₦airaland Forum

macrodata:
Thanks for the information. God bless you. I'll look into it. Do you have any suggestions for me pls?

macrodata:
If it works, please update this thread. I have 3m and looking for cheap dollars. I've studied this method front & back, the best option is to buy USDT or USDC stable coins on moonpay using Gemini trading platform. No fees, no vat or hidden charges then transfer to Binance.

If you compound your earnings, in 10 trades you will see over 10m profit. My only challenge is getting Dollars at bank rates.

Ihatethemods2:
Hello guys, please I want to go into crypto currency trading on binance. I’ve downloaded the app, registered and now verified.

I noticed the exchange rate from dollar to naira on the platform is higher than that of the blackmarket (aboki). I also met a man who sold dollars to me at a very cheap rate.

Now my question is, is it possible to transfer the dollars deposited in my domiciliary account from my bank (First Bank) into my Binance wallet?

The goal is to trade it off on Binance platform, and withdraw back into my naira account at a more higher rate.

Is this possible? If Yes, how?

Please, a good samaritan should help me out!

obailala:
In my previous comment, I tried to give a very basic explanation, but since you mentioned the above, maybe I'd try and give some insight 'the way I understand it'...

Current global price/value of crude is about $55/bbl; even though the crude is produced in Nigeria, it doesn't change the fact that the crude is still valued at $55/bbl and is still sold at $55/bbl. Nigeria currently runs a 'Direct Sale-Direct Purchase (DSDP)' crude swap deal which basically means, NNPC sells crude to a foreign refinery and then buys refined products back from the said refinery; the crude is still valued at the prevailing global price, irrespective of the fact that it is Nigerian crude.

One might then wonder why NNPC doesnt just exchange the crude at a reduced rate of say $40/bbl instead of the prevailing global price of $55 so that the imports would be cheaper; after all it's Nigerian crude. But then, that $15/bbl loss would effectively amount to a form of petrol subsidy, i.e. the govt subsidising the sale of crude oil to a foreign refinery so they can in turn sell cheaper fuel to Nigeria. Just recently, a similar form of subsidising was termed 'under-recovery' by the NNPC. I may be wrong somewhere in my explanation, but maybe a petroleum economist can help out.

...and lest i forget, there's an assertion which you made which is wrong; there's absolutely no 'non-oil producing nation' which sells fuel cheaper than Nigeria. In global comparison, I doubt if there're up to 5 countries which sell petroleum products cheaper than Nigeria, and they're all oil producing nations which subsidise the products.

obailala:
The logic behind the pump price increase is quite simple and straightforward. The only reason anyone (at least educated) wouldnt understand it is because they intentionally refuse to understand it.

Nigeria buys its petroleum products from overseas with dollar$ and 2 things mainly determine the cost of that product in Nigeria - crude price and exchange rate. If crude (raw material) price increases, the cost at which the foreign sellers sell it to us will increase, and that would mean an increase in the final selling cost to Nigerians. Likewise, if exchange rate increases (i.e. Naira devalue drops), even if crude price in dollar$ remains the same, the increase in official exchange rate means an increase in final pump price of the products on the street. So yes, with exchange rate currently at over N400/$, if crude price jumps to $100, pump price may hit up to N250.

In the last few months, the exchange rate has increased (because of the lack of forex caused by covid palaver) and in the last few weeks, global crude prices has also increased. What that translates to is an inherent increase in pump price. The fact that an increase in pump prices hasn't been announced yet means that the govt is still bearing the price difference occasioned by the recent increase in crude price (in otherwords, govt is subsidising).

ExAngel007:
Photos and a video which have gone viral on social media, have captured moment a Nigerian man traditionally married twin sisters.

It was gathered that the twins married same
man because 'they can’t live without each other'
and it also looked like one is already pregnant.

Twitter user, @ph_obidon who shared the photos
wrote;
They should not worry very soon when reality strike in they will learn how to live without each other


https://twitter.com/Ph_Obidon/status/1348025807709609984?s=19

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https://www.youtube.com/watch?v=WEyT_ibNWLw

lokojay1989:
I was scammed 24500 too. A lawyer explained how to get our money back, but I'm planning to try it by ending of this month. If it works and I get back the money he scammed me with, i will explain the procedure for you. Its through court and the account you transferred the money to.