jedisco:


Let me ask

1. As it's a market in constant flow, what happens when they withdraw?

2. What happens to foreign remittance via crypt0? How does that happen?

Obviously he is an arm chair theorist. Knows nothing about crypto. Imagine saying it favours developed countries. Who even converts naira to dollars to buy crypto?

jedisco:


Wow!!
Can you share screenshots?

Nigeria has a larger p2p industry and it seems a good paet of their trade is with China... I'm getting some info bit not so clear on it... Any details on it?

Btc against ngn close to 7b
Usdt against ngn more than 3b
We still have other coins that I have not added and this is only for one exchange.

ojesymsym:
Billion?

Yes billion!

afroxyz:


Obviously he is an arm chair theorist. Knows nothing about crypt0. Imagine saying it favours developed countries. Who even converts naira to dollars to buy crypto?

He is likely seeing things from just one angle and does not understand that it goes both ways. If anything, the total inward flow is more than the total outward flow

The number one factor causing the continued devaluation of the naira is the multiple exchange rates we have. Connected folks in collusion with CBN staff sit in their house and manufacture hundreds of millions daily just by making phone calls. How will the currency not continue to be in freefall?

Even a beetle will know better. Everybody sensible has spoken against it just like fuel subsidy yet they keep doing it and wonder why Nigerians are suffering. The worst thing part is that folks have always come to defend every wrong decision this administration has made. Let them continue, the population of our nation is growing too.. After some time, we'd see the effect

pluto09:




Betc against ngn close to 7b
Usdt against ngn more than 3b
We still have other coins that I have not added and this is only for one exchange.

I haven't taken note of that sef... That's huge moreso considering there was reduced buying over the last 24hrs.

Funny enough, Binance is relatively new... adding others like Luno, Bundle, Quidax, Patricia plus p2p (which seems to be the largest), it could easily hit 40-50 bill daily. That's volume!

Remittances doesn't go to the FG when crypto is sent by anyone, exchange sites uses their channels to pay account holders in Naira, FG benefits nothing from it so it's one of the reasons of stopping it.

jedisco:


Let me ask
1. As it's a market in constant flow, what happens when they withdraw?
2. What happens to foreign remittance via crypt0? How does that happen?

FG didn't ban crypto, it banned the use of Naira to buy crypto which is the right thing.
Nigerian economy is down, why pull it down more.

afroxyz:

Crypto is not the reason for your ailing econony which has been dead long ago. What about remmitances through crypro?

jedisco:


I haven't taken note of that sef... That's huge moreso considering there was reduced buying over the last 24hrs.

Funny enough, Binance is relatively new... adding others like Luno, Bundle, Quidax, Patricia plus p2p (which seems to be the largest), it could easily hit 40-50 bill daily. That's volume!

Binance is relatively new,but it should be the biggest now.
We have too much money in circulation with people not willing to invest in real economy.
Who can blame them?
I can not also blame CBN for this directive though I am somehow affected..
The CBN has to do its job part of which is to control the money in circulation.
I don't envy the CBN governor, we as a country are in a very delicate and difficult situation.

TotoNaRubber:
Remittances doesn't go to the FG when crypt0 is sent by anyone, exchange sites uses their channels to pay account holders in Naira, FG benefits nothing from it so it's one of the reasons of stopping it.


FG didn't ban crypt0, it banned the use of Naira to buy crypt0 which is the right thing.
Nigerian economy is down, why pull it down more.

