pocom16:


Nothing was destroyed sir..

You aren't thinking straight..banks practice shaddy deals of selling USD to black markets and making up to N300 per note..

What Tinubu did was take steps to close that gap between official and BDC rate and have a unified rate like in any sensible economy..

Doing that is what brought that rate..it is a small sacrifice to take for the greater good..

Never has it happen that BDC rates will be less than official rate...this will allow the naira to truly experience it's true value and will keep the CBN in control of the currency not BDC or Binance.. Tinubu knows what he is doing, apparently he is not done..
He has to deal with obi supporters refusing to bring down the cost of imported goods

You have time to explain. If there is anything the CBN management have gotten right, it is the convergence of the black market and official exchange rate. At least, this eliminates the incentive for round-tripping by bank officials and other financial actors.

Blaze14k:


You talk as if binance don't operate in other countries.

Don't mind him, binance is operating P2P in ghana and their currency is stable.
The government has no clue what they are doing..
Analyse this:
P2P means peer to peer, so all binance did was to help nigerians trade amongst themselves.
so A has $1000 USDT and B needs $1000 USDT, B gives A naira and takes his $1000 USDT.
A then buys $1000 from C and reloads his stock and sells to D who has wants USDT.
if you closely study the monetary outflow, no naira leaves the country as all naira are just circulating btw A, B, C and D.
Regarding the issue of fixing the rate, it's just shows how empty the brain of the person making the accusation.
The P2P rate works closely with the rate in the country, if the dollar rate drops, it drops almost simultaneously on the P2P
platform.
Ask traders trading there and they will explain to you that they also make losses, they might buy USDT at 1300 naira and
within an hour, the USDT rate has fallen to 1050 naira, you can't sell your USDT at 1300 naira but now have to sell at the current rate.

If Tinubu was smart enough, he could have studied the deal the US government made with binance, where they separated US customers from the main binance worldwide. US customer use binance.us, so binance worked with the SEC and regulatory authorities in the US to pull out and create a new site for US customers.
That is how smart people behave.
All tinubu needed to do was call binance for a meeting and discuss separating nigerian customers and maybe using binance.ng for nigerian.
Binance loves working with government and they would have obliged.

Hatred as made your brain to stop functioning, now the duty has been passed on to your slippers.
If you went to school and finished, its fair you set your certificates ablaze.
But i have a feeling you are selling memory card at Ikeja and it would be nice to at least install 128mb inside that vacuum you call head.

obi4eze:

Is Binance a Nigerian company?

You should also tells us the part of history that the crash itself - from N700 to N1900 in just a few weeks - belongs to. That will make the story balanced.

richie240:

In a conversation with the president of the association of Bureau de change operators of nigeria, Mr Aminu Gwadabe by Channels Television.....


Channels TV: How much is the naira trading now against the dollar

Pres. BDC: We buy at 980 and we sell at 1020

CTv: [i]What will you say is responsible for this continuous appreciation of the naira from your perspective?

PBDC: It's a combination of factors that really helped in achieving this feat even though it happened faster than expected; so I want to congratulate the mgt of Central Bank of Nigeria. For the first time in history over the past 15 years we have never seen where the open market is lower than the CBN rate. So kudos to Central Bank and congratulations Nigerians. There is calmness now........What we are seeing now is to show that what happened before has not any economic fundamental. It's just a bubble and the bubble has burst...




https://www.youtube.com/watch?v=k3PpfWkQQlQ?si=meuTA27onshuM332

Time stamp: 0:00 - 2:34

Impressive.

It was mass hysteria and greed of speculators that drove or made the NGN to depreciate sharply to near 2000NGN to 1USD against all economic fundamentals.

The firm actions taken by the CBN, led by Yemi Cardoso and the Office of the National Security Adviser, led by Nuhu Ribadu to contain the illegal currency black market speculators paid off and the must both be commended. This is the first time in Nigerian history that I can recall (since the early 1990s when the illegal currency black markets started thriving that they have been caged!) The legit registered BDCs are back in full effects without the distortions from the illegal currency black market activities.

Kennitrust:
But what concerned Obi with this mess

His supporters are mostly or the forefront of imported goods which are refusing to drop in prices