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

You obviously don't know P2P.

It's just bdc in a digital form

RenaissanceGuy:
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??

No, they don't add "100" every day. I only said the difference hardly get to ₦100.

When you checked, did you see any difference up to ₦100?

Rate is currently ₦1,231 on one of the platforms.

Tell us the official rate on CBN and the free market rate (parallel IEA market)

Procashtips:

You obviously don't know P2P.
It's just bdc in a digital form

Of course, it's. In a P2P trading, different sellers quote their respective selling prices and a buyer chooses the one that's cheapest. If I decide to form a cabal with up to 100 other sellers to quote my USDT at N800 whereas its current price is N750, in a very short time, people would have no choice but to start buying at that price. And then, we rinse and repeat, till it gets N1,950 which was where it was around the 3rd week of February. So between you and I, which of us doesn't understand how P2P work??

Procashtips:

No, they don't add "100" every day. I only said the difference hardly get to ₦100.
When you checked, did you see any difference up to ₦100?

Rate is currently ₦1,231 on one of the platforms.
Tell us the official rate on CBN and the free market rate (parallel IEA market)

₦5 is a lot of money in the world of currency trading; I hope you know that or I should break it down for you?? But here, you're probably referring to something around N60-N80 as if it's a small difference.

And secondly, was it not price-fixing that took it ₦1,231 when it should be around ₦950 by now, judging by naira'a upward trend since the past 7 weeks??

RenaissanceGuy:
Of course, it's. In a P2P trading, different sellers quote their respective selling prices and a buyer chooses the one that's cheapest. If I decide to form a cabal with up to 100 other sellers to quote my USDT at N800 whereas its current price is N750, in a very short time, people would have no choice but to start buying at that price. And then, we rinse and repeat, till it gets N1,950 which was where it was around the 3rd week of February. So between you and I, which of us doesn't understand how P2P work??

Again, stop speculating.

Tell us the official price for dollar and the open market price today

Then compare to ₦1,231 it's on Bybit, let's see the difference.

There has never been a time the difference in prices on P2P has been more than ₦10 on whatever platform.

Minimum can be ₦1231 and maximum at ₦1241.

Off course, those with higher rate end up reducing theirs when no one comes to them for a long time.

RenaissanceGuy:
₦5 is a lot of money in the world of currency trading; I hope you know that or I should break it down for you?? But here, you're probably referring to something around N60-N80 as if it's a small difference.

And secondly, was it not price-fixing that took it ₦1,231 when it should be around ₦950 by now, judging by naira'a upward trend since the past 7 weeks??

I won't be replying you again until you show us the official rate for today (We have parallel market rate which CBN monitors and CBN rate).

Post both of them here, let's compare.

Stick to the above and stop speculating what you can easily tell us.

Procashtips:

Again, stop speculating.
Tell us the official price for dollar and the open market price today

Then compare to ₦1,231 it's on Bybit, let's see the difference.
There has never been a time the difference in prices on P2P has been more than ₦10 on whatever platform.Minimum can be ₦1231 and maximum at ₦1241.
Off course, those with higher rate end up reducing theirs when no one comes to them for a long time.

Stop calling fact "speculation". On Aboki FX, it says CBN's rate is 1161 while your Bybit says 1231. Is that not a huge N70 difference?? Or are you saying N70 difference is a small amount??

Lol yes oooo

sdeli:
Only those who doesn't like this country will fight against them

munaco:
Ordinary Yahaya Bello unable no catch na the invisible one una wan catch. No crypto guy go honor una invitation.

sure the government already disgraced themselves with binnance, nobody will honor their invitation again.

RenaissanceGuy:
Stop calling fact "speculation". On Aboki FX, it says CBN's rate is 1161 while your Bybit says 1231. Is that not a huge N70 difference?? Or are you saying N70 difference is a small amount??

You're now quoting the same Aboki FX govt said is manipulating naira rate?

Are you serious?

On forbes website ₦1,297.

What happened to CBN official website rate and the official parallel market website called the IAI?





You're time waster.

2Radii:
same shadow that produced effect earlier??

Oloriburuku

He is right sha, the government is chasing shadows and that's because of the nature of cryptocurrency. Initially they were fighting Binance, but now that Binance has been handled they are now fighting other crypto firms. The problem now is that you can never tackle all of these crypto platforms, we don't even know the owners of some of them because they are completely anonymous. They defeat one crypto platform today and the naira start gaining, within a few weeks it starts depreciating again because speculators have moved to another platform and it's only a matter of time before they stabilize and continue doing what they have been doing. Binance p2p fell, and speculators stayed low-key for things to settle down, now they are back at it again using platforms like Bybit and Kucoin, for how long will the government continue doing this fire brigade approach?

