Topic: After Binance: BYBIT and BITGET. (Read 179 times)

That’s one of the things that this government wants to do but some of the laws laid down to meet before they get registered and regulated are things that these exchanges cannot comply with. This is not a Nigeria thing alone, if you look at also some of these top countries you hardly see these exchanges too in their country due to the same reasons of not meeting the criteria for the regulations. Some of the reasons are disclosing the KYC details of Their customers to the government. This is part of the reason also that binance had issues with Nigeria government not only the manipulation case, the government accused them of been involved in money laundering which we know is a bigger case. The news around Bybit and Bitget is not that strong yet so i don’t think they will clamp them down

For me the president didn't use the dollar during the election period due to his love for dollars but it due to the circumstances that surrounded the 2023 election that made him to prefer using the USD because politicians normally finds their way out because since he discovered that the CBN and the incumbent president as at that time (Buhari) was trying to use the naira scarcity to frustrate politicians from buying votes and buying the mindset of the citizens, they went for an alternative which was to introduce the use of USD therefore giving value to the dollar because the demand was becoming high. This are the areas where the naira devaluation started.

Now going back to the fight against crypto exchange platforms, whenever i check the exchange rate at the parallel market and compare with exchanges, most of the time they work at same rate so if they are working in same rate what is now the manipulation that exchanges are have on our currency? After they clampdown binance and embarrassed Bureau De Change Operators did it still made any difference? Now even the recent devaluation was as a result of commercial banks interbank transactions that cause the fall but yet they keep on chasing after clouts that they know that their decisions will not affect them at all.
Okay after the clampdown on binance and they delisted Nigeria Naira from their p2p platforms are they not still functioning till today?

FG should just license this exchanges and regulate their activities instead of trying to pull Nigerians away from those exchanges and all these things are what is tarnishing our images outside the country.

Guys nothing come. Really at first when dem say Binance nai dey manipulate the naira and the dollar in the country I also believe and thinking dat dem go do something to bring down the dollar so dat things go come down well well but seeing that dollar come high again after Binance has been accused and stopped from operating with the p2p. I come dey understand say no be exchanges be the problem but na the government himself dey manipulate the Naira and dem only accused Binance for not following the policy.

And as e be like this wey I don know say na di president himself nai dey manipulate di naira prices of things e no go come down again unless Tinubu is removed from di sit.

Of course them fit do am, they have the power to clampdown on every cryptocurrency exchange in Nigeria, but even they know that they would be deceiving themselves at that point. They know cryptocurrency exchanges are not to blame for the depreciation of the Naira and that was basically the true value of the Naira. What the government has just done is use manipulation/force to make the Naira appreciate against the dollar, but it can only be temporary and soon again we'll see the true value of the Naira surface again.

 They know what they are  doing and now they are trying to put the blame on these exchanges, first it was Binance, now Bybit. Must this government keep acussing these exchanges for their own mistakes? Instead of doing the right thing thereby trying to make the naira appreciate they keep hoarding dollar then when things get out of hand, they'll look for one silly excuse to blame Crypto exchanges, well they should enjoy it while it lasts because whether they like it or not crypto currency is here to stay and Nigerians would always look for other alternatives for transactions. The good things is that their are lots of other exchanges, both centralised and decentralised. One thing that Marvels me is that the dollar has always gained against the Naira for years even before Nigerians started using those exchanges and even though they place a ban on them the dollar would still gain against Naira so why are they placing a ban on them when they won't stop hoarding the dollars. It's not even as our economy becomes okay when Naira appreciates against dollar there's still hike in prices of goods and the economy still remains bad, we are being ruled by a bad government and that's a fact.

They have actually turned our currency to a crypto currency which now fluctuates up and down as if it isn't a country legal tender anymore. One thing I don't understand is the reason why the government are after this crypto exchange themselves because I believe if they actually want the naira to appreciate over the dollar they definitely know what to do and I believe they the government also have a deep hand on all this fiasco that's going on with the naira rather they have resorted to shifting of blames to different crypto exchange as being the number one cause of naira fluctuation.

