₦airaland Forum

Islie:
Speculators count losses as naira rises against dollar

Naira will continue to appreciate against dollar – Shettima



https://thenationonlineng.net/naira-concerns-over-fresh-threat-from-crypto-traders/

Trash Can news as usual from Tinubu news paper

KingKO22:
Enemy of progress, we know your motive an intention is to see Nigeria to born down bcs Pandora Obituary lost election

So says Mr Patriotic Nigerian whose patriotism only started in 2015 and will end on expiration of Tinubu's tenure.

Saturnalia:
From what I just read in this write-up, the Crypto Exchange Platforms “BYBIT” and “BITGET” are the cause of the latest depreciation of the Naira.

The solution is very simple.

I expect the FG & the CBN to immediately launch massive offensive against them and begin clamping down on them like they did to Binance.

The FG must understand that there a lot of enemies & saboteurs within and outside the Country, fighting and working assiduously against the interest of Country; some are still bitter for losing a credible election while others are just outright sadists that are averse to prosperity & blessings.

It is known locally and internationally that CRYPTO EXCHANGE PLATFORMS are shady & disreputable schemes that are servicing the interests of Yahoo Boys, Kidnappers, Drug Peddlers, Armed Robbers & corrupt Government officials.

This is the reason CRYPTO EXCHANGE PLATFORMS are being haunted & shut down in almost every Country overseas.

The FG must not allow the comments and opinions of the “unscrupulous elements” in the social media (who are actually the perpetrators & enablers of these schemes) to deter it from taking the necessary actions and doing what is needed to be done to save-guard the integrity of the Naira.

Drastic times call for drastic measures. I repeat, do not be dissuaded by their “Reverse Psychology”. I can already see some of them on this thread saying the Government is chasing shadows.

In fact, if I were the President, I would do what General Sani Abacha and Olusegun Obasanjo would have done.

These cockroaches do not care whether the Country burn or collapse. They are the ones speculating & manipulating our currency with their CRYPTO SCHEMES and at the same time cursing the Government for not doing anything to curb the depreciation of the Naira.

They have even sworn that the NAIRA must trade for 5000 against the DOLLAR before December.

It doesn’t take a rocket science to identify those that are defending these “Economy Wrecking CRYPTO EXCHANGE PLATFORMS” as their enablers and perpetrators.

Google the list of Countries where CRYPTOCURRENCY is restricted or banned, and you will understand the monstrosity of what we’re dealing with.

I do not like Tinubu and did not vote for anybody BUT I AM A PATRIOT AND WANT NIGERIA TO WORK.

Haters are free to masturbate on my mentions. It doesn’t add or remove anything from me.

For your information, the number one haters of Nigeria are your political leaders, including Tinubu, who are extremely corrupt and stealing from the treasury.

“Someone I know borrowed N18 million from a money lender to buy $10,000 at N1,800 to $1 in February to pay back N19 million in May (three months) when the dollar gets to say N2,000 or more.

“Today, that N18 million is worth N11 million at N1,100 to $1. He is now looking for where to get extra N8 million to clear his debt as the three months is fast approaching.

“He used his bungalow as collateral. The problem now is that before May, the money could further reduce to N9 million at N900 to $1, making it impossible to retrieve his house.”


This guy is a gambler. No seasoned speculator will buy any currency at its all time high and expect to make a massive profit. Those who understand the game are buying the dip now.

Elliotwaveforec:
Bybit and bitget must be stopped now.

They are not registered in Nigeria unlike binance

tollyboy5:
For those saying Nigeria need to buy naira to help our foreign reserve.
Has dangote not been producing diesel continuously for some while now?
Nigeria by now should have officially stop sourcing for dollar to import diesel there should be enough liquidity in the market but speculators are bent on finding loopholes.
Like I said on another thread.

but dangote imports the crude for the diesel, does be not use dollars to import?

IMAliyu2:
A poorly written piece.
With a title like "Naira: Concerns Over Fresh Threat From Crypto Traders"

I expected to read about the set of potential threats and how they are a threat, instead it's just yapping all over the place.

The headline was meaningless and has little correlation with the content, I read it all to really determine how, crypto traders are fast becoming a threat again.

dikings:
Nigerians actually are the cause of Naira devaluation. Let me explain better.
One thing I observe with Nigerians is that we always overdo things.. The Abuse of Crypto is the sole reason for Naira devaluation. If we tell ourselves the truth.

