Mr president Tinubu alignment with Binance to restrict dollar to naira trading

[AVE5]

I don't know who is enthusiastic and unenthusiastic to this update that the Mr president Tinubu is confirmed working in a financial trading cooperative affair with the Binance exchange to stop citizens who trades dollars for naira in their platform.
Binance has also been submitted to the request that they would not tolerate with any caught probably manipulating the restricted dollar to naira trading in their platform. They have sanctioned threats that who is caught on the defiling the act would be removed from the Binance trading platform.
https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/
My excitement towards the update is that it is not in anyway concern us the crytop enthusians and much more, we the Nigerians are grinding gradually and growing in the crytop space.

I am not sure but I feel our financial regulatory system must have instigated and examined that the high rate of dollar to naira exchange is one of a resultants of the trading of Dollar for naira. Maybe this would bring a resolution to our devaluing currency.
Although I am sure that this is not the whole of it. If our government want values in our currency they should create amenities that would attract international Investors to our local society here in Nigeria and also structures international incorporative economy infrastructures.

[Charles-Tim]

It is worth mentioning that this is not how to tackle the problem.

On Binance P2P, I can see many accounts restricted for buying cryptocurrencies, but not for those that wants to sell likely because they are selling to have naira.

There is something that I am not getting. Are Nigerians on Binance that are first converting to a bitcoin or a stablecoin and then sell the stable coin for dollar? That is an indirect forex. But for those that are just buying and selling naira for bitcoin and other cryptocurrencies, that is not forex.

For those that are selling, they have no problem. Some ads are also still available for buying.

[AVE5]

It is worth mentioning that this is not how to tackle the problem.

On Binance P2P, I can see many accounts restricted for buying cryptocurrencies, but not for those that wants to sell likely because they are selling to have naira.

There is something that I am not getting. Are Nigerians on Binance that are first converting to a bitcoin or a stablecoin and then sell the stable coin for dollar? That is an indirect forex. But for those that are just buying and selling naira for bitcoin and other cryptocurrencies, that is not forex.

For those that are selling, they have no problem. Some ads are also still available for buying.

The government is full of bunches of failures, they lures at the wrong detectives acting smart and intellectual meanwhile they can't even separate the wrongs from rights because they are uneducated to the system which they claims experts.
I hope someone would call on the sleepy president Tinubu that crypto currencies investment platform is not one of the Forex trading platforms because the loose memories of that man can get him get generalize the scenero.
Not funny but the fact.

[Gozie51]

I am not sure but I feel our financial regulatory system must have instigated and examined that the high rate of dollar to naira exchange is one of a resultants of the trading of Dollar for naira. Maybe this would bring a resolution to our devaluing currency.
Although I am sure that this is not the whole of it. If our government want values in our currency they should create amenities that would attract international Investors to our local society here in Nigeria and also structures international incorporative economy infrastructures.

Omo which kind resolution this go bring to Naira? You self sabi say that no be any solution. Palliative measures are just temporal like them dey carry palliative wey no dey pass their office take dey run the affairs of the country and the hardship dey increase.

Okay if government dey restrict people from buying dollar for crypto exchanges just like for binance, shey dem go still stop people from trading dollar and Naira for forex trading platforms? People dey deal on that for forex trade so why dem just dey focus on binance. Those politicians wey carry Naira go buy dollar keep for house too na trade dem too dey na by hodling dollar. All their effort na against masses wey still dey try survive with opportunities wey dem see.

I don't know why this government no want put amenities wey go help production. I hear say some area never get light for one week, so how can a country currency not fall where there is no production going on. These politicians need more force but unfortunately the Nigerian masses dey fear for their lives.

Make government work and not use palliative measures as solution. Okay after them come up with that few days ago but naira don begin fall again which is to show that no be currency trading for binance be the issue but the physical demand for the use of dollar. If you want import now you need dollar, if you want travel, you go buy dollar. Many things dey wey involve direct request for dollar and na that one dey cause Naira to fall and no be youths wey dey do their own binance for exchange .

[iBaba]

It is worth mentioning that this is not how to tackle the problem.

On Binance P2P, I can see many accounts restricted for buying cryptocurrencies, but not for those that wants to sell likely because they are selling to have naira.

