The Association of Bureau De Change Operators of Nigeria, ABCON, has blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.

The National President of ABCON, Aminu Gwadabe, disclosed this in an interview with NAN on Wednesday.

He stated that as long as Binance and other platforms remain profitable, the Naira’s depreciation will persist.


He said that the recent wave of depreciation of the Naira was of concern to the BDC operators.

“I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform.

“The P2P is a platform like Binance, where speculators use the Dollar to buy USDT, a stablecoin that is pegged at one to the Dollar.

“As long as Binance and other platforms remain profitable, the Naira will continue to depreciate.

“There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration, no restrictions,” he stated.

Recall that Naira slumped against the Dollar in the foreign exchange market despite the Central Bank of Nigeria’s release of an additional $10,000 each to legible BDC operators on Tuesday.

Meanwhile, the Economic and Financial Crime Commission, EFCC, resumed clamping down on Binance and other cryptocurrency platforms to defend the Naira in the FX market.

The anti-graft agency had arraigned Binance and two of its executives before an Abuja High Court over alleged fraud and currency

https://reubenabati.com.ng/newss/naira-fails-to-appreciate-against-dollar-in-forex-market-despite-cbn-intervention?fbclid=IwZXh0bgNhZW0CMTEAAR0Z0R4m9L__BV8djtftmQZ4K6agfNOJ3A7Ql8MITN30OlM2MDJi-4oUZ18_aem_AZVI9ivjdKbbChnonD5PGcH2ZAtVQ32IlYgQzN369JbetTGMVIIUyNLJxZsZYY8usqwTVhnEq6XxIPTnUGwJw0Ih

Crypto bandits are really trying their best to destroy the economy

Then the government need to be Mir rootless if climbing down on them

tinubu and his miscreants will blame everyone except themselves that actualyl caused the mess

Why are they not affecting other nations' currency? Why naira?

Tallesty1:
Why are they not affecting other nations, currency? Why naira?

Help me ask these senseless people o!

Biodun556:
Crypto bandits are really trying their best to destroy the economy

crypto bandits are now to be blamed

I do not support Tinubu but these cryptocurrency exchanges are doing more harm than good.

A progressive economy thrives more on a free Forex market but this same free Forex market gives room for many non state actors to manipulate the system.

I thus submit that all CEX who wish to continue business in Nigeria be contacted to remove P2P trading and allow Nigerians to buy bitcoin through debit cards with caps and at a rate recommended by the CBN. This is the soft approach.

The Hard approach will entail sending a bill to the national assembly to prohibit dealing in or with cryptocurrency in Nigeria. Thus making it illegal to own , store or use Cryptocurrency. But this approach may be difficult because the world is moving away fast from a strictly fiat money economy, hence we must find away around it

He said that the recent wave of depreciation of the Naira was of concern to the BDC operators.

“I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform.

“The P2P is a platform like Binance, where speculators use the Dollar to buy USDT, a stablecoin that is pegged at one to the Dollar.

The ABCON chairman is a dullard.
Nobody buys USDT with dollars using P2P.
How would you even transfer the dollar when local dollar transactions have been
banned?

The criminal BDCs are fleecing GULLIBLE Cardoso and his rudderless CBN.

They receive dollars at a CHEAP rate from CBN and hoard it. Then turn around to blame P2P.

ALL of them are criminals!

Tallesty1:
Why are they not affecting other nations, currency? Why naira?

Naira na olosho currency. Na every day them dey yasham am for free, especially under Babablu Bulaga

Bur e be like say that Cardoso abi na Cardfailure na trial and error CBN governor.

Tallesty1:
Why are they not affecting other nations' currency? Why naira?

How do you know it's not?? Did you know that the reason cryptocurrency is so heavily monitored by govts all over the world is the fact that it can cripple the traditional money and by extension the economy in a very short period of time??

RenaissanceGuy:
How do you know it's not?? Did you know that the reason cryptocurrency is so heavily monitored by govts all over the world is the fact that it can cripple the traditional money and by extension the economy in a very short period of time??

Name one currency that is fluctuating like Tinubu's Naira and win a bullion van

End BDC, then P2P Rates will have no funnel to convert the speculations.

Ban BDC today.

The Real Title: Tinubu's Hired BDCs blame P2P for Naira Depreciation.
As if P2P didn't exist under buhari's disastrous regime.





Zombies will never change

Biodun556:
Crypto bandits are really trying their best to destroy the economy

The real bandits (supporters of buhari and Tinubu) that destroyed Nigeria is you and your fellow zombies.

BDC is just crying foul. I think it is itself responsible for the fall in Naira value.

Exactly,
Let them take drastic action.
At least we all know the root cause right now.

Tallesty1:
Why are they not affecting other nations' currency? Why naira?

Because Nigerian are greedy, they want to sales at a higher profit margin,
There by increasing there USDT selling price tag.
For instant on the P2P if I am a user, I am at will to sale my one 1 USDT at N1,800 , everyone quote his price,
There by attracting greedy people who jack the price upward for the profiteering purpose.
If u must sale USDT, the profit margins should not be higher than what BDC is selling that is to say 1.5% margin from CBN selling price.
That’s the rate CBN give BDC.
That’s the rate we expect P2P to also sale

ivolt:

The ABCON chairman is a dullard.
Nobody buys USDT with dollars using P2P.
How would you even transfer the dollar when local dollar transactions have been
banned?

U used your naira debit card,
Converted your Naira to dollars on there p2p platform,
And then use your USD which is now called USDT.
Then u arbitrarily sale at any price you wish.

I will advice you to rush and sell of your USDT because government will track your USDT and ban it again,
You may still find your self on premium tears again.
Sale of your USDT because the government know the exact root cause of the problem which is P2P and they will block all of them any moment from now. Sale it count your losses, start another business. At lease the current increase is a grace window for you to reduce your losses and move on except your money is trapped their.
For you to attract more user , u have to advertise the platform, the CBN and EFCC will get the name of the platform and block it. So your intended business of investing on USDT is not reliable.
Run now while you can,
So that you will not be wailing / concerned and having high BP over Nigerian foreign reserve that u have no business with.
A wise council take it or leave it.

Rather they should ban BDC. They are terrible criminals.

frankputer:


U used your naira debit card,
Converted your Naira to dollars on there p2p platform,
And then use your USD which is now called USDT.
Then u arbitrarily sale at any price you wish.

Naira debit card?

I hope you are not one of those advising Cardoso because
he has obviously been misled.

I will advice you to rush and sell of your USDT because government will track your USDT and ban it again,
You may still find your self on premium tears again.
Sale of your USDT because the government know the exact root cause of the problem which is P2P and they will block all of them any moment from now. Sale it count your losses, start another business. At lease the current increase is a grace window for you to reduce your losses and move on except your money is trapped their.
For you to attract more user , u have to advertise the platform, the CBN and EFCC will get the name of the platform and block it. So your intended business of investing on USDT is not reliable.
Run now while you can,
So that you will not be wailing / concerned and having high BP over Nigerian foreign reserve that u have no business with.
A wise council take it or leave it.

Chai
It will take a full book to educate you properly and I am not even sure you will get it.
So you want to ban USDT?
Do you even know what it is?

You think it is a bank account that you can ban?

Well, I am not surprised though. The fact that you think Nigerians buy crypto with dollars says enough.