Procashtips:


I won't be replying you again until you show us the official rate for today (We have parallel market rate which CBN monitors and CBN rate).
Post both of them here, let's compare.
Stick to the above and stop speculating what you can easily tell us.

Why not check it out yourself and then use it to buttress your point if you're so sure your defense is valid?? Or CBN.gov.ng and Abokifx.com are not working on your phone??

RenaissanceGuy:
Why not check it out yourself and then use it to buttress your point if you're so sure your defense is valid?? Or CBN.gov.ng and Abokifx.com are not working on your phone??

I should help you defend your own assertion?

Procashtips:

You're now quoting the same Aboki FX govt said is manipulating naira rate?
Are you serious?
On forbes website ₦1,297.

What happened to CBN official website rate and the official parallel market website called the IAI? You're time waster.

Check the CBN's website yourself nah, because I just did and it showed the CBN rate on Aboki FX is correct.

Obi still won't be president 😜😜😜

AmuOtu:
Chasing shadow as usual.

Procashtips:

I should help you defend your own assertion?

Just own up already that you lost this conversation. I already checked and my assertions were confirmed. Do the same and be convinced. We learn everyday; no one is an island of knowledge.

For any serious government out there...

If you believe there are online platforms "speculating" your currency, why not allow your local banks to handle the issue of online payment by letting local bank cards work at the official or black market rate so that no one would have any reason to go online searching for digital currencies platforms?

In this same Nigeria, just few months ago, banks were charging more than ₦100 in difference to make online payment compared to what CBN said the rate was, why weren't the banks closed down?

Banks like UBA, GTB, Access bank and the likes were charging almost ₦200 difference until the cards stopped working.

Shouldn't EFCC, ICPC, CBN regulate the banks while ensuring Nigerians can make online payments using their local cards at official CBN or even black market rate?

We love to chase shadows and there are too many fools who are hell bent in defending these government officials that love to ignore the problems only to start going after the symptoms.

The same china that uses binance and okx and are known for crypto manipulations?
You people just write like others are imbeciles

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

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

Crypto is not being used to destabilize the Chinese economy.

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

Alaigbo:
You under estimate the foolishness n stupidity of the average obidient ipob

You're a fool. When tinubu got Buhari to print billions in naira, you didn't know it'll cause a drop in the value of naira?

When tinubu was sharing $25k per delegate during the APC primary elections, and sharing dollars during the presidential elections you didn't know it'll cause a fall in the value of naira?


You fools keep exonerating your useless leaders while chasing shadows, that's why this country will keep being a shithole.

Your useless government is spending trillions of naira to build a road. Money they should've put into improving the power generation and transmission which will cause an attendant improvement in manufacturing and exports and increase the value of your useless currency, but as dead-brained fellows you are, you cheer every announcement from them.

You people are the reason this country is so backward.

KushLyon:


He is right sha, the government is chasing shadows and that's because of the nature of cryptocurrency. Initially they were fighting Binance, but now that Binance has been handled they are now fighting other crypto firms. The problem now is that you can never tackle all of these crypto platforms, we don't even know the owners of some of them because they are completely anonymous. They defeat one crypto platform today and the naira start gaining, within a few weeks it starts depreciating again because speculators have moved to another platform and it's only a matter of time before they stabilize and continue doing what they have been doing. Binance p2p fell, and speculators stayed low-key for things to settle down, now they are back at it again using platforms like Bybit and Kucoin, for how long will the government continue doing this fire brigade approach?

Na to block cryptocurrency totally in Nigeria space na

Laslas nothing go happen, na only shout una go shout for kpatakpata 2 months and that is all

U re allowed to use vpn ok, that is not a problem

LandMann:


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

In your 1st paragraph, you said it is one of the strongest in the world and in the next, you said they devalue it which everyone knows. I hope you know it means they are deliberately weakening their currency and no weak currency is strong just like the yen.

I wanted to point out to you that your theory of inflation means a weak currency is wrong. US inflation has been rising not like ours by the way and presently, their currency is adjudged the strongest in the world.

I understand your other points and those were never the basis of my comment.

People in the know has called it fake hope and Ponzi scheme.

Yet we continue to allow anything crypto keep deceiving us while smart alecs cash out from manipulating it.

The worst is that some of our teenagers are no longer interested in doing any meaningful thing apart from crypto and stuffs like that.

Outright ban on anything like Crypto is the only solution.

There's no real future with it.
It's like building on sand.

2Radii:
Na to block cryptocurrency totally in Nigeria space na

Laslas nothing go happen, na only shout una go shout for kpatakpata 2 months and that is all

U re allowed to use vpn ok, that is not a problem

Cryptocurrency dey banned in naija o Na wetin lead to p2p. Before, you can just sell your cryptocurrency directly to the exchange platform and the money show up in your bank account, nothing like p2p where one person go just wake up one morning come say $1 na 1500 naira. Na government put us in this mess in the first place, they know say dem no fit totally ban crypto but they still start the fight

yeshuasfootstep:
People in the know has called it fake hope and Ponzi scheme.

