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1  Economy / Economics / Nigerian Government Ban on Crypto, the P2P dilemma on: May 07, 2021, 10:01:54 AM
Did the Government just prove to us that we are our own enemy? I have noticed for some time now the rate at which the Nigeria p2p transaction on Binance is now looking more like a means of extortion.
Before the CBN pronounced ban on Banks crypto transactions, we were able to sell directly to our accounts and all in all transaction fee wouldn’t be more than N300 approximately $0.43 now and here comes the Ban and we all have to result to p2p and the cost of trading p2p is just outrageous.
Hypothetically, this is what you would have gotten trading 100USDT directly to your bank in the free trade days minus N300 for transaction charges.

But this is what you would get now trading the same 100USDT on p2p, N49,511 that is less N18,775.

So I am asking this question, Are we our own Enemy? Has the Government succeeded in its plan?
Even the Bank transfer the Buyer is sending to my account can’t be more than N100 charge so why the N18k+?
Is there an alternative to this or are we stock here?

Your honest Opinion Please.
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