| Re: How Binance P2P Contributes To The Plummeting Naira Value by NoToPile: 9:23am On Feb 22 |
Sadly the OP is right.
If you use binance you will agree with the OP at least to some extent. 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Morphinne: 9:24am On Feb 22 |
Though you made so much sense but most of you still don’t understand what’s really playing out. Believe me, Binance and Aboki FX are not the village people doing our economy, they are just opportunists taking advantage of the sad fact that Nigeria is simply not a producing country; we are an Import-dependent country where scanty dollars are being chased after to buy things that can’t be and are not produced locally. You may not believe this but trust me, the temporary dip witnessed on binance yesterday was due to panic-selling and I’m sure your rich politicians must have quickly used that opportunity to buy the dip. Trust me , the Naira free fall continues today and won’t stop until we start selling our stuff to the outside world; until we start doing things that will pump more dollars/forex into our economy (aggressive exportation drive)
These old men are just clueless and most Nigerians yesterday didn’t realize that the price only dropped on Binance USDT yesterday and that the black market rate (which is more or less our official rate) remained the same (@ #1880 as at the time when USDT dipped badly and was hovering around #1469 and #1503)
Let’s stop treating symptoms while ignoring the rot. 1 Like 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by AmuDimpka: 9:24am On Feb 22 |
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. Flimsy excuses ...is Nigeria only the country in the world that is dealing on crypto Dude go and get the economy working and stop sounding like a clown 5 Likes 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by santaclaws: 9:26am On Feb 22 |
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. Nice breakdown. I learnt something new... But if the above is totally true, why is the Nigerian Customs adjusting its own Naira to Dollar rate for clearing goods according to these inflated figures? Don't you think the government should also move against the tide and curb that inflation if the figures are wrong  |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by OkoEmm: 9:27am On Feb 22 |
motymop:
why do I have to keep explaining to you that USDT isn't dollar or cant be used for international trade
USDT is a trading stablecoin and can only be used for speculative activities
Nobody is buying usdt to buy oil or to import goods or to pay school or medical fees, if they were really doing that then there will be demands for it to the tune of millions of dollars
In nigeria, the 24 hours volume of usdt on binance is just about $1.5m, that is enough to show that people arent demanding for it like you think in your head.
Traders are just playing a good game, speculating on it and making huge profit from from arbitrage trading God bless you. You know what you are saying. You just mentioned that binance did/does $1.5m in 24 hours(less than $10m per week. At the NAFEX window over $200-400m is traded per week. That tells you that Binance is actually used for stupid speculation. 2 Likes 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by deenee: 9:28am On Feb 22 |
JASONjnr:
And to add to your comment.
If CBN wasn't corrupt. What would stop them from making announcements to debunk the hike in the dollar price as he claims. Rather than filling up the gaps because of the margins in the price.
CBN literally benefits more from the hikes. The CBN buys dollars from world bank directly at a relatively cheaper amount but keeps selling at a higher rate.
The point ills, CBN control the BDC and they make lots of money from them. Sir World Bank does not sell dollars. The level of understanding and awareness is mind boggling 6 Likes 1 Share |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Honestey: 9:29am On Feb 22 |
DEAR NIGERIANS, LET ME OPEN YOUR EYES TO THE PREVAILING FREE FALLING NAIRA VALUE:
Millions of Nigerians currently have their money saved in dollars even as low as just 50 dollars for some people all in the name of reaping higher AMOUNT of naira in the future. Shamefully enough, all our leaders are guilty of this and this is what is directly and predominantly responsible for the mess we find ourselves now.
Seeing how much naira has devalued, our leaders are now raiding BDC, clamping down on crypto etc and I tell you they are being insincere. If they are ready, they should criminalise all money kept in dollars and I'm talking about money not being used for international trading i.e active business money! Alas! they have billions of dollars so they won't go that direction.
just make I fold my hands and watch how much more mess will happen before we do something serious about this.
1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by MrCamron(m): 9:32am On Feb 22 |
@jeejo,thank you for your write-up.
I believe no one here should abuse you for what you just wrote. Of course a write-up is always subjected to either positive/negative reviews and critism.
