₦airaland Forum

You are very correct, but remember that the point here is that CBN is claiming foreign outflow of dollars due to Crypto. So regardless of the transactions at the exchange as long as Naira leaves and Naira is returned to you, then where is the dollar lost. If i pay online in Naira(like in a bet site) and my account is displayed in $$$ after a conversion and I can withdraw that dollar into a dom acct, then I agree the bank loses $$$. but thats not the case with most crypto exchanges

joey150:
Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa.

No thats not true, even though your dashboard reports in USD or YEN or Yuan, your value is still in Naira. Is it not Naira you deposite do you withdraw in Dollars?. After you do all the transactions why dont they send to your dom account. Why do they allow you withdraw to only your Naira account, Yes they do for some people but very few. You have crypto that are listed in Naira and dont even need to be changed to dollars.

Yes eventually Bianance which is a foreign company in Nigeria most take out their profits but so do MTN and DSTV and all other foreign companies

joey150:
Thanks for the explanation. I also use binance too.

However, I deposit in Naira and it's converted to dollar. The naira you deposit cannot just he turned to BUSD or USDT without first being converted to dollars.

Virtually every cryptocurrency is valued in dollars. Even USDT has a dollar price. So, how do you skip the part where your naira first gets converted to dollars before you can trade on the exchange?

Nobody takes naira and change it to USDT without using a benchmark currency, which is the dollar.

Despite it being a digital currency, they are all still valued in dollars. Like in the oil market, you have to convert your local currency to dollars to trade in it.

Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa.

Please correct me if I have missed something.

Great, so I will explain

An exchange like Binance which i use well sells currencies in crypto BUSD, USDT and the likes. These are not physical dollars, there are all digital currencies. In fact, when you buy a crypto like USDT, which equivalent to a dollar, you pay way more than you would if you go to an Aboki to buy physical dollars.

NO Exchange comes to your Bank at month end for dollar reconciliation because they dont trade in foreign currency. They allow you use Naira all the way

summary

Naira >>> Exchange >>>> trading >>> profit >>> withdraw >>> Naira


The Government is Bitter because all of sudden many people dont bank with them any longer because the exchanges provide remarkable liquidity and profit, something the banks would never do because Nigerian Banks dont even bank anyway but to use our money to make more money for themselves.

I know the HIGH and mighty would have crypto trading not because they cant make money from it themselves, but more because suddenly the average man doesnt need their fraudulent institutions to make any money. Block chain technology is more transparent and easier to use to trace fraud than even the banking systems, so they lie on foreign exhange outflow.

soon if they dont allow the billions of Naira stock in exchanges back into the economy, that Naira they are protecting would fall further. when people make money off crypto trading is it not the same Nigerian economy they plunge the same funds into. But the half baked CBN policy makers cannot think further than their noses.

joey150:
All this ban talk aside.

Can you explain how you can buy a foreign (crypto)currency with Naira without dollar actually leaving the country?

So when you pay in Naira, what do you think actually happens?

Dollars are definately not takeout of Nigeria for Crypto trading. for most exchanges you deposite naira and buy foreign currencies using NGN. NO DOLLAR Leaves Nigeria. CBN is only jealous cause suddenly fewer people are going to banks and so they have less money to steal. Crypto deals are the purf of SEC and CBN has nothing to do there but to try to further impoverish the few Nigerians trying to make a Living despite Governments Failures. Those at the CBN have proven in recent times to be the most confused bunch in recent times. Their Policies are all over the place making and reversing when their experiments dont work. Banks and other Financial houses dont want to cut their profit margins so they are using teh CBN to fight crypto. Evil People

Not all fight na fight, a lot of women dont slap their husbands. However if you happen to marry one that slaps you then his advise is not for you cause the devil is your father in law.

dimexy247:
Ridiculous, so when my wife slaps me, I should report her to God, what a joke!

If any woman slaps me, na thunder slap she go take receive before it gets cold.

I don't have time o.

Please nobody should explain what he meant by fight, all fight na fight and I ain't reporting nobody.

You mess up, I mess you up more.

The Nigerian Government and its CBN are so clueless we need to pray to God to intervene b4 this Man plunges the nation into irreversible chaos. There are Billions of Naira stuck on Crypto Exhanges, millions and Dollars equally stuck now that cannot be withdrawn back to the same economy those half baked policy makers are trying to protect. With less Naira in banks to purse Dollars, dollars would still rise. People make money from Crypto currencies and plow it back into the Nigerian Economy is the form of projects and services. But their dumb self cannot see that far because their myopic minds cannot comprehend why less people are leaving their cash in banks. Ofcourse why would I invest in fixed depoiste when I can make what the bank promises in minutes. Even the banks wont invest in their banks. Wicked souls.. India Government failed with this stupid kind of policy at the supreme court. So will the CBN. Banning crypto is not teh solution but regulating that sector.

shed more light on this or share links

thebosstrevor1:
In India, they banned crypto.

Rather than complain.

Withdraw your crypto and send it through western union or world remit, do cash pickup and receive your money in dollars.

