Lol.. We didn't hear Operation light up anything until Geometric was launched

They made a whole lot of noise about the crude supply to both Dangote and PH refinery. Where are the products from that batch
Whixh kind of lie lie people dey lead us like this? Where are the products refined from the crude supplies they have gotten? Abi they are secretly exporting it or selling to Nigerians at the price of imported ones?

Oh so some persons were kidnapped from Galadimawa area and it barely made the news We can now imagine the number of unreported kidnap cases in Abuja

How can any sane person open his or her mouth to call another person trash for simply meeting someone else

CodeTemplar:
The govt is trying to hang it around N1500/$ mark. Selling slightly below and pushing for it to be resold at just above that is their strategy for now.
We need some drastic import substitution and not these cosmetic shenanigans.

Exactly.. This is just like applying paint to a crack on the wall

The govt thru the CBN is selling below the market value to drive price down. The question is for how long will they continue to sell below the market price?

All these useless bloggers

Greenlight simply means future project

Hahahahahahaha... Stomach infrastructure has come to stay. Seriously it shall not be well for the APC. All they talk about is share money, share money, share money. These monies you share, can't it fix the refineries? Can't it be reinvested into infrastructural development? Anytime these people want to siphon funds use the masses as an excuse. Where's the money for school feeding programme? Where are the underprivileged Nigeriens the government have been paying? Now they want to pay unemployed youths. With which data? Na Statistics we go chop??

That's what someone who is intentional about changing things would consider.

I've barely seen the use or need of some of these departments and agencies. Just duplicated agencies to siphon monies. What about ICPC and EFCC?

Will all these policies be applicable to politicians and those in the corridors of power? These are the people with all the monies available to buy up forex and stash

Why won't the dumb government remove duty on the import of things like grains and medical supplies for Godsake. Remove restrictions on some food imports

The reason why our leaders cannot see anything wrong in their directionless leadership is due to the kind of moronic followers they have. Naira have been on a freefall and everyone was feeling the heat and then it's beginning to recover and yet morons are mentioning obidients?? Are they the ones who wrecked the Naira What kind of foolishness is this?? Since when is Binance the BDC or CBN who fixes rates?

Depriest2020:
I've put call across to Suleja to verify this info, they're surprised to here it from me, so OP where in Suleja did this happen. Don't spread false News.

Kaduna road junction. I noticed army and Police presence at the junction with a a military truck when I drove past

Lolzzz.. Where is CNG buses??

There's something wrong with this country. What is the business of the government of the day with LP party? First an Apapa led faction was sent to disrupt the party and failed. And then they came up with fraud allegations only to end up with attempted murder and weapons possession

That's because the figures were false in the first place. The supposed consumption and importation figures were all a lie

The DSS will hijack the protests just like they did the EndSars

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