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Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ - Business - Nairaland

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FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom / Traders Lose As Naira Rebounds To 720/Dollar / Naira Plunges To N575 To A Dollar Two Days After Aboki FX Update Suspension (2) (3) (4)

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Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by References1: 9:49am On Feb 22
It has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT before subsequently rising to N1354.3.

However, by 7 am on Thursday, February 22, the naira was trading between N1680-N1710/$1 USDT.

This situation arises amid several reports of a crackdown on cryptocurrency trading, which some authorities view as a significant contributing factor to the rapid depreciation of the naira.

Tether (USDT) is a stablecoin used as a medium of exchange for cryptocurrency traders looking to trade their local currency against the dollar. One USDT is equivalent to $1.

This dramatic drop and subsequent recovery underscore the volatile nature of cryptocurrency markets, especially in the context of Nigeria’s current economic climate.

The exact cause of the wild volatility experienced in the last 24 hours remains unclear, even as some attribute it to a broader crackdown on cryptocurrency trading by certain authorities, who argue that such activities have been contributing to the rapid devaluation of the naira.

What Binance is saying
Earlier in the day, Binance assured its Nigerian users via a blog post that their funds are safe and secure, stating that its peer-to-peer (P2P) product remains operational but with adjustments.

“To protect users, and to prevent any abuse, our system automatically pauses in the event of a period of significant currency movement. Late last night, we observed a temporary suppression of prices that briefly reached our system limit. We quickly made the necessary adjustments to allow trading to continue.

“We have stringent measures in place to protect users in the market, including real-time monitoring, immediate removal of non-compliant advertisements, and permanent removal of bad actors from using our P2P product. Continuous market surveillance ensures the prompt removal of abnormal prices, supported by a fixed security deposit,” it said.

While this is not specific to Nigeria, Binance said it is working with regulators and policymakers to maintain transparency in cryptocurrency trading and its impacts on the financial markets.

It emphasized that Binance does not influence foreign exchange rates.

The volatility experienced in the crypto market brings to the fore the reliability of the platform as a benchmark for the exchange rate.

Nairametrics understands most parallel market operators often cite cryptocurrency-stable coin prices as a reference despite their relatively low volumes of trade.

On average, Binance platforms trade around 3 million USDT compared to the official FMDQ market which has averaged $251 million in daily turnover in February this year.

https://nairametrics.com/2024/02/22/wild-24-hours-naira-plunges-to-n1900-rebounds-to-n1354-then-dips-to-n1700-against-usdt-on-binance/

2 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by richeeyo(m): 9:54am On Feb 22
Our Niara,
They sail
They go up and down like a boat in the ocean

25 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by RepoMan007: 10:00am On Feb 22
So official market is 80 times bigger than binance, yet people look up to binance for guide.
To cap it off, binance can be easily manipulated.

57 Likes 3 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by superlanny(m): 10:03am On Feb 22
Unfortunately, we have clueless leaders who have no idea what it takes to lead and more worse are the morons who some how keep believing anything good can come from this set of nonentities.

When Binance was blocked and I saw a good number of people celebrating and giving the govt kudos, I shed a tear for how much gone people are, like can’t you all just use that brain if there ever was one and understand these politicians never do what favors the common man but themselves, if you know how many countless stacks of dollars in their possession you will weep for your generation. Stay there and be beefing or jealous of those who are legitimately trading and earning through cryptocurrency. You are being left behind and instead of you to adapt and learn you are spreading hate for what you have no idea about.

Just keep playing and hope blocking Binance will crash the price, I foresee 1dollar to be 3000naira in max 2 months

88 Likes 12 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by VeryWickedMan: 10:09am On Feb 22
A sovereign nation's currency jumping upandan like private stock.

82 Likes 7 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by ValCon888: 10:10am On Feb 22
Binance isn't Nigeria's problem. Cryptocurrency is not this country's problem. What the government is doing is artificial half-measures that are short-termed and short-lived.

It's like giving panadol to a man suffering from acute malaria. The panadol will temporarily stop the chills and headaches. But the plasmodium parasites are still there.

Until we kill the parasites that are feeding fat on the economy and create avenue for stable FX inflow, including an equilibrium between demand and supply of FX, the naira will continue to plunge.

76 Likes 9 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by chatinent: 10:19am On Feb 22
Lasisi and Nedu did a comic on this and it turns out it wasn't really comedy but reality now.

Honestly, at this point, I don't see any benefit of saving money in a Nigerian bank. It's safer to use a virtual bank. And put the greater part in crypto.

The Nigerian banks keep milking you, they won't give you Dollars, their cards are useless for international transactions, and to get dollar cards, you must be an influential person.

