P2P services offered by Cryptocurrency exchanges are a good thing if well regulated to discourage
Speculators from speculating against the Naira.

Through P2P, we can bypass the Dollar scarcity by buying USDT in Naira and sending to our relatives abroad where they can sell it and convert to the foreign currencies of their respective countries. It also helps Business owners in Nigeria make payment to their suppliers abroad.
Bitcoin traders like myself can also use the medium to convert our profits to spendable cash.

But the problem is the P2P Speculators that these Exchanges permit to manipulate the Naira on their platform  without any regulation. Making it imperative for the BDCs to follow their rate as they are dragging the Naira's value down for their gains.

Although I make some money from trading Crypto currencies, I do not speculate against the Naira because I am aware of the chain reactions that such an action will create on the Naira. Therefore, I am in full support of the current FGN's clampdown on Cryptocurrency Exchanges that allow Traders speculate against the Naira without any regulation.

But the truth is that these P2P Speculators who were destroying the Naira's value on Binance P2P for their personal gains won't simply give up. At the moment, they've flooded to Kucoin and Bybit to continue their business as usual.
Below I attached a screenshot I took this evening on KuCoin showing the price manipulation being actively done by these Speculators destroying the Naira's value in P2P.

Why is the EFCC not arresting these set of people the same way they are arresting BDC operators? I mean, these crooks use Nigerian bank accounts to do their transactions. Why are their bank accounts not being frozen?

These economic saboteurs have no conscience. They are willing to drag the naira to 10,000 Naira to a Dollar in one week if that is the rate where they can make maximum profit on speculating against the Naira.

Why is the EFCC always chasing after people perceived to be into "yahoo yahoo" but they let these P2P speculators destroying the Naira for their personal gain roam freely?

The FGN and CBN Governor must sustain their fight against these Currency manipulators destroying the Naira's value. Simply banning Binance and cracking down on BDC is not enough.
An anti-currency speculation force should be setup to continuously trackdown, arrest and jail these criminals. They have become like an infection that you must keep suppressing till it is killed finally. Even the spores must die.

At the moment, these crooks speculating against the Naira are all over the Internet castigating the President. They have even flooded Binance Square condemning the Nigerian Government for trying to save the Naira through banning their evil means of making profit. And here on Nairaland, a lot of them are in the Crypto currency thread wishing ill on Nigeria just so they can make profit.

Soon they will be here on this thread to insult me because they lack the mental capacity to see how their activities is destroying the Nigerian Economy.

The truth is that Nigerian government doesn't have senses and they run away from doing the right things.

1.) The question is why can't the government completely ban and stop the BDC market? Of what use is that to us, as obtained in other countries?

2.) Just like the OP just postulated above, why can't these speculators be arrested and the other ones will easily desist from such.

As I am writing this currently, that naira is dropping back to about N1700-N1800

BDCs themselves are not the root problem

They should first ARREST those speculating in the CBN I &E WINDOW.

If only CBN could afford to pump $300 million dollars weekly into the official and BDC market like it did between 2017 to 2020 (before COVID) we would not be having all this discussion about trading naira or not trading naira with crypto. Infact the exchange rate can not be as bad as it is presently if there was enough dollar inflow and instead of the government to identify the major cause of the surging exchange rate , they are busy chasing binance and co.

This current reduction in exchange rate seems like a re test of previous high. Which means of it does not break below 1200 soon we may see it try to reclaim 1800 to 1900 in coming weeks and if this happens when binance has shut down P2P I wonder who they will blame. Maybe kucoin .

Did you read yourself? You wrote you trade bitcoin and you are not a speculator?

When you trade your bitcoin, what currency are you trading it against, the US$ or some currency created by your papa? What would you do if the US says, you are speculating against their currency and therefore, you ought to be arrested as you've wished for those speculating on the Naira!

FYI, speculating on the Naira or any other currency is not an offence/crime however, purposely manipulating the Naira for profit is what "may be" classified as offence here.

I think you are some sob of the government (I've seen a lot of your kind here lately), please tell the government to quit chasing shadows and go solve the FX problems. Binance and other crypto organizations isn't our problem. I don't think the volume of NGN/USD trading on the crypto exchanges is enough to move the market significantly.

Note the volume traded on these exchanges can move the market but not significantly enough to cause the problems we are having now. Our problem is that we ate our breakfast, lunch and dinner at breakfast time and dinner time has come and we are starving.

As a nation, the government need to be intentionally creative to try new avenues to increase FX revenue to the economy.

Ningishzida:
P2P services offered by Cryptocurrency exchanges are a good thing if well regulated to discourage
Speculators from speculating against the Naira.