When a government is been run on propaganda, the ponzi scheme fell off quickly than they might expected and that's what Tinubu government has been doing.

 I hope you do know that there are these guys all over the internet that works for APC government to spray propaganda? If you observe very well when the Naira was falling against dollars, these guys were all over social media spreading all sort of negative news, even went as far to spread a fake news that a dollar was sold by central Bank at ₦900/$$ and CBN has to come and debunked the news because it's fake.

They were all over social media spreading fake news that price of food items are down, lying to people that price of rice has crashed but were all lies. When naira appreciated against the dollar, price of things didn't comes, then dollar start going up again and they want to used Bybit and other exchanges as excused when they know the government is just giving a temporary solution to fight the dollars, joker government.

I have a conspiracy theory that the federal government subsidized the dollar to make the rate fall to 1500/$. If that wasn’t the case, why is the appreciation of naira not reflecting in our economy? The change was unnatural so to speak and is unsustainable in my opinion. This administration is trying their best to have a good public image. I will not be surprised if they bring back fuel subsidy.

Nigerian government is fond of blaming everything but themselves over abysmal performance in governance. They have left the real cause of the problem and started blaming crypto exchanges as if it is only in Nigeria that exchanges operate. What I find funny is the fact that the article the OP even explained the real cause of the problem which is the devaluation of the Naira that was done twice
How can you devalue the Naira and then turn around to blame crypto exchanges for the result of such devaluation?

Rumor even has it that the gains recorded by the Naira was because Tinubu government was depleting our foreign reserve to defend the Naira. I don't know how true this is but anything is possible in Nigeria. I read an article that Nigerian government denies the purported plans to crackdown on Bybit and Bitget. But we should just be careful not to hold too much funds on those exchanges.

This is ridiculous, the Nigeria government is trying to place restrictions on these crypto exchanges and we understand what it means If they actually succeeds. They're making us believes that Crypto is the main reason behind the naira depreciation and fall towards the dollar currency. Perhaps in some scenarios, they're correct but when it comes to crypto, it's filled with volatility, we're developing country and we can't compete with those countries that have already developed, the government should fight for their digital asset and leave procrastination because it's not going to help Nigerians specifically pointing out to the ones that engages with crypto related activities.

It is now that I am trying to get or understand di government. As far as Tinubu nai e dey dis President Nigeria e no go better at all. And even if Atiku comes him go even worse pass Tinubu. Tinubu and Atiku never keep money for naira in any day so they even like am when Naira de depreciating so dat dem go benefit from the dollar rising. Na now everything dey clear for my eye.

And as I talk am, Tinubu and Atiku e no share naira in di election but dollar, so how much people wan come make things cheap in the country. Binance was accused for manipulating the naira yet naira never gained himself. What a country be this. Make Charles -Tim drops di link make we dey see weti dey there.

The government cant even try it, even this one they have attempted on binance was because its the number one most leading cryptocurrency exchange, which they believed that they wont want to tarnish their image on global reputation by not making a compliance effort upon every of their request from the Binance exchange, at the end of it all, the so called reason to why naira is depreciating is now traced to other economic fathers as dollars is now getting strong resistive fight back over naira, is this still the same binance exchange that is causing for this, i guess the government were already tired of the manipulation because its not working to their own favour.

I have never thought the government manipulated the naira. These are very interesting takes you have and I would like to read more about this.
The only thing I know about this is that they have or are soon going to exhaust the foreign reserves trying to rescue the naira. And when they are done, the depreciation will continue unless something concrete is done about it.
Please send the link.

