Bureau De Change Asking Government to Ban Binance to Save Naira

[Odohu]

My people, e don happen o!  Bureau De Change (the people wey dey incharge of forex aka foreign exchange) don dey tell federal government to ban Binance to save our Naira. This one shock me no be small. I don't know how Binance take dey make our Naira weak abi na Binance dey manage our economy. This one show say the people wey dey handle some of these agencies no even know the things wey fit affect our currency. I truly dey feel bad for this kind news.

We all know say our government no gree create job for the youth, now cryptocurrency na one way youth take dey see food chop, if them ban Binance, imagine how many youths using P2P to see food wey go dey affected.

Binance P2P been help wella even when CBN been dey worry people wey use cryptocurrency. Naija people were still able to exchange, do business overseas and this help plenty people make a living. This will be very painful if government come ban Binance for Nigeria because plenty people wey create account for Binance used their BVN or NIN to do KYC verification.  So if government ban Binance, them no go get access to these portals and there are other ways them go mandate Binance not to allow Nigerians use their exchange as e suppose be.

My people how una see this matter?

For those wey wan read the news in detail, Peoples Gazette carry am.

[1714512819]

1714512819

[1714512819]

1714512819

[1714512819]

1714512819

[1714512819]

1714512819

[1714512819]

1714512819

[1714512819]

1714512819

[Charles-Tim]

On Binance, Nigerians are trading naira/crypto (CexP2P ) within themselves, not with foreign countries. I do not see how this would put pressure on naira. Assuming we trade with foreign people, this can decrease the foreign reserves. But as we trade within ourselves, I do not know how this will decrease the foreign reserves and put pressure on naira.

I see only SEC to be correct, but I do not know why they are focusing just only on Binance. There are many other exchanges that you can trade naira/crypto (CexP2P), not only on Binance exchange.

[Hyphen(-)]

I don't know why these Bureau De Change people are trying to use Binance to cover up for their own doings because as far as I am concern, they are the foundation of all these Naira fall, maybe now that government is fighting for unification of the dollar price and they see that they can not gain as much as they used to gain before that is why they are using Binance that is not even legally registered as a scape goat.

There are other cryptocurrency exchanges that are operating here in Nigeria, then why only Binance?
Kucoin and some crypto exchanges are running p2p, maybe they are only focus on binance because as they mentioned in the content that they have high liquidity.

I don't think Binance has anything related to this issue of Naira to dollar price drop, they are just trying use them and scare Nigerians to stop or reduce using the exchange which I don't thin will work for them.

[Odohu]

On Binance, Nigerians are trading naira/crypto (CexP2P ) within themselves, not with foreign countries. I do not see how this would put pressure on naira. Assuming we trade with foreign people, this can decrease the foreign reserves. But as we trade within ourselves, I do not know how this will decrease the foreign reserves and put pressure on naira.

I see only SEC to be correct, but I do not know why they are focusing just only on Binance. There are many other exchanges that you can trade naira/crypto (CexP2P), not only on Binance exchange.

I dey feel say na the volume them dey look. Other people wey dey trade P2P no popular reach Binance na why I feel say them wan target the head. The part wey dey vex me well well na as them thinking say na Binance dey affect our Naira...Very confused set of people!

Remember sometime in 2021 when CBN them also accuse Aboki FX of the same thing and that made Aboki FX to shutdown their operation, yet, e no stop Naira from failing like old woman breast. If you bend one side look this matter, you go see say na frustration dey worry these people...them no know wetin to do because "if e didn't dey, e didn't dey". So,I feel say them just dey look for who to blame because na blame game be their pattern.

Abeg make them no use their reggae spoil our ogene o!

[Charles-Tim]

I dey feel say na the volume them dey look.

I just give a valid reason how exchanges can not put pressure on naira as long as it is CeXP2P. But I noticed that the man is just self-centered because he believed that people are using crypto exchanges like Binance and prefer to convert to bitcoin, and most especially the stable coins in this regard and exchanging them to naira.

