Topic: Binace contribution to naira fall. (Read 222 times)

The USD price have significant value and have always been the main project when comparable to the Nigeria fiat currency. When the Nigeria Federal government noticed how Binance operates and the exchange played a major role in the depreciation of the Nigeria fiat currency, the decisions taken by the Government was totally out of the favour of the exchange and trust me when I say, their decision was drastic and affected most ongoing projects.

I don't really understand your post correctly but let me just give opinion based on your subject, though the Nigerian government knows the causes of Naira devaluation but in other ways round, binance also contributed to naira depreciation because they were manipulating exchange rates when the naira was depreciating constantly and if I'm not misinformed, after federal government clampdown on binance the naira did not continue depreciating but stood at a particular rate before it started experiencing this significant appreciation so some times we shouldn't just put all the whole naira crisis controversy on FG. FG's clampdown on binance also aided in the recent strength the Naira is gaining now let's just tell ourselves the truth.

Normally everybody already knows say this country don already turn dumping ground for foreigners and our government go see all those things finish, and instead of them to talk or address the situation, them go collect shut up money from the people wey dey come dump wetin them want and maybe in the long run those people no come fit meet Nigerians demands again, na there problem go come start, that's when Nigerian government go start to turn Super hero all of a sudden.

Are they tryna say that the government has been blind to the fact that Binance was manipulating the Nigerian Naira exchange rate on the platform ( as the Nigerian government claims). These are strong accusations and I don't believe the Nigerian government would just get up and come up with such an accusation. I'm not here to confirm the authenticity of the accusations but my own be say such a crime no be something wey them fit just hide like that, if that's true then it means that the government has been aware of the whole thing all these while but chose to keep quiet for some reason and then suddenly they decide to speak up, pinning the failure of our economy on them to the extent of even detaining and holding Binance officials hostage and the matter no reach anywhere.  For me I'll say these people know wetin them dey do, and na inner misunderstanding na e escalate burst out public.

E good as Naija government don learn to dey arrest foreigners or investors wey no wan abide or confirm to the country's business policies because even as Dem dey arrest Nigerians wey default for overseas, the Binance official wey dey held up, go need to answer the questions wey Dem dey ask am so that we go even know the truth behind the ban and unban and reban wey dey happen for Binance app.

If cryptocurrencies must take root and help the Nigerian economy, as it is believed to be an agent that can engage macroeconomic improvement just like Lugano and El Salvador and Brazil and UK and the U.S. are doing, then there must be a show of credibility and reliability from the camp of Binance and the government of this country.

Binance has little or nothing to do with Naira fall, the marketers and exchange market is responsible for that and having cleared the backlog from previous years by CBN,  the Naira still has hope to rebound stronger and with better store value.

No doubt the impact of Binance deleting NGN in their platform has quite have a huge impact on the fall of Naira. The news made most exchanges to follow the same pattern of felting the Naira from their platform. I wouldn't be so sure, but the increase in value started when the news was announced and now it dollars has gone down more than it was at the beginning of this year 2024. I have two reasons why i feel the impact was certain but ill just focus on one.

One, when the news spread out to Nigerians using Binance, they started to remove their funds, and majority were people who hold USDT stable coin because by then USD$ to Naira was appreciating. Immediately the news spread out they began to remove their investment thereby turning them into FIAT.

I missed this thread. Op you tried for the compilation. The mistake was mainly from Binance for not obeying the local laws. If dem pay for the license as dem came to di country and made known to dem dat they were here to do cryptocurrency exchange business and follow all the instructions of the government den nobody for hunt them but they were playing smart game and di game hooked them up for throat. Though the fine was too big but before government fine you with such amount dem don fine your net worth. How much dem dey make from Nigerians in a month before dem asked them to pay dat money and Binance was able to pay dat money. Now as it is, since one of their staff w still dey Nigeria prison dem go still pay that $10 billions. Remember Ekweremadu still dey prison in UK, dis one na so me I do you God no go vex.