Here is what the majority of us don't know;
It came a time when the Hausa people and BDC were loosing customers to the advent of crypto (USDT). A lot of Nigerians were patronising binance for dollar( USDT),this made the Hausas and the BDC to create profile accounts on binance.com and they formed a clique so that they can manipulate the market price at their will. Remember that CBN releases dollar to the bank,bank corruptly releases to BDC and others,they then put those millions of dollars in binance to a stage that BDC have more dollars than both CBN and the banks. Of course we know a BDC is merely an agent of a Bank top staff. And that's why at some point on Binance whenever you are making a payment or receiving a payment into your bank accounts,you will see names of Northerners !!!!
Northerners were not in the crypto Sphere as back as I can remember. I am a Yoruba and from my experience in the crypto world since 2103 ,Yorubas and especially Ibos have been dominant especially the Ibos because those of them who explored crypto then have been using crupto for their import and export trades to carry millions and billions across China and the likes without issues from all these Central banks.
So wettin Aboki dey do for crypto? Then you should know water go pass garri,because the Hausas/Fulanis,the politicians, are the largest Lauders of the commonwealth of Nigeria since her birth.
Look at this scenario,imagine a Nigeria bank with the help and watch of CBN have dedicated set of BDC who in turn have a profile accounts on Binance where they trade using the official rates . Of course their adverts will be top on the stack and no one will want to deal with all other traders and even the market manipulators,they will be forced to trade close to the official rate or else they will be forced out of the market . Sometimes,I wonder how all these people with many educational qualifications and experience think and act to problems.
Common sense,tdem no get,common infiltration,they cant think of,with all their qualifications and manpower ( intelligence agencies, strategic agencies, decision making committees , departments, ministries) at their disposal. All they know is be paid monthly salaries,go for unproductive courses abd conferences and embezzle public funds Na WA oo.
I am sad for so many destinies of the born and the yet unborn their acts have changed. Or how many Hausas/Fulanis studying abroad will you see shifting from one job to the another to make end means? Please tell me !! 4 Likes |
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| Re: How Binance P2P Contributes To The Plummeting Naira Value by FireUpNow(m): 9:41am On Feb 22 |
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. OP the naira free fall is caused by your govt and not any group of P2P Binance operations who create fake ads. Tell your government to solve this by 1. Reversing fuel subsidy removal, 2. Stop Naira floating/devaluation 3. Reduce external over borrowings End of story 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by vacanci: 9:43am On Feb 22 |
lexy2014:
are you saying that all the cash dollars in Nigeria that comes from the CBN are in the hands of these crypto guys?
simple yes or no
the "some" you are talking about, what percentage is it in the entire dollars in circulation? the sincere question you should ask yourself is, when you wake up in the morning or at any time of the day and you want to check the price of dollar, where do you check it? It's most likely on the platform like Binance and so it holds the key to determining how to black market sell it. Before Mallam sell dollar in the morning nowadays, they check what it's doing on those exchanges. The so called exchanges are dominated by manipulators. Imagine as of 9PM yesterday, the total volume of trade that drove the dollar down from N1,900 to about N1,354 before driving the price back to above N1,600 at some point was barely $2 Million. Does that not tell you that with such a small volume compared to the usd in the banks, with mallams and politicians across Nigeria, they are able to direct the price? 
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| Re: How Binance P2P Contributes To The Plummeting Naira Value by BaddaMan: 9:45am On Feb 22 |
Real talk Bruh, everything is being adjusted to Binance USDT rate. You go see person wey dey sell phone dey post Binance P2P USDT rate. Na we dey kill ourselves. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by YourKarma: 9:46am On Feb 22 |
Therepentant:
Counter him with a sensible explanation instead of spewing thrash yourself.
Tell me which reputable shops online accept usdt.
The China sites that most nigeria imports from don't accept it.
Alibaba accepts usdt ?? namecheap accepts USDT, travala does, Argemti does. Do your research by yourself instead of swallowing someone else's bullshit |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by kowalsky: 9:46am On Feb 22 |
motymop:
the money on your bank app is real money and different from the USDT, USDT is not real currency but a stable coin for changing positions in crypto, it is different from real USD or digital money in your account.
Many international organisations do not use USDT for trading goods and services because of regulatory issues and anti- money laundering laws.
