From the arrest of BDC operators to Binance and other crypto manipulating

[Charles-Tim]

Because of naira price that is decreasing in value, the government are looking for ways to make the price to increase. They found illegal means of importing goods but which is not new to us. That is better. But they started arresting BDC operators again which is uncalled for. Yesterday, they are contemplating about crypto exchanges.

See what one presidential aide commented about bitcoin and other crypto exchanges:

Presidential aide, Bayo Onanuga, had lashed out at Binance on Wednesday, saying, “It was blatantly setting exchange rate for Nigeria, hijacking CBN role.

“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform. Other crypto platforms such as Kucoin, and Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.

“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

Why should a presidential aide be saying what he does not know but which is a misconception. Buyers and sellers are creating their ads and set their own prices on Binance which is based on the parallel market.

[Majestic-milf]

 I read about the news of arresting BDC operators and honestly I'm not really surprised that they'd do such a thing. I mean, the government is running low on ways to revive the naira and will be ready to put the blame on anything else other themselves. We all know the reason for the currency devaluation and that's the inability to diversify out natural resources, instead choosing to stick with oil and even though it's bleeding and phasing out, they remain adamant about changing and looking for a solution but since they believe that crypto currencies are the bane of every country's economy, they should do it.
First it was introducing E-naira to help curb the popularity of Bitcoin in Nigeria, now it's banning these platforms? It's not the first time we see how confused and misinformed about crypto these people are so it shouldn't come as a surprise to you.

[Odohu]

It's just funny how these men reason. BDCs are not illegal operations but operations backed by law and which work side by side with the banks and the CBN. Why then is this confused administrations attacking them? Are they responsible for the corruption and nepotism that have taken over our political space? Cryptocurrency is the last thing they would want to fight... if China could not stop her citizens, is it Nigeria that will, let's see how well they can do that.

The main cause of the problem is the excess printing of currency that Buhari did with Emefiele followed by the border closures. They borrowed excess money and loathed same, now they are looking for who to blame. They all use foreign goods including luxury cars yet are forcing ordinary Nigerians to eat local rice that are less competitive with imported rice.

Let them continue to be confused and even ban everything let's see if that will help the economy when nepotism and corruption still continue unabated. 

[Amphenomenon]

“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated.”

This is over dramatic after lifting CBN banned in crypto in January, now the president aide is speaking of banning crypto again(though I don't really know the extent of this ban). While this has never been the reason for the devaluation of naira since the price of naira to usdt in Binance has always been different in comparison with CBN rate for years now which was before his tenure and nobody has ever blame this anytime naira lost its value to dollar.
There can only fool a few Nigerian with this their nonsense claims while they know the actual step to take in order to make things better but sadly they won't since they are highly benefiting from the naira devaluation. Anyway no matter what cryptocurrency adoption rate will continue to grow significantly in Nigeria.

[Doan9269]

Because of naira price that is decreasing in value, the government are looking for ways to make the price to increase. They found illegal means of importing goods but which is not new to us. That is better. But they started arresting BDC operators again which is uncalled for. Yesterday, they are contemplating about crypto exchanges.

What this present government are missing out is much, they cannot because of the recent rise in exchange rate think that it was attributed to the crypto exchanges, are the exchanges abusing the exchange rate or manipulating it, are we to also blame the forex traders or any entity that makes use of UDS for their import and export services, we are talking about the economy of the country in general going dilapidated and the government aren't seeing that they are the ones out of their selfish interest causing all these to be happening, go to the market today and see if all the product you will be buying aren't china made, yet we are complaining of exchange rate, when we are much living under dependencies on US, China and UK.

Why should a presidential aide be saying what he does not know but which is a misconception. Buyers and sellers are creating their ads and set their own prices on Binance which is based on the parallel market.

What is the work of the CBN, who is giving the BDC foreign currencies to exchange, i learnt that of recent, the the central bank of Nigeria increase the standard exchange rate on USD, what is really happening, their incompetence's is just getting too much, and they are beating around the bush to find who is at fault over the economy retrogress.

[EarnOnVictor]

I've been following this news and similar ones for a while now, well, let me say that everyone is entitled to their opinions, but we should let them be as reasonable as possible. Cryptocurrency can't be entirely exonerated from some of the FX issues Nigeria is facing. You don't have to agree with me, and I've been mentioning it in some of my posts on this board even before the situation becomes as tough as this. One thing links to the other which eventually leads to some situations. But it only depends on how we can be thoughtful about it as it's not everybody who looks that is actually seeing clearly.

But for someone to shift the blame on exchanges is out of it. Crypto exchanges are only doing their business around cryptocurrency just like any other fiats, and mostly banks. They never created the price, and neither do they single-handedly fix it, it's the market forces that determine the price. It was AbokiFX, BDC etc they shifted the blame to initially without any positive results after clamping down on them. Now they decided to take it more digital by alleging Binance and others of manipulation.

Like I said, everyone is entitled to their opinion, but let them prove it as well. In every part of the world, rates are seen electronically and it's the market factor that determines its adjustment whether it will rise or fall. What I see here is that the Nigerian government has failed in their responsibilities and the useless policies they make, they are now looking for people and companies to blame as usual. The solution is for the government to reverse many of their policies and also encourage exportation for more FX to be brought into the country to crash the supply in Naira. Successive governments have been so insensitive and always wrong with their policies, that's what is causing what we experience now, nothing else.

Other countries are dealing with Binance and other exchanges on P2P as well without affecting their national currencies, why is Nigeria's own different? That guy is just saying nonsense.

[Benedictare]

Truly i say unto you,our leaders are our problems,they know what to do to salvage this country but they are not doing it because they are the cause of everything happening,what has dollar scarcity got to do with Binance transactions ,they are the ones hording them what happened to the money found at  the past governor of Enugu state found in his house ,the authorities said nothing,only investigation,do you know what go that foreign currency would have done to forex trading ,a whooping amount of 800 million dollars that is just one out of others, still in the same state, some foreign currencies and naira found in some hudlums possession what are they doing to those persons and where will the money go to,used for what and accounted to who,let them stop deceiving themselves, putting of their crimes on cryptocurrency users.

[Davidvictorson]

Why should a presidential aide be saying what he does not know but which is a misconception. Buyers and sellers are creating their ads and set their own prices on Binance which is based on the parallel market.

When cryptocurrency experts reads or watch people like this on the news, I wonder which emotions comes to them first - laughter or anger. Because you see people who have no authority or knowledge to comment on some matter just put their mouth and display their ignorance just to score some cheap points from the presidency. It is sad reality for Nigerians. The annoying thing is that how the hell are people like this keep getting this attention and publicity? Experts are shutdown only for pro-government supporter who aren't honest, knowledgeable about a domain subject matter to be given audience.

[Makus]

As the days go by, it becomes clearer and clearer that some of our leaders just assume things without them knowing the basic of how things operate. Even if they successfully destroy the BDC rates how about the CBN rates? Currently the CBN rate of dollar to naira is 1488 per dollar isn't that sti high? It's a shame we have illiterate as our leaders. You can imagine what Mr bayo was saying, when crypto was banned in the country did the dollar to naira rate not increase? I remember clearly in 2020 a dollar to naira was 360 in the month of July and after the restriction till now it has grown to 4x it price rate then when compared with CBN rate, and yet they still think the problem behind this inflation is the crypto network.