To me the particular problem about FG and binance contribute to the down fall of Nigeria currency,is quite unfortunate that this is very hard for someone to understand it but the fallen of naira is due to binance the persons trading in binance in Nigeria is too much their by making our naira to fall.

Even in china they banned binance and all crypto currency that was working their before but the government was fast enough to notice that what reduces their currency is binance and other crypt currencies so they have to restrict them from trading in China ,that why Chinese currency is now okay till today .

Now they have started the same hand in Nigeria currency,before I don't know what our government is fight till I understand it now ,though he is doing well but he should try more ,so that our money will go up again

Nigeria naira have gained alot recently and this has nothing to do with binance exit from Nigeria although it part of it and we have to commend the government for that but we shouldn't forget that stopping at that alone due to the current gains in the value of the Nigerian naira can give us ling term value,  since inflation is still at it highest state and cost of good and services keep increasing,  which are what we're formerly attributed to dollars price.

With the way they case is going with binance,  I think at some point the NIGERIA government may not end up getting what their are fighting for at last, since the elleged arrested staff failed to appear in court today.

Nigeria dey blame Binance sake of say naira dey lose value, and dem don begin take plenty steps to reduce the power wey di cryptocurrency platform get.

From tell dem make dem reduce how dem dey trade naira for dia platform to block people from fit enter dia website and other crypto platforms to even arrest dem top people, Nigeria dey squeeze di crypto platform.

Naira dey fall because people dey find dollar pass how e dey available, and di plenty forex wey dey wait to be cleared for di country dey make am worse. Dis situation don put serious pressure for both di official and black markets, and e don cause di value of di currency to drop.

Federal government wasn't entirely wrong when they said Binance was responsible for Naira manipulation, didn't Binance immediately halt Naira P2P  from their platform? Immediately that happen, Naira begin to appreciate down to ₦1380 before CBN decided to crashed it to ₦1250 by selling dollars to the new approved BDCs, that's to tell you that a lot of manipulation was going on over there but it's not the reason why dollar went above ₦600.

Insecurity is one of the reason why dollar was falling because investors were leaving, there was also high demand in dollar and a lot of hoarding contributed to Naira shortage but federal government want to use that to put all their incompetence on Binance and that's wrong of them to do that. It's even wrong to charge Binance the way they are doing with the case.

What on earth will someone think that binance contribute to naira fall
The FG is just being rude and wicked on our youth, though the major reason why he did this is for them to be paying tax to him,for him to have more money,this is extortion,I learnt the case is still on court ,am afraid binance will loss the , because if the case is being handled here in Nigeria FG will win totally, because all he can do is to bribe the judges just exactly what he do during the election,for binance to be paying tax how
Sometimes I don't know how some people reason,

I don't know if you have seen the latest rate of dollar to naira, federal government know say the problem have nothing to do with cryptocurrency or binance exchange,  they are just looking for where and what to blame. The next thing wey go happen next is to ban cryptocurrency down in the country,  this will be the next excuse for the depreciation of naira, and they really know what is the  problem of the economy but because of their selfishness they won't do anything.

Mate I have always said this and I think I have to re emphasise on this as the matter is affecting people, the government doesn't care if people exist what they care about is tax but if you should look at this tax as it were to be, the government is not doing anything with the tax being paid to them here, if tax payers money is been utilized as it is suppose to be, many person wouldn't be suffering from unemployment.

How will a country not make sure that companies come I with agreement of local content, Nigerian's are dying of starvation and our government is here chasing shadows instead of the real picture, Nigeria is in the hands if the almighty God to decide what he will use it to do because right now Nigeria's problem is beyond human comprehension.

This issue get as e be but one thing Dey very clear binance no want enter another tussle with another country due to the services just like when they bin get issue with U.S.A. government wey even land them fine and their CEO in to CZ into jail. The Nigerian government been Dey blame binance as part of those manipulating the Naira/Dollar of a thing and Also the other saga of $26B going through binance. I think say binance just wan Dey very careful in this case and that’s why them just discontinue anything related to Naira.