The demand for real USD has nothing to do with the demand of USDT, the demand for USDT at this moment is used for speculative purposes
the only reason traders are selling usdt/ngn pair in the unofficial rate at cbn is because of greed
Are they sourcing USDT from Nigeria government? NO or are they buying NGN from Nigerian government? no
so why are traders using the black market rate on binance if it is not about greed and arbitrage profit
Lol. What's makes the money in your bank account 'real.' Right now so tired of insulting you brainless mofos parading your ignorance on NL but let me try. Fundamentally there's no difference between the printing that goes on at Tether HQ and what goes on in the Nigerian Treasury and Minting office. Even more so cause this is a country run by charlantans with worse off credentials and reputation compared to Paolo Ardoino. You cannot sit in your unelectrified shit hole of a house and pass off anecdotes as facts. You have no evidence whatsoever to back up the claim that no legitimate business occurs in Binance - that's ignoring the fact speculation in itself is in no way illegal or illegitimate per extant Nigerian laws. You guys are forever destined to be slaves. Why can't I chose to use my money for whatever I want. I earned it. Tinubu and his croonies ride in bulletproof Japanese made LX's bought with taxpayers monies, not their monies. You're not protesting the influence that has on the economy. These dudes continue to print Naira to share to governors who proceed to loot not invest, and you've ignored all of that. Close to 50% of this countries budget is spent servicing dollar loans used for white elephant projects and you've foolishly ignored all of that to focus on inconsequencial aspects of an economy. I hope a ban is placed on Binance so you fools can come up with new excuses next year when USD is 5000 Naira. 2 Likes |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by nairalanda1(m): 9:46am On Feb 22 |
FireUpNow:
OP the naira free fall is caused by your govt and not any group of P2P Binance operations who create fake ads. Tell your government to solve this by
1. Reversing fuel subsidy removal,
2. Stop Naira floating/devaluation
3. Reduce external over borrowings
End of story 1.Government cannot subsidise fuel to N200 and below, because they don't have the cash for it. 90% of our revenue is going to pay for debts, and then there is the fact that oil refining costs are always increasing, meaning more money has to be poured into subsidy. End of subsidy is nigh, and has been nigh since Buhiari started borrowing to pay for the thing. 2.Same reason as no 1, we don't have dollars to defend the naira...because ultimately we ain't earning enough dollars. 3.LOL....we will soon have to meet IMF, especially if you understand the fallout of why we cannot keep subsides, and why we was forced to float the naira. Oil prices are on the dip. If we want something from oil, we have to pray that it goes above 130 per barrel, and stays there for another 5 years. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by justmondris: 9:46am On Feb 22 |
Same nonsense The previous government said about Aboki FX but shutting it down did not solve any problem. Our politicians are the ones selling Dollars illegally to BDC operators. So they can decide to sell it at any price and the extra cost will be passed down to the buyers. 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by solonubinho(m): 9:47am On Feb 22 |
Wow! It baffles me that in all of these fx conversations nobody ever talks about increasing local production and exports. Not just anyhow exports, but exports that meet international standards. Just wow! 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Gboom: 9:47am On Feb 22 |
PureFace1:
As long as there are people willing to buy at the price it is listed, It is not manipulation the demand is just too high that people are willing to buy at that price, if people are not buying at the price listed the price would be forced to drop.
Do you think people are stupid?
If people can easily walk into any banks in Nigeria or online and secure Dollar at the official rate for their business transactions you think they would be patronizing Binance and other black market dealers ? but the dollar is just too scarce that it is not really available, if you call that manipulation then you are stupid.
What you guys want to do is kill other alternatives sources of getting dollar, with CBN and banks having absolute monopoly and tolerating whatever is dish out but usd is not a Nigeria currency and CBN can't have the absolute monopoly over it. Fact |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Mccullum: 9:49am On Feb 22 |
Nbote:
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. You and writer of the post saying same thing from different angles. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Archworld(m): 9:50am On Feb 22 |
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. Last night while monitoring the crypto market as about 11:30pm, I noticed the dollar fell to #1,300 so rushes trying to buy USDT but the Luno didn't allow me. Suddenly, the dollar keeps on growing again till it got to over #1,700 . Even till now Luno will not allow you buy USDT but will want you to sell the one you have |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by RepoMan007: 9:52am On Feb 22 |
1x2x3:
You are blaming the P2P forgetting the real thieve are your bank MDs who CBN release $$$ to but you would never find the Dollars available to buy from them. Why would anyone want to buy $$ from P2P if banks are willing to sell?
