fineboynl:
Petrol is officially 1k. Anywhere they sell less meter has been tempered .

I bought 10k fuel at the rate of 700. My meter gauge did make as it use to do before. About half of it was cut from it.

Make hardship loading.

You bought from a bad petrol station. I bought 660 yesterday and the metre was just fine

ibechris:



U don't buy under the same market...that is what he just told u now.

He buys and stored which one did u store ? How is it the same market?

I have enough foodstuffs stored at home to last me and my family the next 3 months atleast. I buy commodities in bulk because it's cheaper that way and atleast I can afford it. I have over 600 buckets of the product I supply and deal in (each @17,500) and around 50 Cartons of other products I sell. Do you buy things like petrol, cooking gas, transportation and logistics and other services and store?? How many people will afford to buy food like that and store.

But this is not Abure

Hahahahaha... Metro Police? In Nigeria?

I can bet that the government will use it's foot soldiers to sabotage the strike and protests. They will get them to join the protests and then begin to loot businesses to give the NLC and protesters a bad tag

nabiz:
it also foolish not to read and understand. I use the word 'may not affect igbo MUCH'

I may have used the wrong word "foolish" and I apologize about that but trying to imply that it may not affect Igbos much is hogwash. After adjusting prices to sell for the traders, you will still buy other items from other people adjusting prices as well. You will still pay adjusted school fees. Now those in Igboland, are they all traders? Do you have different prices for Igbos and adjusted prices for others??

It is foolish to say it may not affect Igbos. We buy from the same market, we operate under the same economy and we are all facing the economic realities together. The only difference is the average Igbo man will adapt without complain

My broda na costs dey cut me now ooo

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.

It is only in Nigeria that someone like Akpabio who's infamously known for "Honorable off the Mic" shamelessly talking about not knowing what to charge Emefiele with.

Disabling P2P, disabling

Nvestor02:
Yoruba people again .. the hate is too much.

My question is, what's the offense of Igbo people

Mods abeg make una come kick this imbe out of here. Na them they pour fuel for ethnic and tribal fire

At this point, it is very very very very clear that these people are very very very very clueless. This is what you get when you bring in relics as leaders. Is Nigeria the only country using Binance? How can anyone who isn't a slowpoke claim Binance is a sophisticated heist against the economy? Your borrowings, your cost of governance, your unapologetic pilfering of public funds aren't all against the economy but na Binance that's has no physical office in the country, used by hundreds of millions worldwide in hundreds of countries that is a heist against the economy?? How is this any different from what Buharia did by banning crypto??

Zxcvbnmghtr:


But you haven't told us what the solution is, you have only been making noise. Empty vessel makes the loudest of noise.

I didn't campaign for the job, I am not being paid for the job neither am I qualified for the job but arleast the little knowledge I have is enough to know that this is foolishness. I don't expect an imbe.cile to know that

Britishpea:


There are so many criminals in Nigeria hiding under some canopies. Govt can’t succeed if they don’t have the support of the citizens. People criticize them over everything without lauding any of their policies. The critics mostly are sponsored by the ones eating from the rots. And influencers have their ways of piercing through the minds of the weaklings.

Binance is used for money laundering fyi. Crypto firms mostly make their money from it. So BLord made so much money by selling and buying bitcoins ? Dey play!

Why did USA ban liberty reserve and e-gold back then?

Banks are used for money laundering. BDCs are used for money laundering. Gold traders and miners are used for money laundering. They've Even being using petrol stations and real estate to launder money and these days they use FCCMG businesses to launder money. Do almost all politicians and public office holders not have dollar accounts in tens and hundreds of millions? The likes of BLord, Hushpuppi have always been fraudsters but didn't need Binance to be fraudsters

Winning123:



Can you see how useless and clueless you and all the people that likes your comments. So France, Malaysia and other countries that ban it are clueless.

Only imbe.ciles are those with mucus in their brains will reason like you. South Africa's economy is suffering a heist, Australia, Japan, Switzerland, Taiwan who are all miles ahead aren't suffering economic heist. But it is Nigeria who's politicians practically carry Ghana must go bags of cash around, stash it in their houses that is suffering from economic heist? Fraudsters have been using banks to launder money and receive dollars payment time and time again but suddenly Binance is the problem?