Mr Gwadabe pointed out that when pessimism overrode the psychology of the market, it would lead to loss of confidence.

“So we are seeing a scenario where optimism is giving way to pessimism. Investors are not coming. Nigerians don’t have confidence in the market and we have to look for external finances that are coming in as a quick fix,” He suggested.

So they think if there are no crypto exchanges like Binance, they will have more trading volume and more profit. All I noticed about this is selfishness and looking for ways crypto businesses can be restricted to favour themselves.

There are other cryptocurrency exchanges that are operating here in Nigeria, then why only Binance?
Kucoin and some crypto exchanges are running p2p, maybe they are only focus on binance because as they mentioned in the content that they have high liquidity.

I do not know if this is a rhetorical question but let me answer it. Because SEC sees Binance to be illegal in Nigeria and it is most known to Nigerians. Also because many of these people do not know these exchanges as we know them.

I don't think Binance has anything related to this issue of Naira to dollar price drop, they are just trying use them and scare Nigerians to stop or reduce using the exchange which I don't thin will work for them.

No issue at all than someone speaking because he wants more gain in his business as I explained about it just now.

[CryptSafe]

Sometimes I wonder if these men in the helms of affairs really do have a thought of their actions or they just wake up one day and start dishing out whatever they feel like and what ever that enters their head. What has binance got to do with Naira devaluation in the first place. Is it binance that controls the economy and government of Nigeria? Or is it binance that formulates policies for our government?

You know when they are bereft of ideas and plans on how to move the economy forward, they start dancing around with kangaroo dance steps.  It is unfortunate where the nation finds herself coupled with the leadership pattern of the old cabals that still wants to power at all cost.

The issue of banning binance is impossible because binance is not registered here and there is no law binding binance and the Nigerian government together. So their claims and accusations are null and void. Come to talk of it, it is a p2p platform so how can they know the exact transaction that has to do with crypto currency coming from binance when there are a million and one transactions going on every seconds.

I think they should concentrate on being a producing nation exporting her local produce rather than being a consuming nation which drastically effects the value of our local currency.

[Adams0001]

This matter wey Naija government put for head na misplace of priority to me, to be honest. Why will you use an exchange as an excuse to be the reason the economy of your country is not doing well. This exchange has helped many youths in the country to be free from poverty and have a food on their table by transacting with them. P2P have helped many youths in the country that we can imagine, and by putting an end to binance operation in Nigeria is like putting many people back to their days of suffering for a work to do. This is not a nice idea and he should not implement this whatsoever. As they always say it to themselves in the upper chamber and make fun of us; let them allow the poor to breathe please.

[Maestro75]

Sometimes I wonder if these men in the helms of affairs really do have a thought of their actions or they just wake up one day and start dishing out whatever they feel like and what ever that enters their head.

They no get single thought of action. No be Godswill Akapbio been deh tell senators for house two days ago seh bribe money don enter them accounts to enjoy themselves when the rest of us they suffer hardship. He forgot when he made the statement and tried to withdraw it at once but the damage don deh already. Na better shege we deh for APC hand now. Na Binance be their problem now, people weh no even get single shame for face. As I deh see dollar deh high like bread weh better yeast deh, my belly deh praise Tinubu somehow sha because na him inefficiency deh cause am and na so the thing go deh rise until everybody go feel the impact. Those of us weh get campaigns una deh enjoy.

[SmartGold01]

This news also shocked me when I see am for person WhatsApp status but that notwithstanding, is it Binance exchange that causes our fuel increase or is it same Binance that is causing our economy downline?
This is crystal shows that those agencies are sets of confused people who doesn't know where factor our economy downfall because where in a way they had given an incompetent leader a mandate to rule and governed the country what did they expect to be the out come, when P. M. B (President, Mohammadu Buhari) was on set we saw how our economy was crumbling we thought he is not doing well so, we all learned our lesson hoping for change to come, after which his regime came to pass and we couldn't factor our that if we elects another doom in same seat we could experienced something more strange and difficult in our country and yet some sets of foolish adults and when ahead to organized themselves to manipulate election results in order for their selfish party to be in authority without knowing we need to restructure our country and economy. Now we are facing serious rise in dollars and they planned to ban Binance as how ?
Is Binance the cause of dollars increase or what?
Okay, why not Ban the Aboki's who are selling in the black market or is it because if they ban Aboki their business has came to end or what if I may know.