There is something that I am not getting. Are Nigerians on Binance that are first converting to a bitcoin or a stablecoin and then sell the stable coin for dollar? That is an indirect forex. But for those that are just buying and selling naira for bitcoin and other cryptocurrencies, that is not forex.

For those that are selling, they have no problem. Some ads are also still available for buying.

Mr. Charles-Tim, I don't think this government really knows what it takes for them to have a role, especially as far as the financial industry is concerned. I feel like we are losing track of every blessing and putting blame on people who do not deserve it, or even on technologies that do not deserve it. Instead of using those same technologies for the betterment of the country, there are a lot of things that Bitcoin can do for the present government, but they fail to explore it.

Dem fit no fit take advantage of am. Instead, we don see situations where government don put sanctions on people wey dey use Bitcoin, government no dey fund technologies for FinTech, and government dey shield new ideas wey dey come from people, especially concerning artificial intelligence for financial system or industry, and plenti other tins. Na im make some days back, if you fit remember, government bin lift ban on cryptocurrencies but still no gree make banks operate with am. So, e be like say dem dey take decision today, tomorrow dem go come ban the use of Binance exchange and some of these platforms wey don do well well to bring Bitcoin to pipo. Dem self don make mistakes as dem dey try stop pipo from operating those platforms. And suddendly, we see say dem bring the idea down and allow Binance to function.

So, if you look everything wey dey happen, you fit easily conclude say government never get one clear direction on tins, and e don dey like say na trial-by-error matter because dem no really understand wetin dey happen for the kontri. And dem no ready to listen, because na so I analyze am, even for Bitcoin environment. I mean, the online local exchanges fit bring plenti benefits to pipo to use. E be better alternative.

If I were the government, I would have funded the existence of more local exchanges and, of course, put some regulations through it so that it would be easier for the government to moderate things that are happening in the exchange environment, unlike the BDCs, which deals mostly in cash. I'm sure that a lot of people would like to operate without cash.

But some of those processes have been frustrated and have become a kind of monopoly within the BDCs, so that is the thing. As far as I'm concerned, there should be a good level of financial freedom amongst citizens, which can bring about confidence in the system.

[MarvieJ]

I am not sure but I feel our financial regulatory system must have instigated and examined that the high rate of dollar to naira exchange is one of a resultants of the trading of Dollar for naira. Maybe this would bring a resolution to our devaluing currency.
Although I am sure that this is not the whole of it. If our government want values in our currency they should create amenities that would attract international Investors to our local society here in Nigeria and also structures international incorporative economy infrastructures.

Omo which kind resolution this go bring to Naira? You self sabi say that no be any solution. Palliative measures are just temporal like them dey carry palliative wey no dey pass their office take dey run the affairs of the country and the hardship dey increase.

Okay if government dey restrict people from buying dollar for crypto exchanges just like for binance, shey dem go still stop people from trading dollar and Naira for forex trading platforms? People dey deal on that for forex trade so why dem just dey focus on binance. Those politicians wey carry Naira go buy dollar keep for house too na trade dem too dey na by hodling dollar. All their effort na against masses wey still dey try survive with opportunities wey dem see.

I don't know why this government no want put amenities wey go help production. I hear say some area never get light for one week, so how can a country currency not fall where there is no production going on. These politicians need more force but unfortunately the Nigerian masses dey fear for their lives.

Make government work and not use palliative measures as solution. Okay after them come up with that few days ago but naira don begin fall again which is to show that no be currency trading for binance be the issue but the physical demand for the use of dollar. If you want import now you need dollar, if you want travel, you go buy dollar. Many things dey wey involve direct request for dollar and na that one dey cause Naira to fall and no be youths wey dey do their own binance for exchange .