Please enlighten us

Melagros:
COMRADES, I don't know why any news from this evil government of APC irritates me

COMRADE, I don't know why it's so difficult for you to avoid topics about this evil government of APC

Elliotwaveforec:
Bybit and bitget must be stopped now.

They should completely remove naira symbol from those platform

Hashabiah:
...and yet Nigeria's foreign reserves has depleted . Which goes to show that the Nigerian government is secretly keeping the naira afloat with dollars. Soon and soon the floodgates will pour open and the naira will depreciate further .

You go cry tire as good news makes you sad

yemmit90:
The main reason is that, speculators has started accumulate for profit.

I notice since the day that foolish woman "Aisha Yesufu" or whatever they call her, advise people to start keeping their dollars, naira has been on steady decline.

What these people don't know is that, whatever they say can influence alot of people decision, how will you make such a statement, having know that there are set of people in millions who are always looking up to you for direction.

If Nigeria government is serious enough, such character should've been putting behind the bar since making that statement.

agbado boy… looking for everything to blame except the incompetent government you are supporting.

PressMyButton:
Repeat the same trash over and over again to make it sound true despite the fact that you have been enlightened over and over again. Bunch of slowpokes.

me I am not an economist I may be 100% wrong, my prediction has always been on my dreams about the nation. In 2014 December I had a dream someone was telling me to buy dollars to save instead of the naira, in that dream I was shown the exchange rate it was 740. I woke up laughing which kind dream be this, in 2015 I bought few dollars then rate was 360 black market. Left it till date without touching it. My fear now is that late last year I saw same similar dream. I quickly ran to the market to buy everything I needed for better storage, the exchange rate I saw was around 2600+ to 1 dollar. I pray it doesn't come to that. This time we need to stand by our country and support the government, I don't like tinubu and that will not change, but let the truth be told the man is trying and we need to support him and believe in his policies. Apart from exchange manipulation, the president need to look inward as we Nigerians are very wicked we don't care if the country burns as long as we cashout, how can we be buying a bag of pepper 🌶️ for 80,000 from 18k. Wetin concern dollar and pepper? Na we dey do ourselves.

If crypto exchanges are responsible for depreciation or appreciation of naira, how come this not the reality of other African countries?

GodHimself:
The language from the leadership is different compared to Buhari and Jonathan’s eras.

It’s obvious presido has a vision that is gradually magnetizing the whole nation into alignment.

God bless Nigerians.

Dey there Dey deceive yourself. If this people look to you like they have vision, then it means you are dull.

Yes, the massive trading of cryptocurrencies by Nigerians can potentially affect the price of the Nigerian naira.

Cryptocurrencies, like Bitcoin, Ethereum, or others, are traded globally and their prices are determined by market demand and supply dynamics.

If there is a significant increase in demand for cryptocurrencies in Nigeria, it could lead to an outflow of naira as people convert their local currency to buy cryptocurrencies.

This increased demand for foreign currencies (like USD or EUR) to buy cryptocurrencies can put pressure on the naira, potentially leading to a depreciation in its value against other currencies.

It’s ok

cucumbar:
Dey there Dey deceive yourself. If this people look to you like they have vision, then it means you are dull.

KingKO22:
Enemy of progress, we know your motive an intention is to see Nigeria to born down bcs Pandora Obituary lost election

attributing a voice of reason to that of one who is bittered because Peter obi lost an election is just wack.

Saturnalia:
From what I just read in this write-up, the Crypto Exchange Platforms “BYBIT” and “BITGET” are the cause of the latest depreciation of the Naira.

The solution is very simple.

I expect the FG & the CBN to immediately launch massive offensive against them and begin clamping down on them like they did to Binance.

The FG must understand that there a lot of enemies & saboteurs within and outside the Country, fighting and working assiduously against the interest of Country; some are still bitter for losing a credible election while others are just outright sadists that are averse to prosperity & blessings.

It is known locally and internationally that CRYPTO EXCHANGE PLATFORMS are shady & disreputable schemes that are servicing the interests of Yahoo Boys, Kidnappers, Drug Peddlers, Armed Robbers & corrupt Government officials.

This is the reason CRYPTO EXCHANGE PLATFORMS are being haunted & shut down in almost every Country overseas.

The FG must not allow the comments and opinions of the “unscrupulous elements” in the social media (who are actually the perpetrators & enablers of these schemes) to deter it from taking the necessary actions and doing what is needed to be done to save-guard the integrity of the Naira.

