currency so that its goods and services can remain cheap and competitive in the international market. USA has been crying about this for years. Please do a simple research to confirm.

But that aside, Nigeria's situation is worse and cannot be compared to any sane society because the country is ruled by thieves and crooks who love to chase shadows than solve Nigeria's real problems.

Speculators are present in every country. If speculators are thriving in Nigeria then it's the CBN and Nigerian government that is giving them a fertile ground to thrive through various ways.

Do you know that CBN is intentionally keeping millions of Nigerians from legally accessing dollars? How? By simply preventing Nigerians from being able to use their debit cards linked to their bank accounts to pay for things online on international sites.

Do you know what will happen if CBN allows this? The demand for dollars will far outstrip the supply in Nigeria and naira will crash miserably as Nigeria is too import dependent and Nigeria is a consumerist society.

All this ties to certain fundamental problems;

High insecurity, very poor infrastructure, high cost of production, very poor education, very poor electricity, etc.

Speculators are all economic agents. They see these problems and they're betting that the naira's value at present will be lower in future if this problems persist. Any smart and rational thinking human will do the same thing.

This is beyond patriotism. If your government is patriotic then they'll focus and should have resolved those fundamental problems identified earlier over 40 years ago. But all past and present government are not patriotic. They have been destroying the country through senseless looting and stealing of public funds. Yet they want you the ordinary Nigerian to be patriotic.

Tinubu's government is not different from the rest past governments. Has security improved under Tinubu? No. Farmers and Nigerians are still being killed and kidnapped daily, causing food shortages everywhere meanwhile they locked border and are preventing cheap food from coming into the country. To what end? They want Nigerians to starve and become extremely poor and dependent on government handouts right?

Has Tinubu's government solved electricity problem? No. Instead he increased electricity price by 300%, removed subsidy and increased cost of fuel by 300%.

Has Tinubu's government solved Nigeria's road infrastructure problem? No. Instead of fixing the existing deplorable federal roads across Nigeria, Tinubu's government awarded contract of 21 trillion naira to build a new coastal road to someone that is allegedly his long time business partner.

All this is happening yet the government and its propaganda agents want you to believe that Crypto is the problem of Nigeria and Naira.

What about education? Tertiary education is becoming out of reach for children of the poor due to massive increase in fees by the various universities... meanwhile quality of education is still very poor.

Meanwhile the government is still borrowing dollars heavily from World Bank, African Development Bank and other organisations despite removing subsidy and jacking up prices of every essential item in the country. To what end if I may ask?

The summary is that only extremely foolish people will see all this happening and not take steps to protect the little they have.

I cannot force you to stop believing the lies and propaganda of Tinubu's government. If you haven't learnt anything from the past 23 years of democracy in Nigeria, you won't learn now.

Keep enjoying the country.

#Peace

RenaissanceGuy:
Of course, there are, but are the users intentionally forming a ring to manipulate the rate to achieve financial or political gains?? People make millions of dollars through crypto and forex, even without having to manipulate the market. So it's greed raised to power 100 for those doing so.

Forming a ring?

How?

Do you understand P2P at all?

Elliotwaveforec:
EFCC operatives should join those crypto exchanges and try to buy USDT to get the bank details of saboteurs and track them. Anyone on those platforms that quotes above the official rate should be tracked and arrested immediately.

You have to interact with the thief to catch him.

This stupid saboteur's account details below called Kingsley uses moniepoint.

Moniepoint licence should be revoked now

Ogogoro comment.

Have you retrieved the N80billion naira Yaya bello was accused of embezzling ?

Do you know that such money don't remain in Nigeria after they are declared missing?

They simply use it to buy up our small dollar and wire it to America thereby causing dollar scarcity

Procashtips:

Forming a ring?
How?
Do you understand P2P at all?

Do you understand what pump and dump is, in cryptocurrency??

KingKO22:


Enemy of progress wait and see

Pandora Obituary and his IPOBidients followers shall be humiliated by the grace of God

Nigeria shall be great again

Nigeria shall be great again after APC and his supporters have brought untold hardship on the country. May God punish all of them.

Procashtips:


Again, you're assuming and speculating. Speculation is what you're doing now.

I advised you by even asking you to do an experiment, you ignored it only to keep assuming.

P2P on whatever platform don't fix price outside what's obtainable on the offline FX market. The difference is always below ₦100.

Go and check what I told you earlier before replying me.

Take this from someone in the system who lectures and mentor people in the aforementioned markets.

OK, when they keep on adding a "difference below ₦100" everyday or three days intervals, won't it consequently double or triple the rate in a very short time, like it happened between last year and February this year??