My area we Dey use federal light but for sometime now we no wa See Better straight 4hrs light and yesterday when them bring nepa bill I Dey see 180k for only seven (7) occupants wey Dey the compound. Some places now they are selling bag of pure water for #1000 no jokes, indomie , rice and other foodstuffs price just Dey increase every 2 minutes . Banning of naira trade on binance na zero resolution and high stupidity if you ask me , Omo guy i dey run my trades And p2p transactions for bitget exchange. Man must survive , Nigeria no fit depress me abeg.. Tinubu no wa reach 1yr for office but the ground is already running ahahahaha

[Spaceman1000$]

I don't know who is enthusiastic and unenthusiastic to this update that the Mr president Tinubu is confirmed working in a financial trading cooperative affair with the Binance exchange to stop citizens who trades dollars for naira in their platform.
Binance has also been submitted to the request that they would not tolerate with any caught probably manipulating the restricted dollar to naira trading in their platform. They have sanctioned threats that who is caught on the defiling the act would be removed from the Binance trading platform.
https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/
My excitement towards the update is that it is not in anyway concern us the crytop enthusians and much more, we the Nigerians are grinding gradually and growing in the crytop space.

I am not sure but I feel our financial regulatory system must have instigated and examined that the high rate of dollar to naira exchange is one of a resultants of the trading of Dollar for naira. Maybe this would bring a resolution to our devaluing currency.
Although I am sure that this is not the whole of it. If our government want values in our currency they should create amenities that would attract international Investors to our local society here in Nigeria and also structures international incorporative economy infrastructures.

It was reported that in the last administration over 30 billion naira was printed for wage and means by the federal government, and there was no productive measures or production activities that was done to match up with that high level of printing of the Naira notes, that is one major issue that has helped in devaluing the currency because we have a lot of amount of the currency in the hands of people that are not productive hence it trickled down to the currency being  devalued. There are several causes that might have as well help to devalue the naira but the presidency going after binance is more of chasing Shadows.

Binance is a crypto platform, they engages in crypto activities and there are lots of other platforms like binance that will do the same thing that binance is doing so what's the essence of wanting to fight binance when others can do exactly the same job.

[Loveday422]

I don't know who is enthusiastic and unenthusiastic to this update that the Mr president Tinubu is confirmed working in a financial trading cooperative affair with the Binance exchange to stop citizens who trades dollars for naira in their platform.
Binance has also been submitted to the request that they would not tolerate with any caught probably manipulating the restricted dollar to naira trading in their platform. They have sanctioned threats that who is caught on the defiling the act would be removed from the Binance trading platform.
https://gazettengr.com/binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/
My excitement towards the update is that it is not in anyway concern us the crytop enthusians and much more, we the Nigerians are grinding gradually and growing in the crytop space.

I am not sure but I feel our financial regulatory system must have instigated and examined that the high rate of dollar to naira exchange is one of a resultants of the trading of Dollar for naira. Maybe this would bring a resolution to our devaluing currency.
Although I am sure that this is not the whole of it. If our government want values in our currency they should create amenities that would attract international Investors to our local society here in Nigeria and also structures international incorporative economy infrastructures.

Yes sir I totally agreed with you,if he should be more concerned about our currency let him create amenities that we attract forghiners to come to Nigeria for trading .
But I don't think if binance can willing accept in trading in Nigeria currency just to make sure our Nigerians currency go higher

[DiMarxist]

We dey give dollar di priority or di prestige wen dey call him name in all our financial institutions nd dealings. Make we dey remove dollar from our months. And my own be say anything wey dem go do to bring down di dollar or kpatakpata remove from di country economy dealing nd dem fit use am at di international market nd dollar should not have effect in di local products. See all dis thing na di country president dey cause am. Just a good policy will eliminate all dis palava.
Di president with her agencies for handled Binance w no good, dem for do am in di way dat Binance go dey operate while dem go collect tax and from there dem go dey regulate di price small small dey go. And now dat p2p e no dey again how dem wan tell Binance to regulate dollar/NGN in di platform? And anything dat make Binance to stop dollar in platform in di country then dem go stop everything about Binance in di country.

[Loveday422]

We dey give dollar di priority or di prestige wen dey call him name in all our financial institutions nd dealings. Make we dey remove dollar from our months. And my own be say anything wey dem go do to bring down di dollar or kpatakpata remove from di country economy dealing nd dem fit use am at di international market nd dollar should not have effect in di local products. See all dis thing na di country president dey cause am. Just a good policy will eliminate all dis palava.
Di president with her agencies for handled Binance w no good, dem for do am in di way dat Binance go dey operate while dem go collect tax and from there dem go dey regulate di price small small dey go. And now dat p2p e no dey again how dem wan tell Binance to regulate dollar/NGN in di platform? And anything dat make Binance to stop dollar in platform in di country then dem go stop everything about Binance in di country.