In fact there are some things we need to vote for before taking final decisions as I believe Binance exchange is not our problems rather the Government is our problems. When a man is so much desperate of power this is what it turns out to be because what I can factor out is incompetent of leadership. And people think he would spent billions of Naira to achieve the seat without him working to cover his expense?
No this impossible because I know that is something very important in his life because nobody do like to involved himself or herself to a profit and loss business.

[CryptSafe]

Sometimes I wonder if these men in the helms of affairs really do have a thought of their actions or they just wake up one day and start dishing out whatever they feel like and what ever that enters their head.

They no get single thought of action. No be Godswill Akapbio been deh tell senators for house two days ago seh bribe money don enter them accounts to enjoy themselves when the rest of us they suffer hardship. He forgot when he made the statement and tried to withdraw it at once but the damage don deh already. Na better shege we deh for APC hand now. Na Binance be their problem now, people weh no even get single shame for face. As I deh see dollar deh high like bread weh better yeast deh, my belly deh praise Tinubu somehow sha because na him inefficiency deh cause am and na so the thing go deh rise until everybody go feel the impact. Those of us weh get campaigns una deh enjoy.

You can imagine the inuendos and how carlous they are causing nuisance all in the name of leadership. The last time I checked it was a funny bill they were contemplating on named "allow the poor to breath " and here again the senate President committing blunders on the 3rd highest seat of the nation. What a miasma and a terrible lacuna.
We just have confused set of humans leading the affairs of the nation on auto pilot mode. Ahead ahead without any remorse.

[Agbe]

What? That means they don't know weti dem dey do for their office. Binance wey dey their own dey do their business dey go. I no even know how Binance come dey affect our naira wey CBN dey control, abi dem just wan to remove Binance Exchange company from di country? Because wen dem wan do something like that dem dey use things to accuse dem.
Di people wey dey devalue our naira na even di Bureau De Change because dem no dey do well in the forex stock exchange. And na di stock exchange dem dey use dey devalue our naira anyhow. So those people wey dey there need to be removed and replaced dem with experts or day unit need to be closed because dem no dey help any matter there. Now today I dey see sae naira don climbed #917 to $1 what nonsense bi this.

[nelson4lov]

BDC people just dey find excuse to give - crypto no dey affect their business. Them no just dey happy say crypto merchants dey benefit from naira hyper rise when the standard "unified" rate is a lot less than the rate available for crypto P2P. Na the same way people been dey call for black market rate to be banned.

If Binance P2P is banned for Nigerians, trading can continue off-chain and off their platform but the thing be say e go include some trust issues which is not necessary for Binance P2p (no need to trust the buyer/seller prior to the trade).

[Sim_card]

I no understand wetin Bureau de change dey talk about, how Binance take affect Naira wey them dey talk about. These people no see Tinubu to tell say why him remove subsidy. It is very annoying to see say people wey dey our offices claim to know and them no know anything. I believe say e dey pain them say most people dey use Binance do their to trade and them dey confirm am say Binance dey deprive them from much funds na e make them dey player hate. Abi them no know say the high cost of dollar na base on inflation abi make them go sleep and tell small children say exchange dey depreciate Naira.

[CryptopreneurBrainboss]

Binance P2P been help wella even when CBN been dey worry people wey use cryptocurrency. Naija people were still able to exchange, do business overseas and this help plenty people make a living. This will be very painful if government come ban Binance for Nigeria because plenty people wey create account for Binance used their BVN or NIN to do KYC verification.  So if government ban Binance, them no go get access to these portals and there are other ways them go mandate Binance not to allow Nigerians use their exchange as e suppose be.