You have no idea how the sector or even forex works. Crypt0 if not the reason our economy is moribund and does not contribute to it being in that state.
Correction.....FG did not ban using the naira to trade crypt0. That cannot be done. What they did was prohibit banks from allowing exchanges and individuals to use their channels for it.

let me ask
Where does a crypt0 exchange get the money to pay those withdrawing? What is this channel you are referring to or does the exchange manufacture naira from thin air?
Also, are you saying that FG does not benefit from forex to roundtrip and enrich themselves or distribute for pilgrimage?
You sound so much like those who supported every wrong decision this government has made...too many too list.

pluto09:



Binance is relatively new,but it should be the biggest now.
We have too much money in circulation with people not willing to invest in real economy.
Who can blame them?
I can not also blame CBN for this directive though I am somehow affected..
The CBN has to do its job part of which is to control the money in circulation.
I don't envy the CBN governor, we as a country are in a very delicate and difficult situation.

CBN should have handled stuff better. The solution to everything is not a ban. Moreso when countries with better regulatory infrastructure had failed at it.

The naira needs to be stable to encourage folks to invest. This move will not help stabilize the naira in any way

Countries that have laws that regulate their trading and host exchanges don't have two heads.
I wouldn't be surprised if folks like the Bundle CEO moves base to Ghana and operate from there. Later, someone will mention 'richest Nigerians' which are basically folks who rip the population off.
They should regularise the exchange rate and all these problems will fizzle out
Nigeria is sliding into poverty and people need to speak-up to the government when they make terrible decisions.

The point is, FG banned banks from allowing Nigerian bank accs to trade crypto, Nigerian Bank accs are denominated in Naira. Sourcing Naira with Dollar is easy but sourcing dollar with Naira is not easy.
FG is right on this one.

jedisco:


You have no idea how the sector or even forex works. Crypt0 if not the reason our economy is moribund and does not contribute to it being in that state.
Correction.....FG did not ban using the naira to trade crypt0. That cannot be done. What they did was prohibit banks from allowing exchanges and individuals to use their channels for it.

let me ask
Where does a crypt0 exchange get the money to pay those withdrawing? What is this channel you are referring to or does the exchange manufacture naira from thin air?
Also, are you saying that FG does not benefit from forex to roundtrip and enrich themselves or distribute for pilgrimage?
You sound so much like those who supported every wrong decision this government has made...too many too list.

TotoNaRubber:
The point is, FG banned banks from allowing Nigerian bank accs to trade crypt0, Nigerian Bank accs are denominated in Naira. Sourcing Naira with Dollar is easy but sourcing dollar with Naira is not easy.
FG is right on this one.

Most of the money Nigerians use in trading has to remain in Nigeria if not, you wouldn't have an effective exchange.
People buy and sell by the minute... That's the area you don't see. It's obvious you don't understand how it works

Like I said, they've been absolutely right on previous decisions. Let's see how this will age

pizapato:

Is anyone using piggyvest, please share your experience.

is it secured?

they have 13% p.a for safe lock investment

Very secured. Have been using it for 3years now. U can register with this
( https://www.piggyvest.com/?newref=1&ref=922d4421600120)

good morning to all, please what is the current treasury bill rate.

Is it possible for FG to have a sovereign crypto currency in Nigeria.

Pls How does one withdraw from AFRIVESTOR? I have placed several withdrawal mandates from their app and web portal but they have refused to credit my account.. I need help pls

steveneche:
Pls How does one withdraw from AFRIVESTOR? I have placed several withdrawal mandates from their app and web portal but they have refused to credit my account.. I need help pls

What's AFRIVESTOR?

Please read today's Thisday newspaper

Continuation

emmanuelewumi:
Please read today's Thisday newspaper

There are a few guys that have genuinely invested in crypto and are worried about their investments.

But many of those people whining all over the place and cursing the CBN are criminals and money launderers and they know why they are lamenting.

The average Nigerian knows nothing about crypto and no send that CBN directive.

emmanuelewumi:


They were warned about 3 years ago

Noted

Scammers every where, when investors lost billions of Naira through MBA forex, Maxwell use the funds to buy crypto currencies. EFCC can't freeze trace nor freeze the fund.

When Digital agricultural promoters duped investors, they always use the money to buy crypto currencies

Every single good thing in this country has been destroyed by scammers. Back in the day you could easily walk out to buy a sim card of your choice but when scammers and kidnappers began to abuse the process now one needs all forms of documentation and Nin to either buy or retrieve your line.