Yet we continue to allow anything crypto keep deceiving us while smart alecs cash out from manipulating it.

The worst is that some of our teenagers are no longer interested in doing any meaningful thing apart from crypto and stuffs like that.

Outright ban on anything like Crypto is the only solution.

There's no real future with it.
It's like building on sand.

You can never truly ban crypto, especially in a country like Nigeria. Ban it today and people can easily assess it with VPN, it's the same thing that happened when Twitter was banned many years ago. Honestly, the government is fighting a losing battle when it comes to cryptocurrency, its decentralized nature makes it almost impossible to regulate, especially for a country like Nigeria

yeshuasfootstep:
People in the know has called it fake hope and Ponzi scheme.

Yet we continue to allow anything crypto keep deceiving us while smart alecs cash out from manipulating it.

The worst is that some of our teenagers are no longer interested in doing any meaningful thing apart from crypto and stuffs like that.

Outright ban on anything like Crypto is the only solution.

There's no real future with it.
It's like building on sand.

Ban crypto (assuming this is even possible because you cannot ban what you don't control to begin with) and then what? What alternative will the government be providing? Already unemployment is over 30%. Or, will the government just disengage millions of youths and then keep them idle? Ever occurred to you how our social problems will skyrocket? Is crypto even illegal per Nigerian law or it should become illegal because you don't like it?
You mentioned that some teenagers don't want to be meaningfully engaged. My question is, did these teenagers just choose this path or they were forced to as a result of limited opportunities? Or you think someone will see a job with clear career path and then decide to go into crypto that has a high chance of them losing their money?

All these games Olukoyede and Cardoso are playing...

They are just trying to save face in a problem he is clueless about solving.

Emefiele and Buhari know exactly why the Naira is this bad.

It has absolutely nothing to do with Binance or P2P.

Cardoso knows the truth but needs to save face because it has dawned on him that he is just a pawn is a large-scale corruption dragnet.

Cardoso can only run....but eventually Emefiele's fate will also befall him.

Let him just hope that he has a good backup like Sanusi otherwise, Emefiele can give him some survival mentorship.

If Sanusi were the Governor of CBN, Naira would never have been this bad. Because he would have sounded out the alarm long ago. And every Nigerian would know the difference between the words Macro and Micro

You said nothing but the truth. The government should just make even if is too influential Obidient as scape goat. Because without that they will still be undermine the power of this government

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.

erniok:

In your 1st paragraph, you said it is one of the strongest in the world and in the next, you said they devalue it which everyone knows. I hope you know it means they are deliberately weakening their currency and no weak currency is strong just like the yen.

I wanted to point out to you that your theory of inflation means a weak currency is wrong. US inflation has been rising not like ours by the way and presently, their currency is adjudged the strongest in the world.

I understand your other points and those were never the basis of my comment.

It's an agreed economic law that inflation has a negative relationship with the value of a currency, especially fiat currency or paper money.

To argue against this established law is to turn economics on its head.

Don't allow yourself to be deceived.

To understand the issue of inflation better you have to look at it from a relative perspective. That means you have to compare inflation and value of a currency with something that holds better value across time and space. The issue of time and space is also very important to note down.

Yes, there's inflation in the USA and I can still tell you that the dollar is depreciating against an asset like land or gold because across time and space land and gold holds more value than dollar, naira or any other currency.

If you measure the value of naira against gold and land you'll see that naira is losing value as well against both because as time passes you need more and more amount of naira to buy the same fixed size of land. Rise in price of anything is inflation, and once inflation goes up it means the value of a currency has fallen... This will then translate to a lower or weak exchange rate if you compare that country's currency where there's inflation to another country's currency where there's lower inflation.

Inflation in Nigeria now is 40% or higher but inflation in USA is 4%... Inflation in Nigeria is 1000% higher than inflation in the USA. Do you see the huge gap? It simply means that naira's value will drop way lower than the US dollar when you compare both against each other or when you compare both against any better asset like land or gold.

So, ask yourself, why is the Tinubu's government using propaganda to prop up the value of the naira and blaming crypto, speculators and other ghosts when they know that inflation is the real problem and they know the factors driving inflation and are even responsible for some of them (printing huge amount of naira, bad road, high insecurity, high cost of diesel and fuel due to Subsidy removal, no electricity and high cost of poor electricity)?

If you have wealth in form of cash and you're looking to store that wealth, would you store it in naira knowing that tomorrow, your naira will be able to buy fewer goods?

Imagine your 500,000 naira being able to buy 100 bags of cement but then dangote increased price of cement in February by 200% to 15000... Your same 500,000 will now be able to buy just 33 bags of cement. From 100 bags to 33 bags!

