Three weeks after Nigeria’s Securities and Exchange Commission (SEC) met blockchain industry players and asked that they stop peer-to-peer trading, the global crypto exchange Kucoin has suspended all naira-based peer-to-peer trading.

“As part of ongoing efforts to enhance our services, Kucoin will temporarily suspend all p2p Naira services and Fast Buy service via Naira card,” the company said in a notification to users.

While the global crypto exchange Binance faces federal government charges, Kucoin has largely remained under the radar and it will hope to maintain the status quo with its decision to halt p2p trading.

For weeks, the office of Nigeria’s Security Adviser has increased scrutiny of p2p crypto trading, mandating fintechs and banks to close bank accounts linked to trading and report said accounts to the authorities. The Economic and Financial Crimes Commission (EFCC) has also blocked thousands of accounts for trading crypto.

On May 7, Emomotimi Agama, the SEC DG blamed the slide of the naira on cryptocurrency traders. “What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the exchange rate,” he said at that event.

While the naira became the best-performing currency in April, it has since reversed all those gains. On May 14, the USD exchanged for ₦1520, a stunning drop and a reminder of the volatility that led to a ban on Binance in February 2024.

This week, several currency traders in major cities told TechCabal that the EFCC had resumed arrests of street traders, in enforcement of the February ban.

Despite these extreme measures, there’s no respite in sight for the naira and it remains to be seen if authorities will follow through with a plan to ban p2p trading and what form that ban may take.

Source: https://techcabal.com/2024/05/15/kucoin-suspends-p2p-naira-trading/

Confirmed

I will reserve my comment

Yemi Cardoso, if you are reading this, there is one thing you are missing.

Most of the attempts to curb the naira slide are missing a key component.

WHY EXACTLY DOES THR CBN SELL DOLLARS TO THE PUBLIC THROUGH BDCS? All the dollars you put into the system, what have they been used for? Who bought them?

The last I checked, only those travelling out of the country need fx for PTA/BTA, importers, businesses who need to repatriate profits, and those who need to pay school fees abroad. Now, you have been selling fx to BDCs to sell to the public. This doesn't make sense.

It seems politicians are the same set of persons mopping up fx.

You must track all fx sales. The only people who need physical fx are those needing PTA/BTA, and even that can be done electronically.

Cardi B, whilst carrying out measures like delisting naira from Binance or Kucoin, STOP THE PRACTICE OF SELLING FX TO THE PUBLIC.

THEY DON'T NEED IT.

Do whatever need to be done to reclaim control.

Pay no head to enemies of the state shedding crocodile tears.

For the good of the commonwealth is better than the good of 1.

It is the ban on domiciliary accounts and any form of currency exchange outside of the banking system that I am looking forward to.

It is not a must to have a forex domiciliary account to receive international remittances.

You receive it into your local account as incoming credit that you can choose to leave as it is for future international transfers within a define period before taxes begin to apply, or further process it into the local bank balance as the Naira equivalent.

With this system, no local remittance of forex can be allowed into the banking system. This automatically kills all forms of buying and selling and hoarding of forex that is locally sourced.

Toh

Why should Naira rate be in almost exchange rate with Ecurrency fluctuating rate?

What's the business of Naira with Ecurrency rate?

Throwback:
Do whatever need to be done to reclaim control.

Pay no head to enemies of the state shedding crocodile tears.

For the good of the commonwealth is better than the good of 1.

And banning p2p is what needs to be done

Like p2p wasn't here when dollar was #450??

BATerians and common sense are two parallel lines that can never meet

BossGerald:


And banning p2p is what needs to be done

Like p2p wasn't here when dollar was #450??

BATerians and common sense are two parallel lines that can never meet

Do you even know what p2p mean?

Educate me please. If people can't trade with naira directly, the next option is USD which is only readily available in black markets. We both know 90 percent of these crypto traders won't stop, rather they'll turn to the black market traders to get dollars. With increased purchase of the US dollar, what then is the benefit of the whole saga ?

BossGerald:


And banning p2p is what needs to be done

Like p2p wasn't here when dollar was #450??

BATerians and common sense are two parallel lines that can never meet

Don't mind the sychophant

Paraman:
Do you even know what p2p mean?

Was P2P not there when naira was 420?

That's the question. Please answer

ChristCee:
Educate me please. If people can't trade with naira directly, the next option is USD which is only readily available in black markets. We both know 90 percent of these crypto traders won't stop, rather they'll turn to the black market traders to get dollars. With increased purchase of the US dollar, what then is the benefit of the whole saga ?