Through P2P, we can bypass the Dollar scarcity by buying USDT in Naira and sending to our relatives abroad where they can sell it and convert to the foreign currencies of their respective countries. It also helps Business owners in Nigeria make payment to their suppliers abroad.
Bitcoin traders like myself can also use the medium to convert our profits to spendable cash.

But the problem is the P2P Speculators that these Exchanges permit to manipulate the Naira on their platform  without any regulation. Making it imperative for the BDCs to follow their rate as they are dragging the Naira's value down for their gains.

Although I make some money from trading Crypto currencies, I do not speculate against the Naira because I am aware of the chain reactions that such an action will create on the Naira. Therefore, I am in full support of the current FGN's clampdown on Cryptocurrency Exchanges that allow Traders speculate against the Naira without any regulation.

But the truth is that these P2P Speculators who were destroying the Naira's value on Binance P2P for their personal gains won't simply give up. At the moment, they've flooded to Kucoin and Bybit to continue their business as usual.
Below I attached a screenshot I took this evening on KuCoin showing the price manipulation being actively done by these Speculators destroying the Naira's value in P2P.

Why is the EFCC not arresting these set of people the same way they are arresting BDC operators? I mean, these crooks use Nigerian bank accounts to do their transactions. Why are their bank accounts not being frozen?

These economic saboteurs have no conscience. They are willing to drag the naira to 10,000 Naira to a Dollar in one week if that is the rate where they can make maximum profit on speculating against the Naira.

Why is the EFCC always chasing after people perceived to be into "yahoo yahoo" but they let these P2P speculators destroying the Naira for their personal gain roam freely?

The FGN and CBN Governor must sustain their fight against these Currency manipulators destroying the Naira's value. Simply banning Binance and cracking down on BDC is not enough.
An anti-currency speculation force should be setup to continuously trackdown, arrest and jail these criminals. They have become like an infection that you must keep suppressing till it is killed finally. Even the spores must die.

At the moment, these crooks speculating against the Naira are all over the Internet castigating the President. They have even flooded Binance Square condemning the Nigerian Government for trying to save the Naira through banning their evil means of making profit. And here on Nairaland, a lot of them are in the Crypto currency thread wishing ill on Nigeria just so they can make profit.

Soon they will be here on this thread to insult me because they lack the mental capacity to see how their activities is destroying the Nigerian Economy.

To the person who started this trade, we are lucky the Naira is not traded freely on the international market else, one ruthless/degenerate trader/speculator will just bet $1billion that Nigerian government will devalue the Naira further to NGN5000 to the US$1. Dey play!

Why did I write this? The actions of the government recently regarding the dollar situation and the economy in general, have shown the world our weak hand. They have shown the world the gap in our market. While it is a weakness on our part, it is a HUGE opportunity for speculators. If you doubt, ask George Soros. Similar situation in the UK economy back then presented him the opportunity to make over a billion in 1 day!

Ningishzida:
P2P services offered by Cryptocurrency exchanges are a good thing if well regulated to discourage
Speculators from speculating against the Naira.

Through P2P, we can bypass the Dollar scarcity by buying USDT in Naira and sending to our relatives abroad where they can sell it and convert to the foreign currencies of their respective countries. It also helps Business owners in Nigeria make payment to their suppliers abroad.
Bitcoin traders like myself can also use the medium to convert our profits to spendable cash.

But the problem is the P2P Speculators that these Exchanges permit to manipulate the Naira on their platform  without any regulation. Making it imperative for the BDCs to follow their rate as they are dragging the Naira's value down for their gains.

Although I make some money from trading Crypto currencies, I do not speculate against the Naira because I am aware of the chain reactions that such an action will create on the Naira. Therefore, I am in full support of the current FGN's clampdown on Cryptocurrency Exchanges that allow Traders speculate against the Naira without any regulation.

But the truth is that these P2P Speculators who were destroying the Naira's value on Binance P2P for their personal gains won't simply give up. At the moment, they've flooded to Kucoin and Bybit to continue their business as usual.
Below I attached a screenshot I took this evening on KuCoin showing the price manipulation being actively done by these Speculators destroying the Naira's value in P2P.

Why is the EFCC not arresting these set of people the same way they are arresting BDC operators? I mean, these crooks use Nigerian bank accounts to do their transactions. Why are their bank accounts not being frozen?

These economic saboteurs have no conscience. They are willing to drag the naira to 10,000 Naira to a Dollar in one week if that is the rate where they can make maximum profit on speculating against the Naira.

