seankafor:
just look at the ignorance with confidence..

Binance p2p is now bigger than Nigeria that it'd be setting the standards of our exchange rate..

What a foolish and illiterate assertion

Bro, binance is taking advantage of this situation aje, I 1st debunk d news initially, now I believe

Naira is pumping and you're accusing traders of selling high

You be witch

I know ur selling on p2p thats why ur being defensive . After selling it , u will buy food and build house, I hope the prices of things will be cheap enough for u so then u will know u didn't make profit even though u sold higher in p2p .

seankafor:
so you left all the numerous causes of our naira decline and you re blaming the common man for taking advantage of the already bad country situation to make ends meet..

You left gorverment, politicians, and other corrupt organisations.. and started blaming common man for hiking his goods and price..

No be our senators and hor wy other SUV of 160m each.. but they removed subsidy where common man benefits.. but our politicians didn't deem it fit to cut cost..

Nne, if p2p want make em reach 5k/$.. us wey dey make money through crypto will continue to savage the situation..

Nonsense

Sibbb:
I’m trying out binance margin trade to short some coin unfortunately I can’t short, I can only long. Maybe I’m doing it the wrong way, is there anyone here trading margin and also shorting there. Please I will appreciate if you put me through

GO to futures or derivatives , whatever it is called. Never use margin. So you don't put yourself in debt. In margin, you borrow real coins. If the trade goes against you, you will have to pay for losses on those coins.

Rate of exchange doesnt come out till 9am but as at 8pm yesterday nite , binance p2p price was already at 1170 per dollar . Who is setting up this outrageous prices if not ordinary sellers . Immediately others wakes up , next is to join the hiking of price and next aboki will follow. U cant tell nothing. If u like dont reason and discuss like adult ,but chose to talk in a disrespectful manner, i wont dignify u with a mention

Enyinne:
I know ur selling on p2p thats why ur being defensive . After selling it , u will buy food and build house, I hope the prices of things will be cheap enough for u so then u will know u didn't make profit even though u sold higher in p2p .

I only sell on p2p when I want to withraw fiat.. I'm not an active trader on p2p.. I have my own crypto work I do..

But if people see selling p2p as a means to salvage the country situation and impact on the already hard life.. it's a welcome development for me..

seankafor:
agbado economists

So binance p2p is now bigger than the Nigeria forex exchange economy

Speculative or not, agbado economist or not, we can’t deny the fact there is a great deal of manipulation and price fixing on binance P2P which has effects on the naira rate in the parallel market. I have observed in the past and confirmed it recently that rates on binance follow the blackmaeket rates on and vice versa. Many Times, rates in the black market have played catch-up after binance rates went up; a perfect example is as demonstrated in the last two days .., naira first hit 1100 on binance when black marketers were still selling 1050/1060 and yesterday when it entered 1150ish, media outlets were quoting 1100 until they adjusted to the updated increased ones in the evening.

You all can make it look like these assertions are false all you like but it’s remains the truth. There is such a thing as internet influence in our current world; people were trending #1199 naira on Twitter on Wednesday and knew it was gonna drive prices up because most people would see that trend and jump on dollar anywhere they see it lesser.

Try and stay on your binance app today and observe the kind of orders been set, most traders with money are playing manipulative games. They create buys/ and adjust sell rates . Most of those merchants have bags, don’t play

Enyinne:
Rate of exchange doesnt come out till 9am but as at 8pm yesterday nite , binance p2p price was already at 1170 per dollar . Who is setting up this outrageous prices if not ordinary sellers . Immediately others wakes up , next is to join the hiking of price and next aboki will follow. U cant tell nothing. If u like dont reason and discuss like adult ,but chose to talk in a disrespectful manner, i wont dignify u with a mention

100% truth dear

Do u just want to sound like Mr Nice guy we are talking about p2p and its implication on our economy. Yes bad economy exist, should we make it worst to harm ourselves and the larger society. Yes u might make money instantly but do u know in the real sense of the world , ur buying power hv gone lower as the money u made can barely amount to anything . After hiking the rate, u will feed and take care of ur basic needs with ur profit when cost of goods hv also skyrocketed. We all are exchanging money now in all businesses including p2p as our profits disappears immediately we sell our goods and we hv no choice than to add money on capital to rebuy same quantity we sold ..

seankafor:
I only sell on p2p when I want to withraw fiat.. I'm not an active trader on p2p.. I have my own crypto work I do..