The black marketers get their rate from these peer2peer crypto spots, which are heavily rigged by people who manipulate the system through placing buy orders at ridiculously high prices and then cancel it, in order to game the market, thereby skyrocketing the rate of naira to the dollar. The endgame is to make massive gains.

Lizzysamuel:


Was P2P not there when naira was 420?

That's the question. Please answer

Is it not existing systems that are later exploited for the gain of some over the stability that benefits all?

The problem with Nigerians like yourself is the belief that it is your right to have access to things that ultimately sabotage the economy of your country.

Paraman:
Do you even know what p2p mean?

BATeria tell us

emkz:
Yemi Cardoso, if you are reading this, there is one thing you are missing.

Most of the attempts to curb the naira slide are missing a key component.

WHY EXACTLY DOES THR CBN SELL DOLLARS TO THE PUBLIC THROUGH BDCS? All the dollars you put into the system, what have they been used for? Who bought them?

The last I checked, only those travelling out of the country need fx for PTA/BTA, importers, businesses who need to repatriate profits, and those who need to pay school fees abroad. Now, you have been selling fx to BDCs to sell to the public. This doesn't make sense.

It seems politicians are the same set of persons mopping up fx.

You must track all fx sales. The only people who need physical fx are those needing PTA/BTA, and even that can be done electronically.

Cardi B, whilst carrying out measures like delighting naira from Binance or Kucoin, STOP THE PRACTICE OF SELLING FX TO THE PUBLIC.

THEY DON'T NEED IT.

Please loud it for Cardi B before he loses his place to Doja Cat.

Throwback:


Is it not existing systems that are later exploited for the gain of some over the stability that benefits all?

The problem with Nigerians like yourself is the belief that it is your right to have access to things that ultimately sabotage the economy of your country.

You clowns talk as if Naira is the only currency traded on these exchanges.

How old are you ?

What I find funny in the article is the mention of NSA. Terrorists are kidnapping people in their hundreds but you won't hear anything from NSA.
Ribadu dey collect salary dey do wetin no concern am.

Lizzysamuel:


You clowns talk as if Naira is the only currency traded on these exchanges.

How old are you ?

What is Nigerias business with which other currencies are traded?

Our concern is the currency pair that includes the Naira, so that traders stop speculating with the value of the Naira.

jmoore:
What I find funny in the article is the mention of NSA. Terrorists are kidnapping people in their hundreds but you won't hear anything from NSA.
Ribadu dey collect salary dey do wetin no concern am.

If you are educated and exposed, you will realise that economic security and stability is a component of National Security.

Go watch the movie, Jack Ryan: Shadow Recruit, so you can learn about economic security as, part of the larger National Security.

Guy, even Food Security is part of National Security.

Which is why Ribadu with his EFCC background is the right fit for the NSA role in these times of economic sabotage.

Do you know that in the USA, the office of the National Security Adviser is closely monitoring the Americans stock exchanges?

Lizzysamuel:


Was P2P not there when naira was 420?

That's the question. Please answer

What is P2P?

Throwback:


If you are educated and exposed, you will realise that economic security and stability is a component of National Security.

Go watch the movie, Jack Ryan: Shadow Recruit, so you can learn about economic security as, part of the larger National Security.

Guy, even Food Security is part of National Security.

Which is why Ribadu with his EFCC background is the right fit for the NSA role in these times of economic sabotage.

Obviously the lives of Nigerians do not matter. Let Ribadu continue to monitor crypto. It's not like any of their actions produced any positive thing. Just chasing shadows as usual. What is the current naira-dollar exchange rate? The propaganda of binance being responsible for the depreciation of naira has busted.

Throwback:
It is the ban on domiciliary accounts and any form of currency exchange outside of the banking system that I am looking forward to.

^^^


And what is the plan for the unintended consequences of this ban? Because there will be unintended consequences - make no mistake about it. Last year's removal of fuel subsidy and the Naira float has made that abundantly clear.

Throwback:
It is not a must to have a forex domiciliary account to receive international remittances. You receive it into your local account as incoming credit that you can choose to leave as it is for future international transfers within a define period before taxes begin to apply, or further process it into the local bank balance as the Naira equivalent.

^^^


'Process' it into Naira at which exchange rate?

Fujiyama:


^^^


And what is the plan for the unintended consequences of this ban? Because there will be unintended consequences - make no mistake about it. Last year's removal of fuel subsidy and the Naira float has made that abundantly clear.



^^^


'Process' it into Naira at which exchange rate?

At the exchange rate that is prevailing in the banking system.