Why is the EFCC always chasing after people perceived to be into "yahoo yahoo" but they let these P2P speculators destroying the Naira for their personal gain roam freely?

The FGN and CBN Governor must sustain their fight against these Currency manipulators destroying the Naira's value. Simply banning Binance and cracking down on BDC is not enough.
An anti-currency speculation force should be setup to continuously trackdown, arrest and jail these criminals. They have become like an infection that you must keep suppressing till it is killed finally. Even the spores must die.

At the moment, these crooks speculating against the Naira are all over the Internet castigating the President. They have even flooded Binance Square condemning the Nigerian Government for trying to save the Naira through banning their evil means of making profit. And here on Nairaland, a lot of them are in the Crypto currency thread wishing ill on Nigeria just so they can make profit.

Soon they will be here on this thread to insult me because they lack the mental capacity to see how their activities is destroying the Nigerian Economy.

You are right..Going by your logic ,you are the first person they should even arrest...The crypto you are trading , how did you buy it ?? What currency did you use to buy it ?? If everyone decided to act like you and they buy crypto with that particular currency , what will happen to such currency when everyone are selling it to buy crypto ?? Is either you used usdt or naira to buy those cryptos..so for your mind speculating on crypto will not have any effects on the currency that you do use to buy the crypto or that you used to buy it ?? Why was crypto banned in some countries ?? You think they just banned it for no reason...??


So you see something wrong in speculating on the naira market but you see nothing wrong in speculating on the crypto market ??oh the usd can get spoilt but the naira should not get spoilt right ?? As long as your own naira is good ,other currencies can get destroyed by you right ?? Infact if the U.S government should read a thread like yours , I think even the government of those countries using usd should start going after people like you on binance...hypocrite....is it stone you use to buy the cryptos ?? It is not currency you used to buy it ??If you used usd you are guilty..if you used naira too you are even more guilty...whichever way it is , you are guilty of the same thing you re accusing others....

You are trading crypto..the usdt that these people are speculating on is a crypto too..tether(usdt)...same way you are speculating on bitcoin and co...or don't you know that people also use naira to buy bitcoin..??so those selling naira in order to buy bitcoin and other cryptos ..are they not killing the naira too ?? Those selling usd to buy crypto , are they not killing the usd too?? So what is the difference between you and them ??

Don't you also know that alot of nigerians like you do purchase crypto often because they trade it ?? Won't they need usd to buy it ??and how will they purchase the usd without spending naira ?? Don't you know that high demand of dollars with less supply will automatically lead to price increase..so if you ever used usd or naira to buy crypto..you are part of the problem and they should arrest you first.



Don't you know that you are part of the problem too ?? More like a sinner judging another sinner

pipnator00:
Did you read yourself? You wrote you trade bitcoin and you are not a speculator?

When you trade your bitcoin, what currency are you trading it against, the US$ or some currency created by your papa? What would you do if the US says, you are speculating against their currency and therefore, you ought to be arrested as you've wished for those speculating on the Naira!

FYI, speculating on the Naira or any other currency is not an offence/crime however, purposely manipulating the Naira for profit is what "may be" classified as offence here.

I think you are some sob of the government (I've seen a lot of your kind here lately), please tell the government to quit chasing shadows and go solve the FX problems. Binance and other crypto organizations isn't our problem. I don't think the volume of NGN/USD trading on the crypto exchanges is enough to move the market significantly.

Note the volume traded on these exchanges can move the market but not significantly enough to cause the problems we are having now. Our problem is that we ate our breakfast, lunch and dinner at breakfast time and dinner time has come and we are starving.

As a nation, the government need to be intentionally creative to try new avenues to increase FX revenue to the economy.

Hi, you're an idiot for mentioning "your papa". But I will reply your point just in case someone else that have sense has the same question you've raised.

USDT is a stablecoin pegged to the USD while Bitcoin is a crypto currency. Common sense should tell you that when trading Bitcoin, one is speculating against the price fluctuation of Bitcoin against the USDT(which is the stable denominator). Not the other way round.

The price of Bitcoin goes up and down against the USDT stablecoin as a result of my action but this doesn't affect any country's economy because no country uses Bitcoin as their currency.

Now take away Bitcoin from the above analysis and replace it with Naira which is an official currency.
The activities of idiots like you speculating to cash in on the downfall of the Naira against the USDT affects millions of Nigerians because Naira is the official currency that determines the  wealth of household in Nigeria.