I somehow like that thing because I wan see where or who government go blame again as binance no Dey again, maybe them go come for another exchange before them go realize where to actually fix this problem which me I personally know say them know too

When the government of our nation begins to fail in leadership of the country, they begin to apportion blames.

I thought that this blame games wey our government d good at don stop under the ruling of Buhari. I d surprise to see this blaming game to come on board this time over binance, based on the accusation of na em be the cause of naira depreciating in value over naira.

It is very shameful and unwise for our FG to assume such. Wey be sae there are many stuff wey trigger our naira to fall badly to dollar.

Anyway sha, Nigeria government don succeed their plan of Binance deactivating the naira peer-to-peer to usdt. Make we see how far of what to happen next. Whether the naira go continue to the rise or em go d fluctuates around $1400-$1600.

Time go tell to all this and we go d see how deceitful the government of APC don d be since wey d take over Nigeria as the ruling party. Wetin I know be sae, they can't quench our shines for crypto, now wey the bull run and halving the around the corner.

Yes, man, I really do agree with you on this. The Nigerian government should not only fight to reduce the dollar rate against the naira because even if the value drops a little, traders don't reduce the price of goods in the market. The price of goods and services still remains much higher than usual, and it seems useless to reduce the dollar to naira exchange rate when the purpose of doing so is not fertile.Despite trying to stop the Binance exchange, the USDT/NGN rate still remains around ₦1,500,  which formally was ₦1,900 on Binance. It means there was just a 20% drop in the rate, and there is still every possibility that even if Binance delists Naira, the rate will still go high again. 

Just a few days ago, I sat at my office and I was contemplating the Nigerian government accusing Binance Exchange as the cause why the exchange rate has spiked. Then I decided to do a little look back at the history of the naira and dollar. You can see the information I found below. 



Between 1972 and 2001, 1 dollar went from ₦0.658 to ₦100+. Now my question is: has Binance been in operation since 1985 when 1 dollar became ₦1?Since then, what has been done to reduce the exchange rate back to how it was in 1972? 

So, what I am trying to say now is that, even if Binance is stopped from trading NGN/USDT, it will not stop the exchange rate from going up. 

  I go like make you first of all restructure you statement well, Nigerian government no in any way ban crypto currency for Nigeria, even you sef suppose to know that one.
  Government only restrict Niagarans to trade crypto currency direct with CBN and government hand no even follow for that matter, nah only the CBN government nai make that arrangement.
  That former CBN governor wey put that law before against crypto currency done finally comot and na new government dey govern CBN now and I believe say nah why them remove the law wey been dey before between crypto currencies and fiat for Nigeria.
  On a serious note, me I no really know the reasons why binance restrict Nigerians from p2p for their exchange, but one thing I hear be say government arrested 2 CEO of binance for Nigeria and tem also request for the names and the identities of the Nigerians we dey use binance.

The government himself know what is right, everything that is happening to our country is due to selfish interests. There are many things our country lacks, but the government is after the binance, which is driving the dollar higher. Even if he cancels the Binance for Nigeria, I don't think things would go exactly as he wishes. Because there is another exchange that functions better than Binance, it is not the only one that is available; Binance has only gained popularity because most Nigerian men are accustomed to using it.

Since the primary cause of our deaths in Nigeria is rising food prices, the government should ensure that these costs are reduced. Everyone will start investing in what he is selling as soon as they notice that the dollar is rising, and those food goods won't decrease when the dollar is declining. Furthermore, the government will only ignore it without taking any action.

Binance or crypto has never been the problem of the Nigeria government they are looking for ways to blame somebody to blame from their failed responsibility and this issue of the dollar even started before crypto was embarrassed in Nigeria so why is that they blaming everything on crypto, the variation between dollar and naira stated changing a very long time ago. they have failed in their responsibility and they are now looking for ways to get crypto off our cyberspace and that is going to be difficult to do because the government can not create opportunities, bitcoin has created a lot of opportunities for the Nigerian youth a lot of people are into trading and also holding for a long time even mining then the government wake up one day to say that crypto is crashing the economy, the funny thing is that other countries use it so why is our different. when they introduced the naira how did it end they did not even encourage people to use it.  hopefully, we will do it right one day.