The CBN sell $$ to the banks at N1500 the banks instead of selling to the public at N1550 they prefer to reserve it for politicians or BDCs at a much more higher rate like N1600. Politicians will take this money away and cause shortage while the rest that was sold to BDC will be resold at 1700.
Stop blaming P2P. If they Govt want to solve the problem then they should start with reshuffling things within. What you see is a Govt failing Govt or a clueless one. The banks reserve it for politicians because they won't snitch on them and FG has been loading the.politician s with printed Naira lately. The FG is incompetent. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by Father4all: 9:52am On Feb 22 |
bnanny:
Bro before you blame the masses and Binance. Check Atiku dollar in this picture. So much dollars in the hands of our politicians but you can only blame Binance and masses.
Update. Looking at the photos you can tell that Nigeria politicians are the main problems. They created problem and then pay you guys to blame masses and private investments. Guy, so you believe this rubbish fake write up? Nawa for you oo. OK, since the Government claimed they seized the money/Dollars, why didn't they put it back into the economy |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by LtCZAR: 9:53am On Feb 22 |
[/b]motymop : these group of merchant that you mentioned in your post is Binance, they are doing what we called spoofing and also manipulating price [b]spoofing,” which involves placing a large buy or sell order for a cryptocurrency on an exchange, with no intention of executing the order. Instead, the goal of the market maker is to manipulate the price of the cryptocurrency by creating a false impression of demand or supply. |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by MyVILLAGEpeople(m): 9:57am On Feb 22 |
Feldie:
can't you read? Go to Binance right now, try to sell Bitcoin of 3m to the top sellers with highest rates and see if they will pay you. They will wait till the timer runs out but as long as other traders see the high rates on the app, everyone else will adjust their prices upwards and Binance will update the price to match the price that has been speculated. Nigerians will go to Twitter to trend the new price of Dollars and banks will adjust. A few criminals are ruining your life and you can't see it Seanwilliam any reply on this my boss |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by chnnmfl(m): 10:02am On Feb 22 |
To solidify the ban on Binance and other exchange, FG should list out major VPN services and submit their URLs to telecom companies in Nigeria for immediate blacklisting. 1 Like 
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| Re: How Binance P2P Contributes To The Plummeting Naira Value by AerialMapper: 10:02am On Feb 22 |
Question time...
So how does the Binance P2P rate influence the rate in the physical parallel market?
I know for a fact the the Binance rate now matter how high is always lower than the "black market" rate so how is it contributing to the plummeting naira.
In our bid to find a scape goat to blame, let's not overlook the culprits sitting right before us in the corridors of power and start chasing shadows! Last last, the BDCs are traders and guess where they get dollars from; your leaders who have stolen money and kept them in their safe houses. Bank Executives who get cheap dollars from the FG and give them to the BDCs. Importers who apply for dollars and rather than import the goods after getting dollars, sell them in the black market. The parallel market favors certain people so asl long as they make Dollars scarce from official sources, the black market will thrive and you'll pay a premium to get the dollars. P2P traders follow this trend of the market and sell their dollars accordingly.
I'm summary, they cannot chase themselves so they chase others |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by ProfKKK: 10:03am On Feb 22 |
You know nothing John Snow. If only you have a clue about the things you can purchase globally (even in developed countries) with USDT and other cryptocurrencies... Even here in Lagos island, property developers accept Crypto as payment. You can buy cars, machinery, clothes, etc with cryptocurrencies. I will advise you do a bit of research on this. motymop:
USDT is illegal in Nigeria, it has no regulatory backing, that is why you cant use it to buy and sell goods, that is also why there is no public exchange for it.
International sellers do not take USDT as a mean of payment because of regulatory issues
can you pay for oil in usdt
can you buy clothes with usdt
can you buy machineries in usdt
can you pay for school and medical fees in usdt
NO you cant, you can only buy some software or crypto related goods with usdt.