Unfortunately, I do not expect you to understand such a common sense explanation because it is above your level of comprehension.

doyin01:


You are right..Going by your logic ,you are the first person they should even arrest...The crypto you are trading , how did you buy it ?? What currency did you use to buy it ?? If everyone decided to act like you and they buy crypto with that particular currency , what will happen to such currency when everyone are selling it to buy crypto ?? Is either you used usdt or naira to buy those cryptos..so for your mind speculating on crypto will not have any effects on the currency that you do use to buy the crypto or that you used to buy it ?? Why was crypto banned in some countries ?? You think they just banned it for no reason...??


So you see something wrong in speculating on the naira market but you see nothing wrong in speculating on the crypto market ??oh the usd can get spoilt but the naira should not get spoilt right ?? As long as your own naira is good ,other currencies can get destroyed by you right ?? Infact if the U.S government should read a thread like yours , I think even the government of those countries using usd should start going after people like you on binance...hypocrite....is it stone you use to buy the cryptos ?? It is not currency you used to buy it ??If you used usd you are guilty..if you used naira too you are even more guilty...whichever way it is , you are guilty of the same thing you re accusing others....

You are trading crypto..the usdt that these people are speculating on is a crypto too..tether(usdt)...same way you are speculating on bitcoin and co...or don't you know that people also use naira to buy bitcoin..??so those selling naira in order to buy bitcoin and other cryptos ..are they not killing the naira too ?? Those selling usd to buy crypto , are they not killing the usd too?? So what is the difference between you and them ??



Don't you know that you are part of the problem too ?? More like a sinner judging another sinner

Hi, feel free to twist the logic to suit your flawed defense.

I buy Bitcoin with Euro directly from my bank account.
The last time I checked, there is no parallel market in Europe where the BDCs use the Bitcoin to Euro exchange rate to determine the Euro to USD exchange rate.

If European P2P merchants were to start speculating against their Euro currency, by creating fake buy orders of 1 USDT FOR 50 Euros, which will inevitably crash the value of the Euro, do you think the European government will fold their hands and let such criminals continue with their actions unabated?

You people crashing the Naira for your selfish P2P profit will reap your rewards soon.

Ningishzida:

Hi, you're an idiot for mentioning "your papa". But I will reply your point just in case someone else that have sense has the same question you've raised.

USDT is a stablecoin pegged to the USD while Bitcoin is a crypto currency. Common sense should tell you that when trading Bitcoin, one is speculating against the price fluctuation of Bitcoin against the USDT(which is the stable denominator). Not the other way round.

The price of Bitcoin goes up and down against the USDT stablecoin as a result of my action but this doesn't affect any country's economy because no country uses Bitcoin as their currency.

Now take away Bitcoin from the above analysis and replace it with Naira which is an official currency.
The activities of idiots like you speculating to cash in on the downfall of the Naira against the USDT affects millions of Nigerians because Naira is the official currency that determines the  wealth of household in Nigeria.

Unfortunately, I do not expect you to understand such a common sense explanation because it is above your level of comprehension.

The bolded shows that you are daft...so why was crypto banned in some countries like uk ??

Infact why did your own country initially banned crypto ??

So you thought they just banned it for no reason ??

Ningishzida:


Hi, feel free to twist the logic to suit your flawed defense.
You people crashing the Naira for your selfish P2P profit will reap your rewards soon.

Says a hypocrite that cannot buy naira but prefers to buy bitcoin ...if everyone decides to buy bitcoin , what will happen to naira ??you think that will make naira strong ??

The point is you are not different , they should arrest you first...

doyin01:


Says a hypocrite that cannot buy naira but prefers to buy bitcoin ...if everyone decides to buy bitcoin , what will happen to naira ??you think that will make naira strong ??

The point is you are not different , they should arrest you first...

So, now that you're done throwing your tantrums.
Could you please kindly leave the thread?

Ningishzida:


Hi, feel free to twist the logic to suit your flawed defense.

I buy Bitcoin with Euro directly from my bank account.
The last time I checked, there is no parallel market in Europe where the BDCs use the Bitcoin to Euro exchange rate to determine the Euro to USD exchange rate.

If European P2P merchants were to start speculating against their Euro currency, by creating fake buy orders of 1 USDT FOR 50 Euros, which will inevitably crash the value of the Euro, do you think the European government will fold their hands and let such criminals continue with their actions unabated?

You people crashing the Naira for your selfish P2P profit will reap your rewards soon.

So the question is ..for example why is ghanian BDCs not following the price of the ghana cedis on binance p2p??or is there no parrallel market in ghana ?? Why is the ghanian government not going to meet binance that the p2p market is experiencing manipulation of the price of the ghanian cedis ??the answer is simple..the ghanian government attacks the root of the problem and not the leaves..