Another wack Artiste who is still stuck in the past with an annoying entitlement mentality. This one na Blackface 24 mini

There's something fundamentally wrong with this government and it's agencies. Why does the first option is share things when we all know the sharing is eventually going to be another avenue to steal. People are poor, share money. Ppl are hungry share food. For how long? How far can whatever is shared to anyone take dem or go? Why not resolve the issues causing hunger and discomfort? The same custom have been increased and adjusted duties on commodities multiple times in the past few weeks asides other other outrageous charges. Why won't the government give tax and duty rebate on some essential commodities and food atleast

Threaten? ? Are the Cement, sugar ansmd flour cabal bigger than the govt??

Lolzz... What is the findings on Betta Edu and the Gbaja allegations?
What's the update on the scam NigeriaAir?
What's the update on the forex deal CBN we're doing with Dangote that was brought to light?
What's the update on the supposed Subsidy savings??

What was the use of the currency swap Buhari signed with China and made so much noise about it?

Oh just shut the hell up.. It is because of people like you that these politicians get away with all their excesses. Every nation subsidizes infrastructure and something for it's populace. America, UK, and Co all subsidize Healthcare, education, gas and other infrastructures. Why isn't the government removing subsidy on hajj and pilgrimage? Why aren't you writing an epistle on why the government needs to cut down on their cost of governance??

Ofunaofu:
Tinubu can make history and write his name in gold if he can honorably resign from the Office of the President and apologize to Nigerians for bestowing on them untold hardships never witnessed in the history of this country. 

Some of you need to just ignore the Presidency if you knew anything. Tomorrow you will be tagged obidient or IPOB for simply re-echoing the cries of all Nigerians. You are in no position to ask him to resign. Know that and know peace

November last year?

We hope this isn't just stories. Please can they tell us how much it was before January.

One slowpoke just called on radio to claim Tinubu is the most hated President right because he took tough decisions, abeg has he gotten half the hate GEJ got

Just imagine

It was always suspect how that number of supposed colombian assasins over ran the Presidential Palace, killed the President and yet somehow none of the guards were killed. Funny thing was when I was the First Lady being carried out in supposedly "critical condition" and days later she was in the middle of take over plans, it just became obvishe had a hand in it

JagabanB:
Two policies placed Nigeria where it is today.
Obi and Atiku said emphatically they were going to do same thing when they assume office.
So the obidents clapping for Obi when he said it thought that fuel will reduce to 100/L when subsidy is removed?
Or naira will exchange for #1 to a $1 when it's floated?
Nobody in his right señsès wiII vote Obi, nobody who knew Anambra will vote Obi and most importantly nobody who's not swayed by trîbè and religîon will vote Obi.

Aha here you are again. Thought as much

JagabanB:

Is it wórsè than Benue State?
The SE who loves taIking about how Benue is dèàd and cañ't still depend heavily on food from Benue.
If trucks don't move from Benue to SE in a month, famine will start.
I know alot of people living in the interiors of Niger and they carry about their lives normally.
The point is that farming will still on in Niger, some of u just have probIem with anything done from other regions so u find any reason to critîcizè.

I stopped the moment I came across your mention of SE in the conversation and then I took a moment to go through your other reaponses. Una go dey alright on the long run. Oh by the way I'm currently in Niger state and fund an agrobusiness that involves sourcing produces from major local markets on their market days. The likes of you just spew whatever you are told and believe everyone who comments online does so from the sycophantic point of view some of you do. Have fun with your multiple monikers

Where will they use the tractors Has the Governor combated the insecurity that has overrun his state

JagabanB:

Boko Haram is ravaging Nigerîà, that's the idea South Africans and other people have about Nigeria, is Boko Haram ravaging everywhere?
That's the answer to your question.

More than 50% of Niger state is currently under the control of bandits. Areas like Suleja and Sabon Wuse is now a haven for refugees fleeing their villages. The few who are farming are paying taxes to these bandits. Even the governor came out recently (last year) to lament about his state now being overrun

Nigeria that it's CBN is running around like a headless chicken with it's economy want to handle the Central Bank of Africa lol

They all campaigned together during the campaign season. He promised to continue from where Buhari stopped. His current Chief of Staff was the Speaker of the House of Representatives. Anyone trying to exonerate this govt and it's officials from the last administration are all moving mad

Now the question is this, what did the govt offer them to now make it possible to sell for between 7,000 to 8,000? Will the cost of production and all those things they listed suddenly be fixed or they inflated prices to rip Nigerians?