Drastic times call for drastic measures. I repeat, do not be dissuaded by their “Reverse Psychology”. I can already see some of them on this thread saying the Government is chasing shadows.

In fact, if I were the President, I would do what General Sani Abacha and Olusegun Obasanjo would have done.

These cockroaches do not care whether the Country burn or collapse. They are the ones speculating & manipulating our currency with their CRYPTO SCHEMES and at the same time cursing the Government for not doing anything to curb the depreciation of the Naira.

They have even sworn that the NAIRA must trade for 5000 against the DOLLAR before December.

It doesn’t take a rocket science to identify those that are defending these “Economy Wrecking CRYPTO EXCHANGE PLATFORMS” as their enablers and perpetrators.

Google the list of Countries where CRYPTOCURRENCY is restricted or banned, and you will understand the monstrosity of what we’re dealing with.

I do not like Tinubu and did not vote for anybody BUT I AM A PATRIOT AND WANT NIGERIA TO WORK.

Haters are free to masturbate on my mentions. It doesn’t add or remove anything from me.

All these man hunting and witch hunting will not stop cryptocurrency exchanges, why not improve our productivity as a nation?
We can even switch to medical tourism like Dubai.
All we are asking is for good economic change.

LandMann:
Naira is depreciating because inflation is rising.

There is a negative relationship between inflation and the value of a currency.

If inflation rises the value of a currency will fall.

Over the past two months Nigerians can confirm that inflation has been rising as cost of goods and services has been increasing. NBS also confirmed it. Yet, despite the rising inflation, Cardoso and CBN was using propaganda to prop up the value of the naira, which goes against any know economic principle. How long will CBN and Nigerian government continue to use propaganda to prop up the value of the naira?

The long term effect of this bad behaviour of CBN is that foreign investors and foreign lenders will lose confidence in Nigeria. When this happens the CBN and the government will have a bigger problem on it's hands that no amount of propaganda can solve.

If you want to truly fight naira depreciation then you have to fight the true cause which is inflation caused by several factors such as insecurity, high cost of power (fuel/diesel), terrible road infrastructure.

Insecurity has prevented farming and production of food, leading to high prices of foodstuffs.

Removal of subsidy has lead to high cost of diesel and fuel which serve as input in the production process and transportation process. Higher cost of production and transportation lead to high cost of goods, high inflation and lower value of naira. The government made it worse by recently increasing cost of electricity by around 300%. All this will lead to higher cost of production which will be transferred to the price of goods in the market.

Lastly the state of federal roads in Nigeria is beyond bad. It takes extremely long time to get goods from production point to final consumer because the roads are just terrible. The bad condition of Nigerian roads lead to delay in delivering goods, leading to waste of more diesel, accidents and damaged goods...all this is cost to the producer, seller or transporter and they factor it into the price of the goods which ends in higher prices, inflation and a depreciating naira.

All the above is just a summary of the real cause of naira depreciation. Instead of CBN and Nigerian government to be chasing Crypto they should focus on tackling the above issues.

Crypto has been in Nigeria since 2015 yet the naira did not lose as much value or fluctuate so widely as it is doing now that Tinubu in all his wisdom decided to announce subsidy removal and exchange rate deregulation on inauguration day knowing fully well we have the aforementioned problems bedeviling the country plus Nigeria does not produce sufficiently for export to earn foreign exchange.

Relying on propaganda to run the country will fail eventually.

Tinubu is a huge disappointment

watch as they rub Peter obi all over you

Felabrity:
When the naira appreciates, apc followers thank Cardoso, Tinubu and Ribadu

But when it depreciates, they blame Crypto, Obidients, Aboki fx,Sporty, binance, Peter Obi bybit,kucoin, emefiele, infact anything blameable.

it's propaganda only people who do research which are a select few know the truth.

Elliotwaveforec:
Bybit and bitget must be stopped now.

This is how y'all will keep chasing shadows while your country keeps failing

An "army general" worrying about the strength of a boy scout. Time always reveals all.

adedapodvirus001:
I pray you are able to get back your money because those people are notorious for holding people's money to ransom without any reasonable reason. You can read reviews about them on Reddit. The reason why I deleted their app from my phone.

Ah
Na e be say my money dun go ni o 🤣

Arafat147fj:
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You've been cornered again. Go create a new account, werey scammer