Will Tinubu's government give you the balance 67 bags of cement because you're patriotic?

The speculators you see the government chasing are mostly trying to protect the value of their wealth against the rampant inflation created in Nigeria by Tinubu's government.

They can choose to buy land or gold to store their wealth, and some are actually doing so right now, but it's a fact that gold and land are not liquid assets. You cannot easily convert them to cash to use for other needs. That is why the next best alternative for any sensible human being in Nigeria now is to store their wealth in dollars since it is acceptable worldwide and a better store of value compared to the naira, relatively speaking.

Read everything I have said here and before carefully and understand the big picture. Don't allow yourself to be deceived by the government of Tinubu and its propaganda agents on social media.

Do what you need to do to protect your wealth cos the government will not help you when you end up poor and broke

Procashtips:


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 .

You see, that's the problem with many of you, you don't know how to separate issues. Speaking against the masses who lack sense of patriotism based on your question automatically means I was defending the goverment officials. May be you would like to absolve the ordinary citizens from any wrong doings or manipulation

maasoap:


You see, that's the problem with many of you, you don't know how to separate issues. Speaking against the masses who lack sense of patriotism based on your question automatically means I was defending the goverment officials. May be you would like to absolve the ordinary citizens from any wrong doings or manipulation

Answer my questions.

An unpatriotic government have no moral right to expect patriotism from the followers.

You're killing the economy and the country, but want the citizens to take the fall for it.

How una dey even reason self?

You say make I buy Nigerian made but you're busy patronising foreign goods as leaders, does this make sense to you?

LandMann:


It's an agreed economic law that inflation has a negative relationship with the value of a currency, especially fiat currency or paper money.

To argue against this established law is to turn economics on its head.

Don't allow yourself to be deceived.

To understand the issue of inflation better you have to look at it from a relative perspective. That means you have to compare inflation and value of a currency with something that holds better value across time and space. The issue of time and space is also very important to note down.

Yes, there's inflation in the USA and I can still tell you that the dollar is depreciating against an asset like land or gold because across time and space land and gold holds more value than dollar, naira or any other currency.

If you measure the value of naira against gold and land you'll see that naira is losing value as well against both because as time passes you need more and more amount of naira to buy the same fixed size of land. Rise in price of anything is inflation, and once inflation goes up it means the value of a currency has fallen... This will then translate to a lower or weak exchange rate if you compare that country's currency where there's inflation to another country's currency where there's lower inflation.

Inflation in Nigeria now is 40% or higher but inflation in USA is 4%... Inflation in Nigeria is 1000% higher than inflation in the USA. Do you see the huge gap? It simply means that naira's value will drop way lower than the US dollar when you compare both against each other or when you compare both against any better asset like land or gold.

So, ask yourself, why is the Tinubu's government using propaganda to prop up the value of the naira and blaming crypto, speculators and other ghosts when they know that inflation is the real problem and they know the factors driving inflation and are even responsible for some of them (printing huge amount of naira, bad road, high insecurity, high cost of diesel and fuel due to Subsidy removal, no electricity and high cost of poor electricity)?

If you have wealth in form of cash and you're looking to store that wealth, would you store it in naira knowing that tomorrow, your naira will be able to buy fewer goods?

Imagine your 500,000 naira being able to buy 100 bags of cement but then dangote increased price of cement in February by 200% to 15000... Your same 500,000 will now be able to buy just 33 bags of cement. From 100 bags to 33 bags!

Will Tinubu's government give you the balance 67 bags of cement because you're patriotic?

The speculators you see the government chasing are mostly trying to protect the value of their wealth against the rampant inflation created in Nigeria by Tinubu's government.

They can choose to buy land or gold to store their wealth, and some are actually doing so right now, but it's a fact that gold and land are not liquid assets. You cannot easily convert them to cash to use for other needs. That is why the next best alternative for any sensible human being in Nigeria now is to store their wealth in dollars since it is acceptable worldwide and a better store of value compared to the naira, relatively speaking.

Read everything I have said here and before carefully and understand the big picture. Don't allow yourself to be deceived by the government of Tinubu and its propaganda agents on social media.

Do what you need to do to protect your wealth cos the government will not help you when you end up poor and broke

I'm not an economist, I trade fx and that is the real world not textbooks. In the real world, low inflation does not mean strong currency like I pointed out using china and japan. Heck, japan went through a deflation period and their currency was not strong.

Using real estate is a bad example as there've been examples of real estate bust that prices plummeted in the US.

UEDA, BOJ gov increased the rate yet it's currency is being shorted by traders and he's threatening another raise that may include intervention.

I agree with gold being a safe haven as that was why it appreciated especially with wars and rumours of wars but it has started depreciating as I type.

Again, what you may have in textbooks don't always play out in real life.