Ningishzida:

So, now that you're done throwing your tantrums.
Could you please kindly leave the thread?

Come and carry me..Animal...foolish attention seeker creating stu*pid threads..

Ningishzida:
P2P services offered by Cryptocurrency exchanges are a good thing if well regulated to discourage
Speculators from speculating against the Naira.

Through P2P, we can bypass the Dollar scarcity by buying USDT in Naira and sending to our relatives abroad where they can sell it and convert to the foreign currencies of their respective countries. It also helps Business owners in Nigeria make payment to their suppliers abroad.
Bitcoin traders like myself can also use the medium to convert our profits to spendable cash.

But the problem is the P2P Speculators that these Exchanges permit to manipulate the Naira on their platform  without any regulation. Making it imperative for the BDCs to follow their rate as they are dragging the Naira's value down for their gains.

Although I make some money from trading Crypto currencies, I do not speculate against the Naira because I am aware of the chain reactions that such an action will create on the Naira. Therefore, I am in full support of the current FGN's clampdown on Cryptocurrency Exchanges that allow Traders speculate against the Naira without any regulation.

But the truth is that these P2P Speculators who were destroying the Naira's value on Binance P2P for their personal gains won't simply give up. At the moment, they've flooded to Kucoin and Bybit to continue their business as usual.
Below I attached a screenshot I took this evening on KuCoin showing the price manipulation being actively done by these Speculators destroying the Naira's value in P2P.

Why is the EFCC not arresting these set of people the same way they are arresting BDC operators? I mean, these crooks use Nigerian bank accounts to do their transactions. Why are their bank accounts not being frozen?

These economic saboteurs have no conscience. They are willing to drag the naira to 10,000 Naira to a Dollar in one week if that is the rate where they can make maximum profit on speculating against the Naira.

Why is the EFCC always chasing after people perceived to be into "yahoo yahoo" but they let these P2P speculators destroying the Naira for their personal gain roam freely?

The FGN and CBN Governor must sustain their fight against these Currency manipulators destroying the Naira's value. Simply banning Binance and cracking down on BDC is not enough.
An anti-currency speculation force should be setup to continuously trackdown, arrest and jail these criminals. They have become like an infection that you must keep suppressing till it is killed finally. Even the spores must die.

At the moment, these crooks speculating against the Naira are all over the Internet castigating the President. They have even flooded Binance Square condemning the Nigerian Government for trying to save the Naira through banning their evil means of making profit. And here on Nairaland, a lot of them are in the Crypto currency thread wishing ill on Nigeria just so they can make profit.

Soon they will be here on this thread to insult me because they lack the mental capacity to see how their activities is destroying the Nigerian Economy.

Don't worry bro..we will ban crypto and we will ban all naira speculators too..crypto traders like you will be arrested because crypto will be made illegal...and naira speculators will be reported and arrested too...

Sorry about that, I shouldn't have included "your papa" in my post however, I ask you again, did you read your post?

When you trade bitcoin, what currency do you trade it against? Well you answered yourself. See the bolded from your comment below.

Moreover trading Bitcoin is a worse speculation and a threat to Nigeria National Security compared to trading/speculating on the Naira (or any other country's currency)! Remember what Bitcoin stands for and by trading it, your are speculating and betting that every national currency will fail and be replaced with Bitcoin including Naira.

Plus after trading your bitcoin and you decide to cash out. What's the final currency you cash out to, Naira isn't it? And what have you done when you cash out to Naira. Ok, let me tell you. You just speculated on the Naira and you out to be arrested as you wished for other speculators.

Dude you sound TOO brainwashed and need saving. You should be speaking up for the government to do their best to increase FX inflows into the country and not buying it, Binance and USDT is killing the Naira nonsense!

Ningishzida:

Hi, you're an idiot for mentioning "your papa". But I will reply your point just in case someone else that have sense has the same question you've raised.

USDT is a stablecoin pegged to the USD while Bitcoin is a crypto currency. Common sense should tell you that when trading Bitcoin, one is speculating against the price fluctuation of Bitcoin against the USDT(which is the stable denominator). Not the other way round.

The price of Bitcoin goes up and down against the USDT stablecoin as a result of my action but this doesn't affect any country's economy because no country uses Bitcoin as their currency.

Now take away Bitcoin from the above analysis and replace it with Naira which is an official currency.
The activities of idiots like you speculating to cash in on the downfall of the Naira against the USDT affects millions of Nigerians because Naira is the official currency that determines the  wealth of household in Nigeria.

Unfortunately, I do not expect you to understand such a common sense explanation because it is above your level of comprehension.