Nigerian government no go fit ban Binance P2P, dem fit ban Binance exchange but not the P2P, Binance exchange self no get license to operate for Nigeria (I believe dem no get head office here) so no how wey government wan ban dem unless dem go ban Nigeria IP (through the network providers) just as dem ban Nigeria IP from accessing Twitter few years back but dat one no mean say we no go fit access am as boys go run VPN continue our hustle. Make we leave dat side enter the impact of Binance P2P on the market, you know know say Binance P2P get one of the highest volume of dollar to naira trading for Nigeria and there's no how e no go get effect on the general market.

Binance exchange rate too high, those marchants dey run us street for that platforms. While Naira for black market fit dey trade example, 700/# Binance marchants fit dey run their own 800/#. But I no still support the banning because as you talk e go take away means of livelihood based on how people dey trade dey get small small funds go cum hard. Nobi everybody sabi use VPN so some people go go dey patronized all this local marchants and yahoo boys go use dem cashout. Instead of banning, make dem go into research see how dem go make both parties work in harmony and bring about the best experience to Nigeria because but crypto and forex exchange are here to stay and e no make sense to commot food for Nigerian mouth as dat one mean say you dey welcome back crime for the country be dat.

Note: Binance P2P isn't actually a P2P but a centralized trading between two different individual and there's no guarantee you aren't trading directly with Binance self.

[Fivestar4everMVP]

I don begin use binance p2p very recently and trust me, for the few times I've taken time to trade there , I just dey imagine and regret wetin I don miss since all this years, wey I for don dey trade there since they make better profit.
Those bureau de change guys no serious at all, if according to them, binance p2p dey put pressure on the naira, why USA or Europe no dey complain about the same thing for their US dollar and Euro 💶 respectively? Abi those currencies no dey for the same binance p2p trading platform?

They should ask our Nigerian government to work hard and fix our economy, not encourage them to keep chasing shadows.

[Igebotz]

Nigerian government no go fit ban Binance P2P, dem fit ban Binance exchange but not the P2P, Binance exchange self no get license to operate for Nigeria (I believe dem no get head office here) so no how wey government wan ban dem unless dem go ban Nigeria IP (through the network providers) just as dem ban Nigeria IP from accessing Twitter few years back but dat one no mean say we no go fit access am as boys go run VPN continue our hustle. Make we leave dat side enter the impact of Binance P2P on the market, you know know say Binance P2P get one of the highest volume of dollar to naira trading for Nigeria and there's no how e no go get effect on the general market.

If Binance is banned in Nigeria then accessing the exchange with a VPN from a banned jurisdiction is against Binance T & C we hope it doesn't get to this point.

The fact that every new CBN Governor in Nigeria is usually worse than the prior ones is worrying; I believed the new one had a nice system in place before implantation with all his Naira/dollar trade unification ideas, but I was wrong; everything is now a shambles. The banks are weakening the Naira, but na the innocent Nigerians dey always take blame. Lol

[Wiwo]

I don't know why these Bureau De Change people are trying to use Binance to cover up for their own doings because as far as I am concern, they are the foundation of all these Naira fall, maybe now that government is fighting for unification of the dollar price and they see that they can not gain as much as they used to gain before that is why they are using Binance that is not even legally registered as a scape goat.

There are other cryptocurrency exchanges that are operating here in Nigeria, then why only Binance?
Kucoin and some crypto exchanges are running p2p, maybe they are only focus on binance because as they mentioned in the content that they have high liquidity.

I don't think Binance has anything related to this issue of Naira to dollar price drop, they are just trying use them and scare Nigerians to stop or reduce using the exchange which I don't thin will work for them.

Wait isn't this the same Bureau De change the people EFCC was going after when the dollars vs naira crisis was at the heat of it towards the wnd of rhe last administration how then their organization is now advising the government on what to do, as far as i know this is just a sarcastic statement and reading through fhs article link, i discovered that, the aim of this was not to attack cryptocurrency users but to create way for their business to tthrive in the local market.