But if people see selling p2p as a means to salvage the country situation and impact on the already hard life.. it's a welcome development for me..

Exactly my point. It has been ongoing on for long. It became worst when naira hit 950 and since then p2p in binance adds 30 to 40 naira daily .

Tsfari:
Try and stay on your binance app today and observe the kind of orders been set, most traders with money are playing manipulative games. They create buys/ and adjust sell rates . Most of those merchants have bags, don’t play

Tsfari:





Speculative or not, agbado economist or not, we can’t deny the fact there is a great deal of manipulation and price fixing on binance P2P which has effects on the naira rate in the parallel market. I have observed in the past and confirmed it recently that rates on binance follow the blackmaeket rates on and vice versa. Many Times, rates in the black market have played catch-up after binance rates went up; a perfect example is as demonstrated in the last two days .., naira first hit 1100 on binance when black marketers were still selling 1050/1060 and yesterday when it entered 1150ish, media outlets were quoting 1100 until they adjusted to the updated increased ones in the evening.

You all can make it look like these assertions are false all you like but it’s remains the truth. There is such a thing as internet influence in our current world; people were trending #1199 naira on Twitter on Wednesday and knew it was gonna drive prices up because most people would see that trend and jump on dollar anywhere they see it lesser.

would we be here if the country's situation is not already fúcked up?

You can keep blaming p2p or common man all you want, it won't change the fact that the naira is already on a bull 🐂 run..
. Nigeria as a country doesn't produce nor export anything apart from crude oil which is fast loosing relevance..

So in what way forex flows into the economy?

If a common man who has already been disinfranchised sees p2p as his only edge, power and advantage to salvage the economy.. then it's a welcome development..

Enyinne:
Exactly my point. It has been ongoing on for long. It became worst when naira hit 950 and since then p2p in binance adds 30 to 40 naira daily .

There was a news about it around July,.. about binance being manipulating th market rate,..

Enyinne:
Do u just want to sound like Mr Nice guy we are talking about p2p and its implication on our economy. Yes bad economy exist, should we make it worst to harm ourselves and the larger society. Yes u might make money instantly but do u know in the real sense of the world , ur buying power hv gone lower as the money u made can barely amount to anything . After hiking the rate, u will feed and take care of ur basic needs with ur profit when cost of goods hv also skyrocketed. We all are exchanging money now in all businesses including p2p as our profits disappears immediately we sell our goods and we hv no choice than to add money on capital to rebuy same quantity we sold ..

I am with the common man here and forever.. crypto was made to give power to the common man .. the gorverment has fúcked us enough.. so if crypto, p2p or anything gives a little edge for the common man,. It's wholeheartedly supporter by me..

Even the people that sells rice or other goods, let them hike their goods also.. let everybody do what he deems right to savage the country's bad economic situation..

seankafor:
would we be here if the country's situation is not already fúcked up?

You can keep blaming p2p or common man all you want, it won't change the fact that the naira is already on a bull 🐂 run..
. Nigeria as a country doesn't produce nor export anything apart from crude oil which is fast loosing relevance..

So in what way forex flows into the economy?

If a common man who has already been disinfranchised sees p2p as his only edge, power and advantage to salvage the economy.. then it's a welcome development..

Everyone knows the country is ffff but if we are really trying to trace the root of this recent decline then we wouldn’t rule out any options. Oseni of arise news would always say “ text book economics is different from real life realities and the current events have proven that( the government have tried increasing interest rates, floating the naira and all other things we see in economic textbooks and the solutions ain’t arrived at yet); so if I was asked to point out factors contributing to plummeting of our currency, I wouldn’t rule out the Binance p2p.

