₦airaland Forum

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.

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.

DagashSamson:
What was the price of crude oil under Obasanjo that we made great progress?

Covid was global, we were not the most affected, countries run well recovered shortly afterwards.

You seem to suffer from short memory yourself. Remember most of what was looted by Jonathan administration was recovered and re-looted again.

To what degree did Buhari block leakages in revenue generating coupled with his nepotistic style of governance.

Yes tell us the crude oil price under OBJ compared to his precedessor let's compare.

Yes Pandemic was global so it affected most country and affected those that are import dependent the most (Nigeria is an example).

Having said the above, You can't belittle the effects of these 2 economic issues on an import dependent country like Nigeria if you're objective.

I'm not saying he did well, I'm saying he did better than the predecessor and the successor judging by what's obtainable right now.

Before we turn this to a shouting game, we can decide to narrow everything down to what each earned in a 4 year circle and what they achieve within these years. Do you mind?

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)

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

Hezmatosky:
GEJ was lucky to meet a booming economy, he flopped. PMB, worked first tenure and flopped second tenure. Hmmmmm abeg make I stop here first

Covid dealt with us during his second tenure.

Low oil price affected his first tenure but he still kept us afloat.

Alot of people seems to have short memory.

Nigeria earned what we have never earned before under Jonathan but most was wasted.

Antoeni:
Buhari Was a Complete Error,Disaster & Misfortune to Nigeria & Nigerians, The Dummy To Nigeria & Nigerians 20 years Backward

How?

Tonididdyx:
Pmb was not a president, it's an insult to past presidentials

Even with low crude prices and covid pandemic, he still kept our economy that high?

Please, stick to what you know.

Agbado is about to teach you what cluelessness stand for.

Let's not whitewash Jonathan here.

His govt was cooking beans for us if you understand what that means in Finance. We also earned the highest under him when it comes to crude oil.

We were also not under any world pandemic or anything of such.

Tinubu is surely going to be worst.

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?

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.

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?

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.

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.

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?

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?

Teenaira:
Oga, the only reason you had a low exchange rate for decades is because CBN use your reserve to defend the Naira not because of any goods and services you export. Long term solution to high exchange rate is for a more favourable balance of trade in favour of Nigeria. Nigeria as we speak is still a dumping ground for all manners of junks. If you don't believe, ask our Igbo brothers. There is no magic wand anywhere, to improve the exchange rate we have to deal with speculation, reduce import and increase export of goods and services. Simple but difficult solution to implement.

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.

Kennitrust:
Does this crypto guys control others world currency like the way they are bent on destroying the value of our currency?

Ask the question properly.

Are these platforms only in Nigeria?
If not, why are they not "speculating" the other country's currencies?
Why are other countries not blaming cryptocurrency platforms for their economic woes?

Cryptocurrency existed before this government came to power, how come the previous governments didn't have the same problem this current government have?

Is Binance and the rest only operating in Nigeria?

How come some countries even take BTC as an official legal tender?

Tiopii:
What does "print money recklessly like the US" mean?😂😂😂😂😂😂😂😂

Na Russia choose Rich man as enemy. Which kind excuse be that?

Russia isn't on the US Level since the USSR.

USA - Superpower
China - emerging super power
Russia - significant power
EU - significant power + friends with Superpower

Wetin be this?

FoolishBoy419:
I think Russia's problem is economic power. It's a powerhouse but it is not in the same league with China.

Russia doesn't have enough money to throw around and cant print money recklessly like the US does due to dollar being what it is for now.

Are they saying cryptocurrency is only fighting Naira and not in other African or other countries?

gagzee:
Macbook pro 2012
16gig, 1tb, core i7.
Very Clean.
₦200k

Contact: 09135153634

Post the pictures

omotolsy:
HP ZBOOK FIREFLY G8

How much?

Available

Available

greenermodels:
panthers doesn't exist in Nigeria so why name then panthers? we all saw how Iran defended it's national assets and airfields from Israeli missiles and drones, does the the Nigerian air forces have the equipment and training to defend our airports from foreign missiles using an air defense system? the answer is no because we don't have an air defense system despite all the money been budgeted for defense since 2015 by the APC government, we should stop celebrating nonsense in this country.

Why 2015?

Why not 1999 or 1989?

Happy weekend

.

Expensive flying ⚰️

If you know you know

OkpaNsukkaisBae:
Nice move from China🇨🇳

Spy apps for the West

WriterrNg:
⚡French President Emmanuel Macron rejected accusations of double standards over Paris increasing purchases of Russian gas, despite harsh anti-Russian rhetoric.

At a press conference following the EU summit in Brussels, Macron was asked whether there was a contradiction in the fact that Paris shows its support for Ukraine, but at the same time continues to purchase Russian liquefied natural gas (LNG).

“No. Today, Russian LNG is purchased all over the world, just like Russian oil. It is purchased all over the world. France is less dependent on gas than others... France is the least dependent on gas and we are far from those who participated most in financing the Russian economy, both previously and now,” the French president claimed.

Just say it "The US, Germany and the likes still buy from Russia, why shouldn't France"?

motayoayinde:
They carried out a COWARD'S ATTACK by launching a few quadcopters at a close range probably from inside Iran to target nuclear facilities in Isfahan.
They were all quickly shot down by Iran.
Israel is ashamed to give details about the abysmal failure. They have resorted to their most potent weapon in concert with the west: Global Media Propaganda.
Even Nairaland is reporting an Israeli retaliation on the front page. 😂

But this won't last.
In the coming hours, the world will get the true picture.

Nairaland leadership has gone to the dogs.

They love to amplify anything West.