Alot of Nigerians trading bitcoin and other crypto currencies lost billions of naira to exchanges.

A popular trading app called "LUNO" took advantage of the ban to rip Nigerian traders off .

As soon as the news of the ban on exchange accounts broke, they knew alot of Nigerians will want to sell of the bitcoin or move to other exchange that enabled p2p trade.

They quickly moved their rates to N680 to 1 dollar. Nigerians who had made millions of naira trading and had the Naira in their wallet, were forced to buy bitcoin at 680 to 1 dollar to move their funds out . The exchange sold bitcoin at almost 2 times the price to rip Nigerians off. This resulted in many Nigerians loosing billions to the exchange .

That money is gone to other countries and the CBN did not see that. While they were trying to protect the naira by the little difference in exchange rate, they ended up burning Naira by dashing it out to exchanges in other countries.

This money did not come to Nigeria, and the Naira is still weaker.

The policy is like killing a fly with a hammer .

https://www.google.com/amp/s/www.coindesk.com/bitcoin-is-trading-at-a-46-premium-on-luno-nigeria-after-central-bank-ban%3famp=1

Luno na scam.

RenerdsMedia:
Luno na scam.

Legally admissible scam.

What of the ones who lose their monies daily through bank fraud??

Nbotee:
What of the ones who lose their monies daily through bank fraud??

How many people have lost their money through bank fraud?

I had quite an amount in Luno but one thing I didn’t do was panic. I just changed it all to USDC and sent it to Binance.

I was certain that at least with Binance I could send the funds to my foreign account.

AerialMapper:
I had quite an amount in Luno but one thing I didn’t do was panic. I just changed it all to USDC and sent it to Binance.

I was certain that at least with Binance I could send the funds to my foreign account.

How did you do it

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malcom1X:


How many people have lost their money through bank fraud?

So many of ppl lose and are losing monies daily thru bank fraud abi U want to act like U don't hear of cases where ppl are called with their bank details and defrauded of their monies?

AngelHoly:


How did you do it

I swapped my ETH and ADA to USDC.

I noted that the USDC fee varied depending on the time of day; I guess the busier the network the higher the fees. Anyway, I sent the USDC to my Binance USDC wallet and bought back the ADA and ETH.

mekaboy:
Alot of Nigerians trading bitcoin and other crypto currencies lost billions of naira to exchanges.

A popular trading app called "LUNO" took advantage of the ban to rip Nigerian traders off .

As soon as the news of the ban on exchange accounts broke, they knew alot of Nigerians will want to sell of the bitcoin or move to other exchange that enabled p2p trade.

They quickly moved their rates to N680 to 1 dollar. Nigerians who had made millions of naira trading and had the Naira in their wallet, were forced to buy bitcoin at 680 to 1 dollar to move their funds out . The exchange sold bitcoin at almost 2 times the price to rip Nigerians off. This resulted in many Nigerians loosing billions to the exchange .

That money is gone to other countries and the CBN did not see that. While they were trying to protect the naira by the little difference in exchange rate, they ended up burning Naira by dashing it out to exchanges in other countries.

This money did not come to Nigeria, and the Naira is still weaker.

The policy is like killing a fly with a hammer .

https://www.google.com/amp/s/www.coindesk.com/bitcoin-is-trading-at-a-46-premium-on-luno-nigeria-after-central-bank-ban%3famp=1

Nigerians lost billions?

How did you arrive at that those estimates?

People sold out of panic and business will always be business. Everybody wants your money.

AerialMapper:


I swapped my ETH and ADA to USDC.

I noted that the USDC fee varied depending on the time of day; I guess the busier the network the higher the fees. Anyway, I sent the USDC to my Binance USDC wallet and bought back the ADA and ETH.

Do lu.no has Ada wallet?

AerialMapper:
I had quite an amount in Luno but one thing I didn’t do was panic. I just changed it all to USDC and sent it to Binance.

I was certain that at least with Binance I could send the funds to my foreign account.

At what price? The price you paid was close to N600 per dollar, and the gas fee must have been $50.

One thing i hate about luno is network fee when moving out btc, very huge network fee

bizzibodi:

Do lu.no has Ada wallet?

My mistake; I held the ADA in Bundle not Luno. Thanks for the observation

They quickly moved their rates to N680 to 1 dollar? you realise that the rate is determined by customers not the exchanges right? also when you trade on an exchange you are only buying from other customers not the exchange itself so there is no profit for the exchange in having a higher rate as the profit comes from more people transacting and paying fee.

The way people post here with little or no knowledge is terrifying and then jumping to conclusions about ripping people off is just begging to be sued and when that starts happening more people will take time to research before spewing garbage.

your should check out Slippage and consider the effects of similar ban on other countries and exchanges. This energy should be focussed on the government who make policy decisions without considering market effects.

objay:
They quickly moved their rates to N680 to 1 dollar? you realise that the rate is determined by customers not the exchanges right? also when you trade on an exchange you are only buying from other customers not the exchange itself so there is no profit for the exchange in having a higher rate as the profit comes from more people transacting and paying fee.

The way people post here with little or no knowledge is terrifying and then jumping to conclusions about ripping people off is just begging to be sued and when that starts happening more people will take time to research before spewing garbage.

your should check out Slippage and consider the effects of similar ban on other countries and exchanges. This energy should be focussed on the government who make policy decisions without considering market effects.

Check what is the rate in BTCUSD then CHECK BTCNGN . Then do the maths. If you buy 1 bitcoin at 55,000,000 and then you move the same bitcoin to binance. You will see that u are buying at a loss on luno. When bitcoin is at 52,000 dollars, you are buying same at 55,000 dollars on luno.

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