I believe crypto must have started as a profitable venture until scammers turned their searchlights on it again and abused the process.


One guy said 10billion was traded in crypto yesterday and I am wondering, I thought they said Nigerians don't have money? Too many paradox

Lazyyouth4u:


There are a few guys that have genuinely invested in crypto and are worried about their investments.

But many of those people whining all over the place and cursing the CBN are criminals and money launderers and they know why they are lamenting.

The average Nigerian knows nothing about crypto and no send that CBN directive.

A surveyor that I came across last week told me had to run away from Crypto currency few years ago

Reason is because he hardly see gains.. He went on telling me that majority are actually using it for Fraudulent means

emmanuelewumi:
Is it possible for FG to have a sovereign crypt0 currency in Nigeria.

I'd address the 2 points you raised to avoid misinformation.

It's possible, China, EU and recently India have been looking into it. It's tricky cos its new and alot of regulatory framework would be involved.
China for one has been trying to unsit the dollar and I believe their inclination is that this may help them achieve that. When one looks into how crypt0 works, it's difficult to argue against money being transacted in a similar in future. For now, it's not clear how.

The advantage of this for the central banks is that they can more easily 'mint' unlimited fiat. Also, this can be more efficiently distributed from a central source to citizens wallets. We saw what happened with Covid.

Some people think bitc0in will replace fiat. That's wrong. It's not a replacement for fiat or the banking system. They will both run together. There are reasons for this.

That said, there have been advent of crypt0 coins which already act as fiat just that they are not Central bank backed. They are called stable c0yns because they are not volatile as other crypt0 assets. They are issued by private firms. Each unit is equivalent to its underlying currency and ideally backed by a unit of that currency or it's equivalent in cold storage.

When they came out initially, people were skeptical but they have gone on to revolutionalise the crypt0 space and one of the readons for the current run. Most folks now trade other crypt0 assets into them and obviously they can be transferred worldwide in minutes just by having the recipients wallet address. For example, if I want to send you 10,000 usd, all I need is a wallet address and that sum will be in your wallet in minutes. You can then decide to convert it to fiat on an exchange. Obviously, they have become more popular in countries whose currency has been devalued e.g Brazil as folks usr thrm to hedge against devaluation even if they are not interested in trading crypt0. It's the stable coins that have piqued the interest of central banks in issuing their own crypt0 assets.

Examples of stable coins are
USDT, USDC, BUSD, TUSD PAX, DAI - dollar based
TGBP- Pounds
EURS, EURB- Euro.

In summary, even if the CBN isdues its crypt0 coin, it'd be backed on the Naira. So the devaluation of the naira will also affect it too and that will not fix our economy

Nezzjnr:

A surveyor that I came across last week told me had to run away from Crypto currency few years ago

Reason is because he hardly see gains.. He went on telling me that majority are actually using it for Fraudulent means

You make money by providing solution to a problem, render services or manufacture goods at a profit.

So simple, when it involves too much English and technical jargons that you can't explain how you make money to a 10 year boy, then it is likely to be unsustainable or a scam

It is very wrong to conclude that anyone who deals in bitcoin is a criminal. I mine bitcoin and trade bitcoin the same way you trade forex and stocks.
There are so many ways to go about your bitcoin business despite the CBN ban and the smart guys have long prepared for it.
Banning Bitcoin will only weed out the small players and not the guys that actually use it for crime. Anyway, I wish CBN the best of luck. Just to test the effects of the ban I withdrew some money this afternoon from my Luno account and I got my money in less than 3 minutes.

emmanuelewumi:
Please read today's Thisday newspaper

It'd be interesting if CBN acted based on this.
Before the advent of crypt0, have Yahoo boys been defrauding? Yes they have. Even if all Nigerians stop using crypt0, in will in no way affect fraudulent transactions.