We've stressed a lot about this recent drift between our federal government accusing all source of means for being responsible for the low values of naira and even when it regained that value, it was just about figure increments in comparing the naira to the dollar while the value of the naira still remains valueless during exchange for goods and services.
If not for the naira to be able to afford us with meaningful items as when it's believed to had regained it's value, then to what meaningfulness can the do naira be utilized valuably to the exchange of goods in the society?
To me it's totally useless if $1=#1 when the naira does not have that potential values for purchase of goods and service payments.

The government don't want to stop chasing shadows and leave this blame tactics on exchanges and focus internally on the economy and attend to the real issues that is causing the depreciation of the Naira. The immediate predecessor spent it's 8years in government blaming GEJ administration for the failing economy refusing to own up to their inefficiency and lack of plan to drive the economy forward. Now this current administration by Tinubu is about to spend his on pushing the country's economy hardship and the Naira depreciation on exchangers, oh how hilarious. They thought they could manipulate the naira to dictate it value in the market but they couldn't afford to maintain the manipulation for long. I no go lie me de pity my country oh

You people just do not want to believe that the government manipulated the naira price. The government fought hard to depreciate naira price to $1600.

Let them continue to deceive you people. The exchanges are not going beyond the official rate anymore. If you are using the exchange, you will see many traders ads that are ineligible or restricted if their price is much different from the official price.

The government wanted to be able to pay workers salary, they manipulated naira. It may not be the reason but it favors them to accomplish it more.
The government wanted to be able to generate enough money for 2024 budget, they manipulated the naira
The government wanted to be able to pay for the China loan, they manipulated naira

If you know about how government can generate money from naira depreciation, you will understand me. Go and read what senate president said about the naira devaluation and budget. If you can not find it, tell me and I will post about it.

Recently, it was said that interbank move of the commercial banks caused it. Although I was told that thise banks has lowered their rate immediately after what some analysts said about them.

I do not have option than to be using PoS. They are saying cashless economy but which is a suffering for us.

When Dangote started selling AGO (diesel), the price fell from around 1650 naira to 940/980 naira now from those buying from his refinery. There was a time diesel price was 1900 naira. But now 940 naira for those buying over 5 million liters while 980 naira for those buying between 1 million and 5 million liters. But there is still inflation. Meat that was sold at 5000 naira just few days ago is now 6000 naira. Meat that was 2000 naira before early last year.

In the month of March 5, 2024, Binance announced that they have delisted the NGN peer to peer in the platform because of the drift between the Nigerian government and Binance which accused them of manipulating the naira in their exchange. And after when Binance has finally delisted the NGN p2p, the naira was weakened to $1 to NGN1,950 and the country government fought hard to regain the naira price. And finally the naira regain itself gradually to the rate of NGN1000 but suddenly last week.or there about the dollar has started regain itself and that making the naira to become National Cryptocurrency   that is volatile which investors can buy naira and hodle it in the online Banking apps when is low and when it appreciate then you sell it. When dollar rise rise naira is week , and when dollar weak naira is high so you know when to buy naira now.  .

Now recently naira that was appreciating became depreciating and the government is planning to clampdown BYBIT and BITGET which are the prime suspect of the recent volatile nature of the Naira. And as me all these things are just to delay the process. Nigerian government know what to do and they know what they are doing. I don't think naira will still go down again because the incumbent president is the master of DOLLAR hodling. In the 2023 General when the then president made naira to be scarce for that politicians to use in the election, Tinubu (APC) used dollar to those who voted for him. And $100 was given nto each electorate and by then $100 was NGN70,000. So this fight has no head. And if they really want to fight, it is not to attack the individual exchange or personal parallel market exchanges. But a good solid policy will fight for all. And any disobey the Policy either foreign policy or international economy policy will face the law.

Tinubu is a Dollarcentric President so it will be hard for the agencies to fight against the naira depreciation instead he will be very happy for that indirectly. How many of you have noticed that there is no cash in our local banks to withdraw. The last time when I went to my Bank to withdraw, the cashier told me that they could only gave out 5k. Let's wait till next month ending when Dangote refineries work well.

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