RenaissanceGuy:
The black marketers get their rate from these peer2peer crypto spots, which are heavily rigged by people who manipulate the system through placing buy orders at ridiculously high prices and then cancel it, in order to game the market, thereby skyrocketing the rate of naira to the dollar. The endgame is to make massive gains.

Fair enough. Thanks for the education, we learn everyday and although I don't think this will be much of an impact on the naira free fall, it's a very valid point.

Throwback:
At the exchange rate that is prevailing in the banking system.

^^^
The rate under a CBN managed float?

You know there will still be a parallel market rate don't you?

Does the banking system you refer to include BDCs?

And you still haven't said anything about managing the fallout of a domiciliary account ban - because there will be a fallout. Fx in a domiciliary account is an asset - just like shares or real estate. Yes, government can impose some tax or some minor regulatory burden on domiciliary accounts. But ban them (or even worse, expropriate them - as some people have suggested)? Do that and you will be sending a terrible message - and there will be consequences.

RenaissanceGuy:
The black marketers get their rate from these peer2peer crypto spots, which are heavily rigged by people who manipulate the system through placing buy orders at ridiculously high prices and then cancel it, in order to game the market, thereby skyrocketing the rate of naira to the dollar. The endgame is to make massive gains.

Thank you sir. This is coupled with the sustained oversupply of the naira by the time they achieve their unpatriotic criminal action.

helinues:
Toh

Why should Naira rate be in almost exchange rate with Ecurrency fluctuating rate?

What's the business of Naira with Ecurrency rate?

O su mi o

Lizzysamuel:


You clowns talk as if Naira is the only currency traded on these exchanges.

How old are you ?

So what value does the naira have to be the second most traded currency on Binance and among top 5 on most exchanges?
Nothing drives that except Speculation
Those speculators have been left for too long unchecked that's why all the pushback. Truth is naira is being heavily manipulated by P2P traders .
This is not the only Solution to save the naira but one of the ways to

Lizzysamuel:


Was P2P not there when naira was 420?

That's the question. Please answer

Didn't Emefiele ban Abokifx and went after fx speculators as well?. you need your brain checked.

helinues:
Toh

Why should Naira rate be in almost exchange rate with Ecurrency fluctuating rate?

What's the business of Naira with Ecurrency rate?

Do you want to buy dollars from me? I sell at 1,100. Hurry ok.

reconfirmed

emkz:
Yemi Cardoso, if you are reading this, there is one thing you are missing.

Most of the attempts to curb the naira slide are missing a key component.

WHY EXACTLY DOES THR CBN SELL DOLLARS TO THE PUBLIC THROUGH BDCS? All the dollars you put into the system, what have they been used for? Who bought them?

The last I checked, only those travelling out of the country need fx for PTA/BTA, importers, businesses who need to repatriate profits, and those who need to pay school fees abroad. Now, you have been selling fx to BDCs to sell to the public. This doesn't make sense.

It seems politicians are the same set of persons mopping up fx.

You must track all fx sales. The only people who need physical fx are those needing PTA/BTA, and even that can be done electronically.

Cardi B, whilst carrying out measures like delisting naira from Binance or Kucoin, STOP THE PRACTICE OF SELLING FX TO THE PUBLIC.

THEY DON'T NEED IT.

What is the importance of BDC when bank exist?

What is the importance of POS when there is ATM?

emkz:
Yemi Cardoso, if you are reading this, there is one thing you are missing.

Most of the attempts to curb the naira slide are missing a key component.

WHY EXACTLY DOES THR CBN SELL DOLLARS TO THE PUBLIC THROUGH BDCS? All the dollars you put into the system, what have they been used for? Who bought them?

The last I checked, only those travelling out of the country need fx for PTA/BTA, importers, businesses who need to repatriate profits, and those who need to pay school fees abroad. Now, you have been selling fx to BDCs to sell to the public. This doesn't make sense.

It seems politicians are the same set of persons mopping up fx.

You must track all fx sales. The only people who need physical fx are those needing PTA/BTA, and even that can be done electronically.

Cardi B, whilst carrying out measures like delisting naira from Binance or Kucoin, STOP THE PRACTICE OF SELLING FX TO THE PUBLIC.

THEY DON'T NEED IT.

Mumu advise from a typical government propaganda zombié.

Dollar is gaining value because it is very scarce. There's not enough to go round to meet demand.

Asking the CBN to stop dollar sales to the public will create artificial scarcity. People will be desperate to pay any naira price to get their hands on the dollar to facilitate whatever transaction they need it for.

In the end, naira will further lose value.

Inflation has gone up again... Naira has dropped value again.

Do you still remember your moronic defense of Tinubu and Cardoso 8 weeks ago vis a vis where we are now?