chatinent:
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.

Dollar card is easy to get.
I got mine in less than 2 mins in the SE here. Anambra to be precise.

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

Apart from ranting, what quick solution do you have?

pocohantas:


I am not influential, but I have a dollar card. So this last bit of info is untrue.

You sef no small.
Na una dey chop our money 4 dis con3

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

You see well brother

Dansy:
It's now I believe that you guys don't wish Nigeria well. I can see you are short sighted because your candidates do not win election. Is that enough reason to wish your father's land bad.? America will always say God bless America. I am not in support of any candidates. If anything happens today, your family will suffer and you as well. Continue wishing that naira will fall #2500. Politician have nothing to lose. Apparently, only the stupid fools who come to social media to wish their country bad because Peter who was gallant failure in Anambra or Atiku who cannot defend the little girl Deborah who was killed by extremist. God bless Nigeria.

Instead of you to start thinking of your future and how to earn in $$$ it's obi that's your wahala. Na Obi no even make you see husband. Dey dia dey play before suffer overwhelm you.

spiSeyi:
The Naira USD is a case of tulips in the 1880s I only pity those who bought @1,809 hoping for 2000-2,500. Watch out for massive drop to 1,000 within the next few weeks. The Naira will end up trading between 8,00 -8,50 in the short term of 1 year. PBAT and CBN are the real speculators, the 10 billion USD intervention and crypto trading suspension is to create panic selling FoMO (Fear of Missing Out)

quit living in your head!!! Wake up and smell the coffee

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

Zoombrees generally don't have brains

Duelee:


quit living in your head!!! Wake up and smell the coffee

The coffee is no longer hot it's becoming cold man, USD won't trade up to 1,800 this year again. If you bought it @, 1,800 accept your loss and move on

spiSeyi:
The Naira USD is a case of tulips in the 1880s I only pity those who bought @1,809 hoping for 2000-2,500. Watch out for massive drop to 1,000 within the next few weeks. The Naira will end up trading between 8,00 -8,50 in the short term of 1 year. PBAT and CBN are the real speculators, the 10 billion USD intervention and crypto trading suspension is to create panic selling FoMO (Fear of Missing Out)

You are letting the cat out of the bag.
What happened was 9ja version of NFP.
The world is not anyone's oysters, speculators who knows how to make money, must also learn how to manage BP.

References1:


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

What kind of economy is this?

Bulaba Economy or what?

Thank God i knew about crypto trading early cause either way, i gain a lot

ispreloaded:
🙄

Only the wise will understand my write up.

Something that is already close to 1800/$ on Binance as at 12:14pm today, those making these decisions should just be deceiving themselves, if they like, they should not address this problem from the root, they should keep chasing shadows, 2000/$ is where this will stabilize, according to economists the Naira is currently overvalued, expect more weakening of the Naira

That’s what we’ve been saying. Binance/USDT is not the problem and I only pity those who had hurriedly sold off their assets during the dip ($1349) yesterday. If they were familiar with the market, they would have easily known that the sudden fall in the USD last night was occasioned by the fact that a lot of people were selling off their coins for the fear of losing their assets/accounts when they heard about FG’s clampdown on crypto.
Wise traders (even your politicians) quickly bought the dip with millions of Naira and in less than 8 hours, the USD is raising against the Naira again like garri ijebu. The only solution here is that Nigeria starts being an exporting country. We should start an aggressive campaign on cocoa, rubber, oil palm, palm wine etc exportation. Doing that will bring more forex into our economy (I.e the Nigerian economy will be saturated with enough dollars/forex) The scarcer the dollar in our economy, the stronger it gets meaning that the USD and other currencies would become cheaper and weaker once these people start needing our goods and services (Exports). It’s that simple but it seems they are intentionally not doing this because it’s obvious they know the solution. Ajaokuta Steel is there, our refineries are there lying useless.