Billions of Naira are stuck in Crypto trading and this Wicked Government now wants to interfere and make life harder for people?. To fight Herdmen and corrpution is a problem for them, but to bring further harder ship upon the populace makes them joyful.

So if MURIC members were not involved it would not have been an issue ?.. so Bias

Bro MIke!! Hehehe, we saw the Movie, you Sir and Ma are a shinning light to many of us and in Jesus name you shall continue to WAX stronger. Your Family creates a model a lot of us would love to emulate. Congrate Ma

Heaven must intervene we cant be like this till 2023 the damage would be irreparable. Buhari is like Lampard, has nothing to offer

Bros even Hazard did not become Harzard in day, players develop over seasons, Mount has serious potential and Grit, he is on track

franciskaine:
still not the level of starting every game. He's not Chelsea's Messi.

Last 2 games, Do you still think Mount is Mediocre ?

franciskaine:
na Mount mediocre pass

When I see if formation tonight I will know if he is a serious coach. He is German and we have a number of German players that can make changes. I believe he should try to keep Konte and Giroud, we need them. All those half baked English footballers can leave except for Mount he has heart

The final part of the grand puzzle has finally been set in, Chelsea is winning the EPL 2 seasons from now and champions league as well. And Army of tremendous talent has been assembled, now a worthy General has been appointed, Its now we will see what those talents can produce. And in the hands of a German master tactician, without the Neymar drama, he would surely shine. Welcome Thoma, farewell Frank you will always be our legend. Now let a proper manager take the reins of affairs at Chelsea.

Great move. This is exactly how al capone was caught. Firstly, government creates a law that requires registration or declaration. That allows you know the numbers you are dealing with. Of course, the herdsmen wont register all they should, those unregistered ones are what Government would now have every right to declare as criminal. Then, anyone or entity not found with registration is ostracized. Not everything is force, at times you need to lay the foundation to properly curb a daunting situation.

its only 11th January 2021 o

2021 is Ndidi's Year, BIG Alert coming his way

Thank YOu Sir

My GO Thank YOu Sir, God would continue to Increase you in Grace Sir, we that love and cherish you are Many. Ride on Sir

No matter how wealthy you are you are just one evil kidnap from dropping to middle class, not to speak of the trauma. Then of course the Beef between the haves and have nots in Nigeria is not in this world, you cant even be comfortable in peace. Then standing near are the health issues and misdiagnosis from hospitals, not to talk of Lai Mohammed, Shehu and Femi whose comments worsen situation. Then the continuous weakness of the Naira which depletes the earning power of Nigerians. Leave now if you can and return when it starts to get better , you wont have missed much. In summary as far as Nigeria is concerned, try to have a choice!

I knew it from last year that the Buhari Government would kill people with Tax Hike as they would collect the money they didnt make from the sale of crude from Nigerians. All these would eventually push for more protests, riots and might just lead to the exit of these emotionless Government.

selfie gone wrong. She better takes enough powerful antibiotics just to be sure that cut is not infected

This must be the most unreasonable post we would see in 2021. We might as well not use social media again as we know they sell our details to Marketing companies. Who knows may be Gates foundation would even compensate men for the heart aches some women have subjected them too after the DNA bank details are sold.

Prophecy or speculations, these are guides towards achieving a fulfilled 2021 ahead. Some in America, Europe can relate to these sayings cause they are already in the middle of chaos. But in Nigeria cause God has been gracious to us, many want to hear dates of when events would happen. Such are the ones that believe men that tell them the meals they had last night.

No prophecy is sacrosanct. The Bible if filled with prophecies that changed. God asked a prophet to tell a king on the bible he would die, God asked Jonah to tell a city they would be destroyed. None of these eventually happened, because there was repentance. Dr Olukoya is saying walk with God, pray more tread the path of holiness so we can be empowered and guided to handle what 2021 holds.

You have nothing to lose if you heed

A world where you should keep your friends at arms lenght

There is a huge difference between what the Learning Institutions offer compared to the skill and knowledge required to be a successful entrepreneur in Life. Most people get disappointed at the realization that a Degree does not guarantee financial liberty, so they conclude that education most be a scam moreso that people less educated might be more successful.

The thing tire me o, seems a lot of people out there are just frustrated especially at other people joy

Newman20:
I don't know when people will understand that the said chicken was special TO HER. There's no reason why her appreciating a gift should be bad, no matter how small it is.

While the response of your parents shows lack of concern for your well being, that one of your wife to be is worrisome. Even if it was to lie, she should have had the courtesy to lie and say she would contribute out of concern. Saying it our right and straight to your face that she wont shows she would mean, lack empathy, and you will be her meal ticket comfort. She would gladly go to the highest bidder in future. Flee from such, she has made no investment to getting you to were you are today. Your search for a wife is not over yet.

They are clueless fools and decision makers, they really dont know what they are doing,playing ludo with an entire country

tensazangetsu20:
Idiots. Closed borders for a whole year and increased poverty and food inflation. Fools.

Buhari Government would never agree, it would be a slap on his face, a whole General!

Your list makes lots of sense o