And it’s really funny their aim for doing this … the think they are getting more monies but in actual sense, everyone is getting poorer. In the short term, you can have more monies to manage your micro needs … pay transport, eat food etc but on the long run you cannot be to do major things with money. The extra 100k you made on a 1k dollars wouldn’t be able to make up when prices of flights begin to adjust. You used 1 million to buy 1k dollars, but if air lines adjust their prices following dollar rate, the extra 100k you have on top may not cover it. The same applies to every other thing. Ask business men today how they are faring and you would understand: you may sell your goods today at 2500 and when you go back to buy same goods and quantity, you will discover it’s now be sold at 3000… that means you didn’t make profit from the previous sales and your capital is depleting. Go and check prices of iPhones today, most are adding 50k to 100k … is it this your extra 100k that you are going to use to make up?


We are all getting poor unless you are earning more dollars not merely defending your meager 1k dolllars or 2k or even 10k

If you are complaining about p2p trader athink binance have an option to deposit fiat ngn and then trade on spot where the prices can drop and go up, you can buy there and withdraw through binance too and stop putting blame on traders.

Let me even drop this without having any intentions to shalaye: if you made any hodling the usdt against the naira, the best way to maximize it is to use it now. Yes, buy foods, clothes, land and whatever you need and according to the profits made because in few time, prices will adjust accordingly and you will discover those profits have little or no significance

Enyinne:
Price setting and embezzlement is totally different topics . We are talking dollar price setting. An average person will check dollar on p2p and start talking about the prices . Most times p2p price is higher than aboki price . Is the dollar being sold different in colours .

First of all, you cannot talk about the problem of Nigeria without embezzlement. P2p is people trading against themselves,When P2P will be closed in Nigeria, the Politicians would have reserved it for themselves. P2P is too small to be our problem.

Chikacha:


First of all, you cannot talk about the problem of Nigeria without embezzlement. P2p is people trading against themselves,When P2P will be closed in Nigeria, the Politicians would have reserved it for themselves. P2P is too small to be our problem.

You are right, look our senators that they gave suvs worth 200m when the economy is bad you are now blaming traders, when cbn floated naira they gave the common man charge over it that is what floating is all about.

Hotice085:



Shut up!
Where are all this Area boys forming economist and financial expert coming from

Have known u to be a slowpoke and ill mannered boy on this platform so I would exchange no words with a senseless person like u.

Tsfari:





Everyone knows the country is ffff but if we are really trying to trace the root of this recent decline then we wouldn’t rule out any options. Oseni of arise news would always say “ text book economics is different from real life realities and the current events have proven that( the government have tried increasing interest rates, floating the naira and all other things we see in economic textbooks and the solutions ain’t arrived at yet); so if I was asked to point out factors contributing to plummeting of our currency, I wouldn’t rule out the Binance p2p.

And it’s really funny their aim for doing this … the think they are getting more monies but in actual sense, everyone is getting poorer. In the short term, you can have more monies to manage your micro needs … pay transport, eat food etc but on the long run you cannot be to do major things with money. The extra 100k you made on a 1k dollars wouldn’t be able to make up when prices of flights begin to adjust. You used 1 million to buy 1k dollars, but if air lines adjust their prices following dollar rate, the extra 100k you have on top may not cover it. The same applies to every other thing. Ask business men today how they are faring and you would understand: you may sell your goods today at 2500 and when you go back to buy same goods and quantity, you will discover it’s now be sold at 3000… that means you didn’t make profit from the previous sales and your capital is depleting. Go and check prices of iPhones today, most are adding 50k to 100k … is it this your extra 100k that you are going to use to make up?


We are all getting poor unless you are earning more dollars not merely defending your meager 1k dolllars or 2k or even 10k

Don’t you just get it? The people are broke, 90% of Nigerians no get up to 500,000 Naira for account. They can’t broke the currency. People trading p2p do not even have the firepower to raise the price of BNB not to talk of the Naira.