There has always been an apprehension in the West on foriegn remittance to Nigeria. I remember the Irish house arguing on it in a video that circulated on NL. It was one of the members there that put down the discussion as racist. Nigerians travel abroad in their millions to work and would definitely remit money back home. If they suspect fraudulent cases, they should investigate it.

So from this article, we can see that inflow to Nigeria was more than outflow. That puts to rest the issue of crypt0 devaluing the naira.

Secondly, let me explain what happened.
We know CBN relies heavily on foriegn remittance.
Previously, remitances were transacted based on the official exchange rate.
Of recnt, remitance companies now offer close to market rates which is sensible. Seems most were able to achieve this by sending the money via crypt0. Folks obviously would rather use remittance companies offering market rates than those not.

This further led to a massive drop in official dollar remitances and obviously an increase in crypt0. CBN seeing this trend, decided to force banks to give remitances in cash or in their base currency to recipients so they can exchange at market rates. I'm guessing their hope is to flood the market with dollars and bring down exchange.

So in summary, the increase in remitance via crypt0 did not come from no where. Foriegn remittance to Nigeria dropped from 20bil dollars to 6 bill dollars in a year. Same money is still coming back just via the open market

emmanuelewumi:


You make money by providing solution to a problem, render services or manufacture goods at a profit.

So simple, when it involves too much English and technical jargons that you can't explain how you make money to a 10 year boy, then it is likely to be unsustainable or a scam

The one I'm yet to understand is how people think they can make money from Forex easily

Now to those who are saying crypt0 transactions are fraudulent.
In normal human nature, people castigate what they don't understand


Let me ask.. can anyone explain how exactly they are fraudulent? Everyone keeps saying that but no one can explain how it is.

To look at what this memo would do.

Will it prevent folks from transacting via crypt0. Nope.
Folks will just switch to p2p which has been in existence for ages and on which CBN can do nothing.
I'd give you proof. After the news broke, binance which was seems to be the largest exchange nigerians use experience a heavy selloff of stable coins into the naira making the naira rise. Also, deposits of naira were halted. The naira exchanged at a low of about 433 to the dollar. I said here that it's only temporary. Less than 24hours later, it's shot bach up to 466 and that is with deposits still limited...

Nigeria's crypt0 trades have overwhelmingly been p2p based which CBN can do little or nothing about. ( https://news.bitcoin.com/nigeria-is-worlds-second-biggest-p2p-bitcoin-market-trades-top-566-million-in-five-years/ )
It's of recent that it's now becoming more exchange based. Folks have already switched back to p2p without hassles.

In no way does this affect any criminal wanting to remit funds via crypt0. They will still do it and do ot easily if they wanted to. Afterall, they mainly used traditional means. What this just does is make it a bit more difficult for the average Nigerian to trade crypt0.

China has better infrastructure in banning stuff. But even with tge ban on bitc0in there, 70% of bitc0in is mined in China. They still have one of the largest trading volumes after the U.S

If the west are so concerned about crypt0, why haven't they banned it already?

In summary, this regulation does not achieve anything it was setout to. CBN rather than use the opportunity to regulate a sector failed in this.
This will be more obvious in the coming days.

Like I said, can someone explain how exactly this will lead to less fraud in Nigeria?

ojesymsym:
Every single good thing in this country has been destroyed by scammers. Back in the day you could easily walk out to buy a sim card of your choice but when scammers and kidnappers began to abuse the process now one needs all forms of documentation and Nin to either buy or retrieve your line.

I believe crypt0 must have started as a profitable venture until scammers turned their searchlights on it again and abused the process.


One guy said 10billion was traded in crypt0 yesterday and I am wondering, I thought they said Nigerians don't have money? Too many paradox

You guys keep saying same thing.
Just that the amount is large does not mean it is fraudulent.

How exactly is it fraudulent? That's the question I'm asking