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| Re: How Binance P2P Contributes To The Plummeting Naira Value by profmallor: 10:08am On Feb 22 |
A whale, in trading terms, is an entity with large holdings that can strategically buy or sell large quantities of a cryptocurrency or commodity to manipulate its price. Now, because Whales control so much of a commodity they can control the supply which influences demand and conversely sets price. For example, Saudi's ability to single handedly control global oil prices, or Dangotes ability to influence the price of Cement. Whale almost have a monopoly of price cause they have enough to control and incluence supply. Often times they work as a pack, like orcas. Now the nairas fall is no difference, some rich folks that have accured loads of $$ have now decided to fight the government by mopping the availabel $$ and setting new highs every day. No one is really buying the $$ but that has not stopped the price from skyrocketing. The only way to stop a monoply is force, hence the recent scenes of government going after the the BCD changers.
But that is not enough. The transactions that influence the cost of the $$ happen through the banks, Government can see those volumes so they can trace and go after them. Blocking Binance would not solve the issue(the whels would get VPNs), infact keeping binance on is a better way to follow the flow of cash, especially the cash with huge volume. Sincerely, Government has been nothing but reactive, they didnt think many things through. 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by racerve(m): 10:11am On Feb 22 |
vacanci:
the sincere question you should ask yourself is, when you wake up in the morning or at any time of the day and you want to check the price of dollar, where do you check it?
It's most likely on the platform like Binance and so it holds the key to determining how to black market sell it. Before Mallam sell dollar in the morning nowadays, they check what it's doing on those exchanges. The so called exchanges are dominated by manipulators.
Imagine as of 9PM yesterday, the total volume of trade that drove the dollar down from N1,900 to about N1,354 before driving the price back to above N1,600 at some point was barely $2 Million. Does that not tell you that with such a small volume compared to the usd in the banks, with mallams and politicians across Nigeria, they are able to direct the price? This kind of reasoning is why we're in our current predicament. Instead of tacking the real cause, you're blaming a symptom. If USD was easily available at official rate, would BDC's pricing matter? This is how Emefiele blamed AbokiFX years ago for naira depreciation. Did banning it change anything? 1 Like |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by lexy2014: 10:11am On Feb 22 |
vacanci:
the sincere question you should ask yourself is, when you wake up in the morning or at any time of the day and you want to check the price of dollar, where do you check it?
It's most likely on the platform like Binance and so it holds the key to determining how to black market sell it. Before Mallam sell dollar in the morning nowadays, they check what it's doing on those exchanges. The so called exchanges are dominated by manipulators.
Imagine as of 9PM yesterday, the total volume of trade that drove the dollar down from N1,900 to about N1,354 before driving the price back to above N1,600 at some point was barely $2 Million. Does that not tell you that with such a small volume compared to the usd in the banks, with mallams and politicians across Nigeria, they are able to direct the price? off point are you saying that all the cash dollars in Nigeria that comes from the CBN are in the hands of these crypto guys? simple yes or no the "some" you are talking about, what percentage is it in the entire dollars in circulation? |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by olisaokere(m): 10:14am On Feb 22 |
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. I’d it only in Nigeria that trades bitcoin?why hasn’t this affected other countries too? |
| Re: How Binance P2P Contributes To The Plummeting Naira Value by FireUpNow(m): 10:17am On Feb 22 |
nairalanda1:
1.Government cannot subsidise fuel to N200 and below, because they don't have the cash for it. 90% of our revenue is going to pay for debts, and then there is the fact that oil refining costs are always increasing, meaning more money has to be poured into subsidy.
End of subsidy is nigh, and has been nigh since Buhiari started borrowing to pay for the thing.
2.Same reason as no 1, we don't have dollars to defend the naira...because ultimately we ain't earning enough dollars.
3.LOL....we will soon have to meet IMF, especially if you understand the fallout of why we cannot keep subsides, and why we was forced to float the naira.
Oil prices are on the dip. If we want something from oil, we have to pray that it goes above 130 per barrel, and stays there for another 5 years. Your govt must fight corruption seriously especially the politicians and office holders. State governors, senators and other NAasS members etc, central officials, CBN. Too much wasteful sending and looting going on. Nigeria is not a producing economy but a consuming nation. Let accountability and transparency be in place. If at all the government wants to stop fuel subsidy, it should be a gradual process not something to be done harshly and hurriedly. The govt of the day is making too many economic policy mistakes. |