Na true talk you talk my brother,but waitin I sabi say binance no go gree the offer from our oga president, because paying tax go dey worri worri them so them no go gree at all
Even today as I they follow one oga for binance we him rank don go up well well  I follow talk o hmmm if you see waitin dey come out for this oga mouth you go no say binance will no agree for the matter wey our oga on top dey Yan,him say binance will never go down for our oga on top , because say na shame say after them we be binance people done dey work with oyibo money say how Dem go come de so low to work in Nigeria money again ,so say them no go gree again ooo,this matter dey shake all the social media about binance to follow watin our oga  on top dey Yan,but for me oo if the thin go make our naira go up e better oo because my money wey company I work dey pay me no dey do for me again o,u sabi say things hard for naija so make our oga ontop put body well well to make sure say our naira go up again,bro e dey good, I say make I chok mouth for this your Matter small

[Doan9269]

The government needs to understand this that its not only Binance that is involved, they are just being centralized here, there are other platforms whereby the exchange of naira to dollar exist, what the government should know is tier failure in the capacity of trying to stop p2p, that is not possible, if the stopped binance, what about other exchanges, are they not existing, is the Nigerian economy getting worse of better when there is no recent economic growth from the impact of the government on it people.

[Mate2237]

The government needs to understand this that its not only Binance that is involved, they are just being centralized here, there are other platforms whereby the exchange of naira to dollar exist, what the government should know is tier failure in the capacity of trying to stop p2p, that is not possible, if the stopped binance, what about other exchanges, are they not existing, is the Nigerian economy getting worse of better when there is no recent economic growth from the impact of the government on it people.

All these things happening because na di failure of di government because meritocracy have been given to those who are not qualified. Like who is a police man in. Nigerian is unknown, and who is a Road Safety Officers in Nigeria is unknown because the work meant for road safety, Nigerian Police na dey do am so when the agencies who supposed monitoring di activities of the exchanges in the country, e no dey do am instead other people nai dey do and dem no know how to do am so all what they can do is to collect money and allow di company to operate.

And another worse agency in the country na custom. Things dey cost because of them because they are highly corrupted that bribery is ongoing at the boarders so the importers have to increase their goods to meet up the lost price. When Binance came nobody monitored them so they do things on their own. Do you know that Binance has been chased by Nigerian government not once and twice but more. And all those times they use money settled. Dis one now because of the obvious reasons dem attack dem hard.

[AVE5]

We dey give dollar di priority or di prestige wen dey call him name in all our financial institutions nd dealings. Make we dey remove dollar from our months. And my own be say anything wey dem go do to bring down di dollar or kpatakpata remove from di country economy dealing nd dem fit use am at di international market nd dollar should not have effect in di local products. See all dis thing na di country president dey cause am. Just a good policy will eliminate all dis palava.
Di president with her agencies for handled Binance w no good, dem for do am in di way dat Binance go dey operate while dem go collect tax and from there dem go dey regulate di price small small dey go. And now dat p2p e no dey again how dem wan tell Binance to regulate dollar/NGN in di platform? And anything dat make Binance to stop dollar in platform in di country then dem go stop everything about Binance in di country.

If a policy is adopted and the dollar is then eliminated from having effecting power from our naira, would that make a change to the economy system? Besides I don't think if it's necessary and possibly to have implement and successful make such policy effective due to the potentialities of dollars being a universal currency which also is measured by economy growth by comparing the value of the dollar to other currencies.

I don't actually think if the government wanted the binance exchange to stay functional with our country else the $10 bullion fee our government asked the exchange to pay would had been reviewed to be too much expensive.
That was just a logic to evacuate the binance exchange from trading with us.
Obviously they've succeeded and the naira has also gained some values over the dollar but yet the cost of living and economy keep hiking.
So what value has the system brought at such point? Instead they've succeeded in running shortages to individuals who're sourcing their incomes on the banned exchange legally on with the forex trades or the P2P of Crypto investors.