Thank you! bless you, the govt is running away from the real solution and chasing shadows

Morphinne:
That’s what we’ve been saying. Binance/USDT is not the problem and I only pity those who had hurriedly sold off their assets during the dip ($1349) yesterday. If they were familiar with the market, they would have easily known that the sudden fall in the USD last night was occasioned by the fact that a lot of people were selling off their coins for the fear of losing their assets/accounts when they heard about FG’s clampdown on crypto.
Wise traders (even your politicians) quickly bought the dip with millions of Naira and in less than 8 hours, the USD is raising against the Naira again like garri ijebu. The only solution here is that Nigeria starts being an exporting country. We should start an aggressive campaign on cocoa, rubber, oil palm, palm wine etc exportation. Doing that we bring more forex into our economy (I.e the Nigeria economy will be saturated with enough dollars/forex) The scarcer the dollar in our economy, the stronger it gets meaning that the USD and other currencies would become cheaper and weaker once these people start needing our goods and services (Exports). It’s that simple but it seems they are intentionally not doing this because it’s obvious they know the solution. Ajaokuta Steel is there, our refineries are there lying useless.

spiSeyi:
The Naira USD is a case of tulips in the 1880s I only pity those who bought @1,809 hoping for 2000-2,500. Watch out for massive drop to 1,000 within the next few weeks. The Naira will end up trading between 8,00 -8,50 in the short term of 1 year. PBAT and CBN are the real speculators, the 10 billion USD intervention and crypto trading suspension is to create panic selling FoMO (Fear of Missing Out)

It will eventually drop, but I doubt it will drop to 800...probably 950-1,000 per dollar.

.

kay29000:


It will eventually drop, but I doubt it will drop to 800...probably 950-1,000 per dollar.

It's still a loss for those who bought @1,800

spiSeyi:

It's still a loss for those who bought @1,800

True.

Proserpina:
I choke . Make I go apply for post of Are Ona Kaakanfo before I get dollar card

Some people actually think they need special connection to get a dollar account or card. So I quite understand him.

Hahaha. I will, Pina. Anything for you.

7lives:


You are letting the cat out of the bag.
What happened was 9ja version of NFP.
The world is not anyone's oysters, speculators who knows how to make money, must also learn how to manage BP.

LMAO

Better
It should continue to come down

chatinent:
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.

Keeping money in Nigeria bank in an economy in bed with inflation

It's not only Binance that is causing Naira instability, it's just part of the challenges..

BDC, big companies, commercial banks, some government officials and politicians too.

And saboteurs within CBN may be part of it. But masses suffering for it most.

.

Dollar is coming down to 1dollar to 500 by God's grace.

AshipaEk0:



It is this ignorance for me.


What is the average monthly volume of USDT/NGN transactions on Binance?

Please post a screenshot from your own app. The blockchain is public afterall.

hopefully you even know what you are talking about

So why has Binance agreed to work with the federal government to stop the trading and manipulation of naira on the platform? Or havent you seen that in the news?

So who is ignorant here?

References1:


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

Did you guys notice that Luno app is no more allowing people to buy USDT coin

RepoMan007:
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.

The naira has been floated, every market is now "official market"

Wahala for those who still think crypto is decentralized.. 😁

spiSeyi:

It's still a loss for those who bought @1,800

What of if your analysis turn out to be opposite, see as he is saying it with confidence that it will drop. Nobody knows for sure what will happen next, unless FG tackle the root problem of this $ crises

owunabastard:
What of if your analysis turn out to be opposite, see as he is saying it with confidence that it will drop. Nobody knows for sure what will happen next, unless FG tackle the root problem of this $ crises

Here is how I arrived at my conclusion.
1[/b]The Naira value is relative to the price of crude (if crude is up the Naira is down and if crude is down the Naira gains) because our economy is based on crude importation, and the crude is going back to previous range of 70-73. It's already on bearish run from 83 to 81 as we speak
[b]2. FG introduction of 10 B $ and suspension of crypto trading will ease the pressure on the Naira
3 Most of the Nigerian refineries will be fully operational towards the 3rd quarter of the year. Which will eventually ease the needs for fuel importation.
4. The CBN is likely to cap the Naira rate at a fixed price.
Finally the Naira Will trade around 800-900