Let's watch to see what magical the government would perform since they feels they've eliminated the barriers that has been pulling back the growth of the economy and the devaluing of the naira. At my last finding today, a dollar is rated #1,600 and I was expecting the puppeteers to perform their African wonder magic where dollar would be humiliated by naira but up til now naira is still decreasing in values.
I guess they would be at the corner now in a round table troubleshooting at what to point at again for an excuse about the economy predicaments.
How was Binance exchange the problem of this country in the first place? Okay, why didn't they also tackles other exchanges?
Best to me, the only reason they penalized Binance exchange was because they knew Binance is one of the bigger exchange platform and has been operating so incredibly, so they think they could successfully threaten the platform and they would succumb to their terms and conditions without knowing the platform would move on without Nigerians transactions on the exchange p2p.
This is just what the government does to the citizens, once you began to have prominent financial challenges, they'd fix you in an unnecessary taxations that ends up in there pockets instead of having it for the public benefits.
With their low mentality, so the Binance exchange platform wouldn't had been effective and responsible for the downfall of the naira if they've paid the money? Our government just keep behaving like the frustrated and hungry dogs that is ready to eat shits when they're hungry.

Likely I did not really understand how you construct that Pidgin. But let me tell you what happened, probably maybe that is what you meant also.

NCC told network providers to make Nigerians not to be able to access Binance website. Naira has began to increase in price at the time. Dollar decreased from almost 1900 to around 1400 to naira. It increased to around $1530 when I noticed Binance disabled the P2P few days ago. Binance announced yesterday (5th of March) that they will discontinue all naira services but dollar to naira is still around 1600.

Dis government need help from d youths, so dat dey will open d eyes of d government on how to make money from decentralized currency to improve their economy but d government begin to see cryptocurrency exchange as d problem to Nigeria economy and dey ignored corruption which is d major causes of all those hardship people are passing through in d country today.

March 8 is very near for binance to separate from Nigeria currency so dat we will see who d government will b pointing at, I know dat dey will surely points at internet dat is d problem of Nigeria, u can only experience such thing from old mentality.

Do you know that as at Monday it was around 1530. If u open the link you will also see the percent of increment.
I still stand to be corrected boss!

It is a lie. US dollar to naira just now is around $1600. So how is naira price appreciating against dollar? What I noticed that is happening recently is that naira is less volatile to dollar but its price slightly depreciated. Maybe it is naira that is depreciating in price or maybe it is dollar that is rising in price, I do not know. But the fact is that naira still depreciates in price to dollar recently.

Our government know the right thing to do but no Dy do am if at all dem wan do am dem go do am when problem don burst. Dem come Dy attribute naira fall to forex. Dem first of all, ban crytocurrency later come unban am, dem mandate banks to close all dollar accouts of their customers, dem come instruct telecommunications to restrict the access to binace websites, when binace officials come Nigeria to address the issue dem come arrest dem seize their international passports, e b like say dem bin Dy play dem come tell Binance to pay the sum of $10bn as compensation.
Now Binance on the contrary don
1.  stop services in Nigerian Naira amid crackdown on crypto exchanges
2. Binace ask Nigerians to withdraw Nigeria assets as it ends service in nigeria.
3. Give warning to quit operations in Nigeria on march 8.

Now dem say naira wey bin do Dy rise for like straight 3 days now don Dy fall again because Binance announce say dem go seize operation for nigeria thereby turning off the naira feature.
https://www.mynigeria.com/NigeriaHomePage/business/Naira-ends-three-day-winning-streak-against-the-dollar-after-Binance-shuts-down-feature-leaves-Nigeria-726792?gallery=1
I wonder the face of our government for Binance front. I say make I update Una.