Prior to this whole p2p thing, the central banks ban the banks, financial institutions from the transactiing of cryypt00 because the Naira was failing, still it does not stop. What is happening to the Naira is on a Global scale beyond internal, it supply and demand forces at work. This current stage we are in has been setup a long time ago majorly due to bad political leadership and funnily it yet to change.

No one want to hold the Naira, no demand for it. You are not producing anything!!! Your citizens are selling their houses, businesses just to push for visa to travel overseas to earn other currencies.

You can be deluded as much as you want but p2p is not even anywhere close to cause of the downward spiral of any currency. Currencies are meant to be traded, if your economy is poor money will leave the economy and move to where things are bubbling. Money goes where it needs to go. And I tell you, we have not even see the suffering yet, at all!!!!!!!!

Bullish99:


Have known u to be a slowpoke and ill mannered boy on this platform so I would exchange no words with a senseless person like u.

Foolish boy, crypto was removed from banks, Aboki FX was banned, bureau de change shut down, all manners of policies used before fishbrain like you knwe anything like crypto yet you open ya OLODO mouth de yarn dust
I had like to slap the nonsense outta you..EWU Binance p2p

Enyinne:
I know ur selling on p2p thats why ur being defensive . After selling it , u will buy food and build house, I hope the prices of things will be cheap enough for u so then u will know u didn't make profit even though u sold higher in p2p .

You have refused to realize that Binance P2P merchants don't set rates. They only follow naira chart available on Binance. The chart reveals the current black market rate of naira.

You can look at abokiFX and you will see something similar.

Please where can l buy recharge card using virtual dollar card

Tsfari:





Everyone knows the country is ffff but if we are really trying to trace the root of this recent decline then we wouldn’t rule out any options. Oseni of arise news would always say “ text book economics is different from real life realities and the current events have proven that( the government have tried increasing interest rates, floating the naira and all other things we see in economic textbooks and the solutions ain’t arrived at yet); so if I was asked to point out factors contributing to plummeting of our currency, I wouldn’t rule out the Binance p2p.

And it’s really funny their aim for doing this … the think they are getting more monies but in actual sense, everyone is getting poorer. In the short term, you can have more monies to manage your micro needs … pay transport, eat food etc but on the long run you cannot be to do major things with money. The extra 100k you made on a 1k dollars wouldn’t be able to make up when prices of flights begin to adjust. You used 1 million to buy 1k dollars, but if air lines adjust their prices following dollar rate, the extra 100k you have on top may not cover it. The same applies to every other thing. Ask business men today how they are faring and you would understand: you may sell your goods today at 2500 and when you go back to buy same goods and quantity, you will discover it’s now be sold at 3000… that means you didn’t make profit from the previous sales and your capital is depleting. Go and check prices of iPhones today, most are adding 50k to 100k … is it this your extra 100k that you are going to use to make up?


We are all getting poor unless you are earning more dollars not merely defending your meager 1k dolllars or 2k or even 10k

Another Area boy economist summarizing nonsense

No be only Binance P2P na Aboki FX and Flutterwave nia cause am...just becos you trade crypto of 2000naira does not mean you should be making nonsense noise here

LikeAking:


Dem no Dey argue too much for crypto..

Let’s watch..

I hope you're watching and seeing now!

Enyinne:
Exactly my point. It has been ongoing on for long. It became worst when naira hit 950 and since then p2p in binance adds 30 to 40 naira daily .

When the FG borrowed 3 billion to defend naira, it reflected quickly on Binance chart as naira quickly fell to 890.

Forget p2p traders, they just follow the chart.

trafficpools:
I hope you're watching and seeing now!

This one no be anything for now..

We have been hear before..

I am talking about the bull run..

This is too small..


I don’t take this serious..

Although na something..

Good luck .

Dont ignore this update!

YESpParticipant:
Start accumulating CRV when the price drops below 0.4200 (macro support). E get why.

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a very large entity/entities is alwayws driving naira to the ground on binance. Ever wonder why very large order pops up anytime naira is beginning to rally against usdt. There is always one single big order in several millins of naira buying at the top.