30 Likes 2 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Epstein(m): 11:09am On Feb 22
cool

We are waiting for $1 = N1

9 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Kingpele(m): 11:09am On Feb 22
God please help this country...the present crop of leaders in this country and their economic team are very incompetent...when we were saying in this platform that complete removal of fuel subsidy will destroy our economy...APC zombies were calling us ipob ...removing fuel subsidy and flooting naira at the same time was a very dumb move ...were is the money saved from fuel subsidy?...what are the long term benefits of it when government officials are still stealing public funds and converting it to dollar...this are the real issues...if tinubu can stop corruption..invest in agriculture and build more modular refineries and repair our three refineries..then things will change for good but if corruption continues non of the policies will work ...Nigeria have come to a point that every penny that is stolen will affect the economy...

10 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by AqualinaXYZ: 11:09am On Feb 22
Its going to N2500 before end of February





This I pray amen grin grin

9 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by STEWpid(f): 11:10am On Feb 22
Chai..



This is "a Naira that can fly"

The currency dey also find ways to japa but village people no gree!!
.

3 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Skillsnigeria: 11:10am On Feb 22
Hmmm
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by theophorus(m): 11:10am On Feb 22
AqualinaXYZ:
Its going to N2500 before end of February


This I pray amen grin grin

Kikikikiki, some of Una dey rejoice as bad things dey happen but Una forget say wetin Una wish others go soon be Una portion.

12 Likes 2 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by manutdrichie(m): 11:10am On Feb 22
Tinubu is using propaganda to deceive Naira, look at our belove Naira dancing Kurukere dancegrin grin grin

15 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Nawa4nl: 11:10am On Feb 22
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Naijaguy123: 11:10am On Feb 22
Anyone looking for $$$ ? I have 1 million $1,000000 yes but Monopoly money !

2 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by omenka1: 11:10am On Feb 22
Abasi mbok, this is no longer favouring me n my family oooo
Lagos builder where art thou, this your blokos that am standing on is now collapsing oooo

2 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by theysg: 11:11am On Feb 22
Whosoever is manipulatingbyhe Naira does not want the poor to breathe.

2 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Bobloco: 11:11am On Feb 22
Tinubunomics

An epitome of extreme cluelessness and incompetence

15 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by 2shure: 11:11am On Feb 22
I just got my 5th car. Thanks to binance.

11 Likes 2 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by GanagiBitrus: 11:12am On Feb 22
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Astra101: 11:12am On Feb 22
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Hndrrxxx(m): 11:12am On Feb 22
Zd
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by CrazyBen(m): 11:12am On Feb 22
Hmm
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by sofeo(m): 11:13am On Feb 22
It's well.
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by Itiskdg121(m): 11:13am On Feb 22
Good one
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by tobenuel(m): 11:13am On Feb 22
plunges, rebounds and dips. trial and error govt, rinse and repeat boom another election will come

8 Likes 2 Shares

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by irepnaija4eva(m): 11:13am On Feb 22
We are in for a long ride... I knew it was just the usual Naira retracement..

2 Likes

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by oilyngbati(m): 11:13am On Feb 22
AqualinaXYZ:
Its going to N2500 before end of February





This I pray amen grin grin
Typical ipob

13 Likes 1 Share

Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by StraightGaay: 11:13am On Feb 22
Naira dey rise dey fall like my big d.. K
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by MrBroke(m): 11:13am On Feb 22
Make e reach 5k then rise back to N10 per $1. I wan check something
Re: Naira Plunges To N1,900, Rebounds To N1,354 Then Dips To N1,700/$ by theysg: 11:14am On Feb 22
superlanny:
Unfortunately, we have clueless leaders who have no idea what it takes to lead and more worse are the morons who some how keep believing anything good can come from this set of nonentities.

When Binance was blocked and I saw a good number of people celebrating and giving the govt kudos, I shed a tear for how much gone people are, like can’t you all just use that brain if there ever was one and understand these politicians never do what favors the common man but themselves, if you know how many countless stacks of dollars in their possession you will weep for your generation. Stay there and be beefing or jealous of those who are legitimately trading and earning through cryptocurrency. You are being left behind and instead of you to adapt and learn you are spreading hate for what you have no idea about.

Just keep playing and hope blocking Binance will crash the price, I foresee 1dollar to be 3000naira in max 2 months

Oga, blocking of binance is not intended to plunge naira price, it was done to stop Naira from further fall.

Is it only politicians that hoard dollar?

What about BDCs, Business moguls, Government officials, Bank managers, Mda heads and so on?

You actually sound really clueless to realize that the forces against the Naira is beyound the control of the CBN. The central bank is dealing with a very greedy and wicked market here.

18 Likes 2 Shares

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