Since Aboki FX was the major parallel market decider before the coming of other foreign exchanges like Binance and other crypto exchanges, Well i don't also see how this could yield any positive result that can affect finance operations but then also this could call for more regulations of centralized cryptocurrency exchanges with the aum of taxation.

[gabbie2010]

My people, e don happen o!  Bureau De Change (the people wey dey incharge of forex aka foreign exchange) don dey tell federal government to ban Binance to save our Naira. This one shock me no be small. I don't know how Binance take dey make our Naira weak abi na Binance dey manage our economy. This one show say the people wey dey handle some of these agencies no even know the things wey fit affect our currency. I truly dey feel bad for this kind news.

Truly those who are in charge of affairs in CBN are clueless they  knew less about the economy good to know that the present CBN governor is a mechanical engineer on August 11th held a press conference link blaming the Diasporans for the naira free fall so it is now a crime to receive money from our beloved ones living in abroad, Bureau De Changers is blaming Binance while CBN is blaming Diasporans and some local banks.

We all know say our government no gree create job for the youth, now cryptocurrency na one way youth take dey see food chop, if them ban Binance, imagine how many youths using P2P to see food wey go dey affected.
Binance P2P been help wella even when CBN been dey worry people wey use cryptocurrency. Naija people were still able to exchange, do business overseas and this help plenty people make a living. This will be very painful if government come ban Binance for Nigeria because plenty people wey create account for Binance used their BVN or NIN to do KYC verification.  So if government ban Binance, them no go get access to these portals and there are other ways them go mandate Binance not to allow Nigerians use their exchange as e suppose be.

My people how una see this matter?

For those wey wan read the news in detail, Peoples Gazette carry am.

If government like make them listen to those Bureau De Change people wey said make them ban Binance that one na there problem because Binance has come to stay we go still dey use VPN run am thank God say transactions na anonymously, trust Nigerian youths now them know how to bypass anything, wetin consign Binance with naira depreciation and loss of value instead of those Bureau De Change operators to digitalize their operations using P2P make them enter competition with Binance they come dey talk rubbish, they no reason am when CBN announced floating of Dollar against Naira which cause naira to start falling because we are important dependent country.

[Agbe]

My people, e don happen o!  Bureau De Change (the people wey dey incharge of forex aka foreign exchange) don dey tell federal government to ban Binance to save our Naira.

Dis kind things e no dey shock me oo, because dat government or di parliament e dey full with bitcoin illiterates and dem know no di important of bitcoin so dem dey do weti dem like and not weti the people want. Na so CBN go tell Buhari to take instruction ban bitcoin in banks because he was also an ignorant of the bitcoin technology. Anyone wey dey plan to ban bitcoin and it exchange platforms is not a friend to the Nigerian youths and against the development of the country. Di mata how dem try dem no go fit stop bitcoin in the country.

[Gozie51]

Since Aboki FX was the major parallel market decider before the coming of other foreign exchanges like Binance and other crypto exchanges, Well i don't also see how this could yield any positive result that can affect finance operations but then also this could call for more regulations of centralized cryptocurrency exchanges with the aum of taxation.

When Aboki FX dey, binance too dey but the thing be say binance don too popular now wey be say even kids of barely 12 years wey dey see their uncle run btc parole don sabi binance but no be CZ fault na, him arrange him exchange well with enough activities of any kind relating to crypto. Coming to Aboki FX, I think say Dem say the app na bad belle say e dey review the current price of Naira to dollar and whatnot, now Dem want face binance.

The problem be say the people wey dey run Nigerian government too corrupt, even though if angel dey among them, dey will still corrupt am. Make we just dey see the bow and go wey dey happen for Senate. How many of the people wey dey for government fit talk like Julius Malema of South Africa.

Them no sabi say if all the indices wey go help currency strong no dey, na south south remain for the currency  Make dem still dey consume and no try fix production.